Here’s Why You Need an International Tax Consultant

Have your finances gone international? For more and more of us, this is now the case. The world is becoming a lot more interconnected, and that means many businesses are now global businesses ( EsquireGroup.Com/International-Tax-Consultant ), and many individuals now have international ties. This is all well and good—it’s corporate or financial progress and success, after all—but there is one slight complication: tax season. It’s already upon us, and international financial ties means international tax regulation. How can we make sure we remain in compliance with all of the international tax regulations our financial ties have us linked to? By hiring an international tax consultant.

What might those international ties look like?

There are a lot of ways through which you may have established ties that require international tax regulation. The basic definition of international taxation describes an individual whose person or enterprise is subject to the tax laws of different countries. There is a lot of variation surrounding who qualifies for international tax regulation and what form that regulation will take, though. For instance, if you are a US resident and are collecting income from a foreign entity, you will have to follow the tax regulations of both countries. That means some of your income may be taxed twice. On the other hand, your international finances may create the potential for no taxation, where you are not taxed by any of the countries your finances are tied to. However, because there is so much variation, and because tax regulation is not globally consistent (you will need to comply with different tax laws based on the country/region you are dealing with), you are going to need the help of an international tax consultant to ensure you are following all of the tax laws you are subject to, and to ensure that you are not being overtaxed for filling out the wrong tax forms.

Who is responsible for international taxation compliance?

You will be held in compliance with international tax laws if you are a corporation that is conducting business in an international, non-resident setting. As businesses become more global due to online marketing and exposure, this line is getting a lot more complex. You also need to comply with international tax laws if your corporation has expanded to include an international branch or production facility. Who else is susceptible to international tax law? Non-residents who have come into the country for work, and residents who work across the boarder or overseas. Additionally, if you sell real estate in countries outside the one you are a resident in, you need to comply with international tax regulation. However, all of these definitions of eligibility are very different, and that is why it is so important to work with an international tax consultant ( EsquireGroup.Com/About ) to ensure you are compliant in all the aspects you need to be across whatever border regulations you need to comply with.

An international tax consultant can help you with foreign income reporting, foreign information forms, foreign estate planning considerations, foreign business reporting, currency exchange, and all of those other complicated details that add to an already-tedious taxation season.

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