Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
Client Update - quarterly newsletter
 
 

 

International Taxation, Foreign Documents, & Absentee Owners

International tax compliance is rigorous and there are heavy penalties for failure to comply with tax filing requirements. We help individuals and business owners comply with U.S. and foreign disclosure obligations through our network of foreign experts. For example:

1) We file/report foreign (offshore) bank accounts information (FBARs), including interest earned overseas, with the IRS and the financial crimes enforcement network (FinCEN), in compliance with the foreign account tax compliance act (FATCA) for U.S. citizens, residents and non-residents who are living in the U.S.A., Europe, and the Caribbean.

2) Wages, salary, or professional fees paid to a foreign worker while working in the U.S.A. is considered U.S. income, even if the employer is a foreign corporation and compensation was paid through a foreign bank account. The foreign worker may also be required to report the income to his/her country.

International Taxation

Tax treaties, totalization agreements, foreign tax credits, deductions, exclusions, tax equalization, repatriation of income analysis, etc.
1) Foreign nationals working in the U.S.A.
2) U.S. citizens and permanent residents living and working abroad/overseas
3) U.S. citizens and permanent residents retired and living abroad/overseas
4) Dual residency issues
5) Foreign parent corporation or subsidiary doing business in the U.S.A.
6) U.S. corporations with foreign subsidiaries
7) Transfer pricing and value-added tax (VAT)

** A foreign corporation doing business in the U.S.A. must file a U.S. tax return every year whether or not it had income or a permanent establishment in the U.S.A. The return is due 2½ months after the close of the tax year. A U.S. corporation (domestic corporation) must file a U.S. tax return every year whether or not it had income. The return is due 2½ months after the close of the tax year.

Foreign Documents

Document preparation with notary stamp & seal as required by foreign countries/businesses.
Limited Power of Attorney
Letter of Administration (lands, business, etc.)
Title applications
Affidavit (add/change name)
Stock/property transfer and seller's sworn testimony

Absentee Owners

They had been doing business with the firm when they lived in the U.S.A., and have decided to live overseas.
We manage the entire business operation, ensure that they receive monthly compensation, speak directly to them, and provide them with monthly reports.
We do bookkeeping and tax preparation for their commercial real estate buildings/holdings, speak directly to them, and ensure they receive a monthly paycheck.

New Overseas Clients

Before we accept a new overseas corporation as a client:
We must meet with a trusted representative.
We must do a due diligence check to comply with the United States Patriot Act and the increasing global demand for transparency.
Our guidelines will be adopted from the top five companies on the London Stock Exchange.

 

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