In addition to individuals, we also assist Australian and New Zealand based companies and trusts which have a US owner or trustee.
Whether you are self-employed with a small business or have a family trust to safeguard your assets, you may have a US reporting requirement. Foreign trusts can create complex US reporting requirements, regardless of whether the trust has income or any involvement with the United States apart from a US owner.
This is an area of US taxation that is frequently misunderstood, which then results in incorrect or underreporting. This is one of our areas of specialisation, having staff with many years of experience dealing specifically with NZ or Australian trusts, and their implications with regards to US tax compliance.
In addition, foreign companies including small partnerships, SMEs or large organisations may have a US reporting obligation. Reporting foreign business income is strictly enforced by the IRS, and can result in large penalties for failure to comply, even for the smallest of entrepreneurial endeavours. As with trust reporting, this is an incredibly complex and detailed area of the US tax code and needs an expert to be handled effectively and efficiently.
Call one of our friendly team members today to learn more.