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Foreign Tax Credits & Expatriate Tax Compliance CPA Firm – Boston, MA

Experienced Foreign Tax Credits & Expatriate Tax Compliance CPA Firm serving Boston, MA Firm Providing Full Service in All Areas of Foreign Tax Credit Work and Expatriate Taxes

At Newburg & Company, LLP we have the resources and expertise to advise individual and business clients with their international tax needs such as maximizing foreign tax credits from a corporate or individual perspective as well as full service expatriate compliance work. These can be exciting times for our clients with great opportunities; however, sorting through the new tax compliance they face may be complicated. We have the skills and expertise to guide our clients through these issues and assist with periodic planning to take advantage of tax opportunities.

Foreign Tax Credits and Expatriate Tax Compliance CPA Firm serving Boston, MA that Offers:

  • Filing U.S.income tax returns for foreign corporations (Form1120-F)
  • Filing requisite US individual Foreign Earned Income Forms (Form2555), Foreign Tax Credit (Form 1116), and other related foreign forms depending on your situation (e.g. Forms 5471, 5472, Form 926, etc.
  • Foreign Bank Account Reporting (FBAR TD F 90-22.1)
  • Analyzing Expatriate Taxes to yield the most advantageous position:
    • Foreign tax credits
    • Foreign income exclusions in conjunction with foreign tax credits.
      • Bona fide residence test
      • Physical presence test
      • Housing allowance benefits/exclusion
  • Review and analysis of applicable tax treaties as they relate to corporate transactions or expatriate taxes.
  • Reporting Disclosure Information for Foreign Company Activities
  • Analyzing activities and planning to minimize Subpart F income reporting and taxation
  • Foreign disclosure reporting of foreign owners
  • Determining and assisting with U.S. withholding requirements of foreign owners
  • Assisting with obtaining tax identification numbers for foreign persons
  • Transfer pricing review and recommendations
  • Incentive planning for export businesses/IC-DISC

Newburg & Company, LLP has expertise with foreign bank disclosure requirements and can assist you with foreign bank account reporting (FBAR Form TD F 90-22.1) and Form 8938- Statement of Foreign Financial Assets reporting. The foreign bank reporting landscape is continually evolving. Whether you would like to take advantage of potential Offshore Voluntary Disclosure Programs available or are unsure about your filing requirements, we can assist.

Our familiarity with the tax advantages for expatriate taxes aids us in analyzing your situation to help you plan effectively for your U.S. taxes. We review your foreign income and benefits, including housing allowance and we review tax treaties relative to your location, foreign taxes to which you may be subject, and your length of stay. With this information, we can determine which, if any, foreign income exclusions apply to you through the Bona Fide Residence Test or the Physical Presence Test and housing exclusions. In addition, we analyze your situation to see if you can also take advantage of foreign tax credits for taxes you pay and if the credit is more advantageous than the income exclusion, or if you are eligible to receive both.

For our corporate and individual clients invested in foreign corporations, we will report applicable disclosures – whether it be disclosing a foreign owner on Form 5472, or information about a foreign company in which you are invested and its activities on Form 5471. We have experience in analyzing your transactions for disclosure between yourself and the foreign entities and also with respect to determining if the transactions qualify for Subpart F income reporting and taxation. We have helped our clients with tax planning regarding repatriation of foreign earned income. We also understand the intricacies involved with the foreign tax credit calculations.

With respect to foreign owners, we have experience in assisting our clients with determining if U.S. withholding is required on partnership income or if an 1120-F is required to be filed to report U.S. income of a foreign corporation. We can help those US companies looking to expand overseas, navigate the complexities and work with your foreign based accountants to ensure proper US compliance. We have also assisted foreign corporations in obtaining tax identification numbers for the required reporting as well as providing advice should expatriate taxes apply to your employees.

We also work with US companies that export goods to see if they qualify for the IC-DISC (Interest Charge Domestic International Sales Corp) tax treatment in addition to foreign tax credits. Set-up of the IC-DISC could provide significant tax savings as the qualifying company can receive a large portion of its income at the lower 15% capital gains rate.

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