The key questions
- Separate the company from its owners
- Look beyond income tax
- Make cross-border arrangements visible
Separate the company from its owners
A US company, its owners and any related entities can have different tax and reporting positions. Ownership, management, source of income, activity and classification all help determine which questions need to be reviewed.
Look beyond income tax
Tax analysis may involve information reporting, payroll, indirect taxes and obligations in more than one state or country. A lack of current taxable profit does not necessarily answer whether a return or information filing is required.
A better decision starts with the whole picture.
Talk to MillcornMake cross-border arrangements visible
Document payments, services, financing, distributions and transactions between owners and related companies. Consistent records help advisers understand the commercial position and assess the applicable reporting and tax treatment.
Build a shared compliance calendar
Assign responsibility for gathering data, preparing filings, reviewing positions and meeting deadlines. Coordinate US requirements with obligations in the owner’s home jurisdiction and obtain current advice where facts or rules change.
General information for discussion with appropriately qualified professionals. The position depends on your circumstances, jurisdiction and current requirements.