The ongoing tax year could be the moment do ultimately get on board with international tax. International companies doing business in the U.S. and in other countries or that intend to branch out to the U.S. are confronted with more obstacles than ever before.
Although the global market and international teamwork is flourishing, firm execs in Los Angeles and throughout the U.S. are counting on their tax obligation directors and also tax legal representatives with a history in international tax regulation for guidance and strategy.
Right here are some of the challenges of international tax that are best resolved with the support of a lawyer serving Miami, Los Angeles and other major districts as well as regions in the U.S.
Interpreting the U.S. tax reform
With the latest tax reform slashing the company tax rate from 35 percent to 21 percent, the firms have begun reassessing their balance sheets. It is believed that the U.S. will end up being a much more inviting location for new businesses, prompting new investments as well as service operation launches from foreign businesses.
When it comes to the foreign-owned business doing business in Los Angeles and also elsewhere in the U.S., the results of the reform are yet to be considered as the year advances.
Whatever business you are conducting in or outside the U.S., you would considerably gain from the understandings of a tax lawyer with a background in international tax. An international tax lawyer can interpret the brand-new adjustments to the regulation, accounting for the effects on your bottom line.
Global tax reporting
Global (country-by-country) reporting is a way of offering a clear overview of a multinational company’s activities, comprised of all the countries in which they do business. While multinationals in over 40 countries have currently submitted their international tax reports, multinationals with head offices in the U.S. are to submit the reports by the end of 2018.
If you haven’t filed the report yet, getting in touch with a knowledgeable international tax lawyer is recommended to make sure you attain transparency but safeguard delicate information.
Taxing internet-based companies
More and more businesses are not only establishing their businesses around the world, yet are using the internet to do so. As a result, digital economy is encumbered with a question still unsettled: how you can tax an internet-based company? The concern was partly addressed in BEPS – OECD/G20 Base Erosion and Profit Shifting package. An interim record on the outcomes acquired so far will be available in April 2018, with the final record expected in 2020.
If you are an online-based company, you will be impacted by the following implications, which is why you ought to consult a lawyer that not only focuses on international tax, yet additionally keeps up with all the novelties in the digital industry.
Tax lawyer focusing on international tax law
Brunoro Law’s principal attorney Paula Brunoro-Borokhov is a reputable lawyer with specializes in international as well as corporate tax obligation regulation. Attorney Brunoro-Borokhov is certified in the USA as well as Brazil and is fluent in English, Spanish, Portuguese and French. She is the go-to attorney for foreign companies wishing to establish their business in the United States, Los Angeles-based businesses intending to expand their business beyond the U.S., as well as any entity requiring professional representation in tax matters.
Contact Brunoro Law for a no-fee no-charge 1-hour consultation.