Then there are certain details your CFO may be able to furnish:
Huge amounts of tax-deductible business costs may be reported by corporations in proportion to their earned income. These expense reports must be monitored by the accounting officers of the corporation throughout the year. They must be ready to furnish all necessary details during a tax audit conducted by the IRS. Tax-deducted corporate costs may cover:
Owners of US-based corporations that are foreigners are not exempt of taxes. They must, however, seek the counsel of a good global tax advisor before they set up a company in the US. Seeking their advice at the time of tax filing is also helpful.
Foreign owners of US companies are eligible to own shares in a C-corporation, which may be subjected to double taxation on income at personal and corporate levels, for dividends the shareholders earn. To prevent this, a Limited Liability Corporation may pass all its income to the owner, who is then required to file personal income tax.
If you have any queries related to corporate tax preparation and planning,
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