What Is a California Water’s-Edge Election? A California water’s-edge election allows qualifying corporations to limit which members of a multinational unitary business are included when calculating California taxable income. Rather than using worldwide combined reporting, the corporation elects a narrower reporting method that generally excludes certain foreign affiliates. The election...
Legal and Tax Services for U.S. Owners of Offshore Companies
Welcome. Before You Begin: Understanding your offshore corporate ownership, U.S. tax obligations, reporting requirements, and related legal and accounting considerations requires focus. We are here to help. As you evaluate the information below, you remain in complete control of your timeline and decisions. If this material confirms a risk, raises...
Planning for the Risks of a Cross Border Business
A cross border business can create significant opportunities for growth, expansion, investment, manufacturing, sourcing, and access to new markets. It can also create tax, accounting, legal, banking, reporting, payroll, customs, and regulatory obligations that do not exist in a purely domestic business.Many business owners assume that international operations simply add...
International Business Tax Returns Require Extensive Skill and Knowledge
There are many businesses with global interests here in San Diego. Tax time can be especially challenging as international business tax returns require extensive skill and knowledge, as well as experience. The international business and tax attorneys at Allen Barron provide a comprehensive palette of services including tax, accounting, legal...
Ignorance of FBAR Reporting and Worldwide Income Disclosure is No Excuse for a U.S. Taxpayer
Our offices have handled many cases of U.S. taxpayers, expatriates, and foreign nationals and spouses who live and work in the United States, with offshore accounts, assets, investments, business interests, or income. Many were not aware the U.S. taxes all income, worldwide. U.S. taxpayers are required by law to understand...
The IRS will Discover Your Offshore Financial and Digital Activities
As long as there have been taxes levied in the world, there have been those who try to work the system or evade taxes altogether. Unfortunately for many, the world has become a much smaller place for those who wish to underreport income or shelter their income and assets. The...
How Tariffs Have Impacted General Business and Tax Strategy
As the Supreme Court of the United States (SCOTUS) considers the legality of Trump tariffs under the IEEPA, including V.O.S. Selections, Inc. v. United States and Learning Resources, Inc. v. Donald Trump, it is important to consider how tariffs have impacted general business and tax strategy, as well as the path forward...
IRS and State Tax Complications of Offshore Investments
What do you need to know about the IRS and state tax complications of offshore investments? It is common to have international investments in your portfolio, not to mention business interests. How do you navigate the changing financial, business, and tax environment of international investment and business interests? Key Takeaways...
Expanding an International Business to San Diego or the U.S.
Are you considering expanding your international business to San Diego or the United States? Are you planning to start a new business entity to add to the existing constellation of your companies, or are you considering a joint venture with an existing American business? These decisions can be quite complex....