Category Archives: Foreign Reporting

Foreign Ownership of U.S. Financial Assets

Foreign ownership of U.S. assets has grown significantly over the past 20 years as a result of more globalized financial markets.



Can a U.S Non-Profit Organization Provide Services in Foreign Countries?

Along with registering an organization in the United States, many, if not all countries require proper registration within their governmental agency as well. This not only allows foreign countries to have control over U.S organizations operating within their nation’s borders, it also helps keep track of activities and allows the enforcement of local laws.



Are Officers and Directors of U.S Non-Profit Organizations Required to be U.S Citizens or Legal Permanent Residents?

Board members are responsible for making strategic goals and decisions for the charitable organization. Officers are generally the “responsible party” of the entity and oversee all financial compliance and funding while working under the board of directors’ control. Generally, there are no restrictions on foreign ownership of a company formed in the United States. Further,…   + Read More…



What’s the Deal with GILTI?

Introduced in 2017 as part of the Tax Cuts and Jobs Act, GILTI, or “Global Intangible Low Tax Income,” is an outbound provision that broadens the scope of foreign earnings subject to U.S. taxation with the goal of reducing the incentive to shift corporate profits out of the U.S. into low or zero-tax jurisdictions.[1] Applicable to large multinational companies and to U.S. shareholders of certain foreign corporations, GILTI is fundamentally an anti-deferral provision that limits the amount of foreign income a U.S. shareholder can defer from U.S. tax.



Limited Liability Company (LLC) and Foreign Owners

Today, many businesses are forming as a Limited Liability Company (LLC) and are finding that an LLC offers the “best of both worlds” of corporate forms. LLCs have pass-through taxation while also affording the owners limited liability protection, typical of a corporation.



What is the FBAR?

You must file an FBAR if: You are a United States “person” (which can include residents in the United States on a visa); You had a “financial interest” in, or “signatory authority” over any “financial account” in a foreign county or jurisdiction; and The total of all such foreign accounts exceeded $10,000 at any time…   + Read More…