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International Tax Attorneys: Know Their Role The biggest issue faced by business owners or individuals in the international tax arena is the problem of double taxation. If you find yourself in this picture, you need a top-class legal professional who will protect you from the IRS such that you never have to pay your taxes twice. The international markets have made working, investing and selling goods overseas much easier. Small business owners in particular are highly benefited, considering that they can now tap new markets that used to be unreachable to them before. However, this has also brought about and entire bevy of new and different tax laws for them to comply with. The good news is, the Department of Treasury has made various rulings allowing businesses to protect their assets as well as save on taxes. Privately owned businesses require a different type of international tax planning. It is distinct from public traded companies’ foreign tax planning requirements. Offshore tax planning that work for big companies isn’t always effective for small American businesses that operate abroad.
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For instance, think of sites such as Amazon and eBay, through which Americans sell items to buyers in other countries. The business’ country of origin may claim a sales tax, and the sold item’s destination country may also claim a transaction tax. Small businesses can really suffer from this set-up
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This problem is more specifically known as double taxation. A business who earns from overseas pays income tax to that foreign country. And then he also pays taxes to the U.S. Fortunately again, these small business owners now have a solution. Double taxation has been eliminated via dual resident corporation. Now,only a simple tax return is required, tax savings for foreign operating losses are allowed, and there is no need to file the complicated Form 5471. If you own a business and may need assistance on these matters, hire an experienced international tax lawyer to help you in the process of putting up a dual resident corporation, as well as obtaining a tax ruling with the IRS. Aside from international tax issues hounding business owners, they also affect American citizens who have moved offshore, including retirees. Retiring overseas has its advantages, but paying less taxes clearly isn’t one of them. For those who are earning money in their new home country, they may be able to exclude a certain amount from their U.S. taxes through the Foreign Earned Income Exclusion. This provides that American citizens don’t have to pay taxes on same income to two governments. In any case, make sure you let your international tax lawyer know about your specific circumstances.