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US Global Tax (AUS) Can Help With Foreign Trusts

Announcement posted by US Global Tax Australia 31 Jan 2021

The US government applies a rather complex set of metrics when defining a foreign trust, which often leads to confusion among taxpayers. Let our tax specialists help you determine if your foreign interests qualify as a foreign trust, and which forms will need to be filed as a result. 

 

Assistance With Foreign Company Tax Filing Requirements 

US Global tax is proud to offer helpful services to assist US taxpayers with stakes in New Zealand and Australian companies and trusts. If you’re a small business owner or have simply invested in a family trust to safeguard your financial assets, you may need to file additional forms with your USA income tax form.  

 

Filing requirements for USA taxes could apply if your foreign company or trust has generated taxable income in the fiscal year or has any form of involvement with the USA apart from the owner. 

 

Foreign company tax is a common cause of confusion among US taxpayers, who risk underreporting their assets or committing accidental filing errors that result in compliance penalties. Fortunately, filing requirements for foreign companies and trusts is a speciality of US Global Tax. Their knowledgeable staff boast years of experience dealing specifically with New Zealand and Australian trusts and their filing requirements for taxes in the USA. 

 

Foreign companies such as SMES, partnerships, and large corporations often must complete and file Form 5471 with the IRS. Reporting the income of foreign business assets is strictly enforced, and the IRS can issue large penalties for noncompliance 

 

For more information on IRS Australia, Form 5471 and US tax return filing please go to https://usglobaltax.com.au .