ACCOUNTING SUPPORT FOR BUSINESS (COMPANIES) IN THE USA

The US is one of the few countries where the tax system is based on citizenship rather than residency. This means that all US citizens are required to file tax returns with the US, regardless of where they live and whether they also have to pay taxes in another country.

In addition, non-Americans may also have a US filing requirement. The following is a non-exhaustive list of situations in which it may be necessary to file a US income tax return:

You are a US citizen living abroad

You are a green card holder even if your green card has expired.

You meet the criterion of substantial presence. To take this test, you must be physically present in the US at least:

31 days during the current year, and 183 days during a 3-year period, including the current year and the 2 years immediately preceding it, considering:

All the days you were present in the current year, 1/3 days of your presence during the first year preceding the current year, and 1/6 days of your presence in the second year preceding the current year.

You are not a US resident but have income from US-sourced sources (eg wages, rental income, disposal of US real estate directly or indirectly through a pass-through entity, etc.)

You may not be required to file a US tax return if your income is below a certain threshold. However, you must file a tax return to claim a tax credit or refund of income tax withheld. You can also make an election to bypass the substantial presence test.

The Internal Revenue Service (IRS) imposes severe penalties and fines for failure to file certain information returns. For example, a law known as the Bank Secrecy Act requires you to report certain foreign financial accounts, such as bank accounts, brokerage accounts, and foreign mutual funds, to the U.S. Treasury Department and keep certain records of those accounts each year. You report the accounts by filing a Foreign Banking and Financial Accounts (FBAR) report. The minimum penalty you can face for a willful violation is $10,000 for each year you fail to file an FBAR.

If the IRS finds the failure to file willful, a penalty of up to $100,000 or 50% of the account balance at the time of the violation is greater, whichever is greater. Implementation of the Foreign Account Tax Compliance Act (FATCA) and Tax Information Exchange Agreements generally require foreign financial institutions and certain other non-financial foreign entities to report foreign assets held by their US account holders.

You should strive to be US tax compliant, as the US government is more lenient with taxpayers who file before they have been notified by the IRS.

Also, legal entities must submit such reports within six months from the balance sheet date, unless otherwise provided by special legislation; financial statements are considered to have been drawn up from the moment they are signed (Article 17 (5) of the Law on Accounting).

Do US companies have to report?

All US companies, both private and public, are required to file financial documents with the Secretary of State of the state where they are incorporated. When a company is incorporated, it must file articles of incorporation or a certificate of incorporation, depending on the type of organization.

Therefore, accounting services are quite popular in America and very important, because not all people are knowledgeable in the law to file tax and financial statements.

Our specialists have a high level of knowledge in many types of business.

In more detail about the last point, we provide accountant services in the USA

Accountant services in the USA include:

• Accounting service for enterprises of all organizational and legal forms
• Accounting and tax audit of a firm (business) in the USA
• Preparation and submission of declarations and reports to tax and control authorities
• Representation of a lawyer and an accountant in the US tax authorities
• CIT, PIT, ZUS, VAT (VAT), declarations – preparation, verification, and submission to regulatory authorities.
• Keeping personnel records, calculation of salary, payment of relevant taxes for employees, submission of personnel reports
• Import-export operations (WDT, WNT)
• Preparation of invoices and invoices
• Making bank payments
• Analysis of the financial state of the enterprise

Accounting services in the USA are one of the main areas of activity of Yuk Prykhodko and partners because we are familiar with the US legislation in the field of taxation and financing, and therefore clearly understand how the US tax system works and will help you choose the best tax system for your business because, for every one client, we have an individual approach that depends on the direction of your activity, the organizational legal form of the legal entity.