Foreign Reporting

Business

We live in a world in which cross-border transactions frequently occur. Your business can easily work with a contractor in France, a manufacturer in Mexico, or a customer in Canada. When business is conducted internationally, there are frequently important tax consequences. Freyman CPA works with your company to determine your filing requirements. We can determine whether withholding or reporting is required, and can help structure transactions in an advantageous manner. We specialize in foreign owned companies, and can provide insight into proper planning and compliance. Some of the foreign reports and forms that we prepare for businesses include:

  • Foreign Tax Credit (Form 1118)
  • Report of Foreign Bank and Financial Accounts, or FBAR (FinCEN Report 114, which replaced former Form TD F 90-22.1)
  • Withholding for foreign contractors and vendors (Form 1042, W-8BEN, W-8BEN-E)
  • Informational returns for US subsidiaries of foreign parents (Form 5472)
  • Report of foreign operations of US firms (Form 5471)
  • Report of US Persons with Respect to Certain Foreign Partnerships (Form 8865)
  • Interest Charge Domestic International Sales Corporation Return, or IC-DISC (Form 1120-IC-DISC)
  • Disregarded Foreign Entities of US Owners (Form 8858)

Individual

As an individual, you too are impacted by foreign taxes. If you invest in mutual funds, it’s likely that you are paying foreign taxes for which you may be eligible for a credit. Freyman CPA can assist with your foreign reporting needs, whether you are living in the US or abroad. We prepare and file foreign reports and forms, including:

  • Foreign Tax Credit (Form 1116)
  • US Individuals Working Abroad (Form 2555)
  • Statement of Specified Foreign Financial Assets (Form 8938)
  • Report of Foreign Bank and Financial Accounts, or FBAR (FinCEN Report 114, which replaced former Form TD F 90-22.1)
  • Report of US Persons with Respect to Certain Foreign Partnerships (Form 8865)
  • Disregarded Foreign Entities of US Owners (Form 8858)