If you’ve ever started a business, you know how it feels to be up to your neck in paperwork. There’s a lot of work to be done before you can open your doors for business. Skipping any steps can spell disaster for your company’s future. Everything must be done perfectly or else you’re setting yourself up for failure.
A faulty product design or service that’s not up to par will disappoint your future customers. Failing to market your business properly makes it impossible for the public to even know what you’re selling. And not filing taxes properly can land you in a lot of hot water with the IRS.
Everyone knows that the two certainties we have in this life are death and taxes. The Internal Revenue Service, or IRS, is the revenue service of the United States. They are there to help out taxpayers by providing tax assistance and to investigate potentially fraudulent tax filings. Basically, they’re around to keep everyone accountable, from individuals to business owners.
If you get on their bad side, you’re in for a world of trouble. THEVOZ Attorneys, LLC says that businesses that wish to go international can reorganize between a tax-free and a taxable plan depending on their needs. However, this reorganization needs to be accounted for every step along the way, or else the implications can be severe.
Not only is getting in trouble with the IRS a huge pain to deal with, but it can also have lasting damages. Hefty fines and jail time are just two of the ways that the IRS can punish a new business owner for failing to file their taxes correctly.
Going to jail is pretty much the last thing anyone wants to do, especially after putting in a bunch of time and effort to get their business up and running. The best thing for someone looking to trade internationally is to get in touch with a law firm who specializes in international tax systems.
Because most of the business in the United States is registered at a State level, it can be difficult to figure out how to file. There are three levels at which a business can be listed, and the level to which the business is assigned greatly impacts the process of filing taxes. Additionally, going international throws a major wrench into things.
Going international is a great thing for a business. It opens doors to new investors and spreads the word about your company. But, it also changes the jurisdiction of taxes from the U.S. to a foreign-based zone. If you don’t know how to alter your filings accordingly, you can face fines or even jail time.
To avoid this, speak with a law office who can walk you through these steps. They can make the difference between a flourishing company and a disgraced business owner. Don’t let yourself become the latter, find a firm who can work with you to make sure you’re in the right hands.