EFFECTIVE JANUARY 01, 2024 NEW REQUIREMENT FOR BUSINESS
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Nonresident Taxpayers & Foreign Investors
SBC-CPA’s Experience
We have been providing tax services to foreign clients in Central Florida for over 30 years. We have dedicated staff ready to provide services to Nonresident Alien taxpayers. The majority of our Non Resident clients are foreign investors with US real estate or US based businesses.
We specialize in the following:
- Tax compliance services—We can assist with all phases of tax compliance, including preparation of U.S. Income Tax Returns and preparation of Local Tangible Personal Property Tax Returns.
- FIRPTA withholding compliance and planning—We can assist the seller in applying for FIRPTA Exemptions, reduced withholding requests, or requests for early refunds of FIRPTA previously withheld.
- Application for US Taxpayer Identification Number (ITIN)—We are IRS certified acceptance agents which allows us to pre-process your ITIN application so that it can be handled by the IRS more expeditiously.
FIRPTA Withholding Compliance and Planning
The sale of U.S. real estate by a foreign person is subject to a mandatory withholding tax equal to 15% of the selling price of the property. This withholding tax is referred to as FIRPTA (Foreign Investor Real Property Tax Act) withholding.
We can assist the seller in applying for FIRPTA Exemptions, reduced withholding requests, or requests for early refunds of FIRPTA previously withheld.
Our Firm is an IRS Certified Acceptance Agent which allows us to pre-process your ITIN application so that it can be handled by the IRS more expeditiously.
Foreign Owners of U.S. Businesses
If you are a Nonresident owner of a U.S. based business, we can assist you in all areas of accounting and tax compliance for your business as well as provide tax planning.
U.S. Residency determination—if you spend a significant amount of time in the United States each year, you could be considered a U.S. resident for tax purposes. We can assist you in making a determination on your tax residency.
We take complex information and break it down so you can understand the issues, allowing you to make decisions that are right for you and your business.
