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Queens Chamber of Commerce invite small business and new business owners to attend this complimentary workshop that will help you understand your tax reporting responsibilities.
US person doing business in foreign country
- If the business is located in US and income is receiving in US and expenses are paid out of US, no special tax treatment.
- Report income as income and deduct related business expenses.
- Net profit will be taxed as a regular US business.
Offshore Companies
- US person set up corporation in foreign countries.
- Tax Benefit: All income earned in foreign countries are tax deferred, as long as funds are reinvested in the corporation and not coming into US.
- Tax deferment can be indefinite until you sell the company.
- Company might have to pay local taxes and meet local filing requirement.
Presented by Chunyee Wong Miot CPA
Refreshments will be served - Complimentary Admission and Parking
This event is open to the general public
Assistance in Chinese - Speaker fully bilingual
