For many businesses, global expansion is a key step for continued growth.
However, some neglect to factor in foreign and international tax implications that present new challenges for their companies and tax services providers. Failure to create a comprehensive tax strategy while considering the profitability of an additional firm in another country can lead to issues with customer and vendor relationships as well as loss of profits.
With that said, a lot of time, money and effort goes into transitioning from a domestic tax strategy to a global one. Before you make any moves on this front, you should look into the growth potential of a firm in your new location. If, for instance, you are having trouble with market penetration and customer retention, developing an international tax strategy may not be at the top of your list of concerns.
Once you’ve established your overseas firms as viable assets, developing a new tax strategy won’t be easy, which is why you should enlist the aid of a CPA firm holding expertise in international tax planning. Tax professionals at LaPorte can help your business grow to a global entity by providing you with up-to-date information on international tax regulations as well as a plan that fits your organization’s needs.