IRS Form 5472 — The Importance of Reporting Foreign Ownership of US Companies

From Budweiser to 7-Eleven and American Apparel, many of the names consumers love, trust, and consistently engage with are foreign-owned. In fact, foreign-owned companies employed over 7 million American workers and generated a massive 16% of all business investments in 2019, so it’s safe to say that foreign-owned businesses help drive a significant chunk of the American economy. With Globalization …

Tax-Deducible Options for Business Vehicle Usage

If you’re an employer whose business relies on frequent vehicle usage, then you’re probably considering the options available to expense your business transportation. The best option is not always black-and-white, and often depends on the amount of time your employees spend driving, the size of your company, and other tax considerations. You have four main options for handling business transportation: …