Many expats with businesses abroad utilize US-based payment processors (e.g., Paypal).
Frequently, the owner is issued a 1099K statement for tax reporting purposes.
What are the options when you have a foreign business with 1099K issue?
Key Factors to Consider:
The IRS will receive a copy of the 1099K, and assume you have a US business
The IRS will calculate tax on the gross income, and pursue action (sooner or later)
Reporting your foreign business is the only way to avoid/mitigate the tax bill
There is a way to report an existing foreign business, while avoiding penalties
Hola Expat has extensive experience with foreign business reporting (Form 5471), and we can provide guidance on how to structure your business for tax efficiency.
Why choose Hola Expat?
Expertise
We specialize in US taxes for Americans living abroad, with clients in over 50 countries.
Sensible Prices
Our fees are very affordable. Compare us to other tax accountants.
Client Relationship #1
Our tax professionals are committed to quality work, and passionate about customer service.
How We Work
Meet Your Accountant
Your accountant will contact you to discuss your personal tax situation.
Send Tax Documents
You upload tax documents to a shared folder.
Tax Prep Underway
Tax return is prepared accurately (and in a tax optimized manner).
Draft Completed
Tax return is ready for review. Payment request is sent.