International taxes have always been complicated, especially if you have liabilities in several different countries as well as in the US. You could be a permanent resident of the US and still have tax liabilities in Canada, Hong Kong, Germany, or anywhere else, and they all have different rules.
You could be a foreign resident and have liability in your home country, but also have tax to pay here in the US because you are temporarily resident. You might have a home here and one in Italy and spend half your time here and half there. You might do that but also have income from Mexico or Sweden. The possibilities are endless.
And then we have to have Coronavirus which has made things ten times worse. This is because different countries have tackled things in different ways. So for instance, in the US we have had a 90 day extension for individual tax returns and payment to July 15th, half of which has already gone, incidentally. That is, unless you were an individual with a tax liability of over $1 million or a corporation with a liability of over $10 million, in which case the extension didn’t apply. Or unless you were a partnership with a due date of March 15th in which case the extension was until June 15th. And that’s just US federal tax. Then there are state taxes, and many individuals have tax liabilities in more than one state.
Other Countries Have Made Lots Of Changes
Other countries, too, have made lots of changes. International tax always was a minefield but now it is worse. If you have tax liabilities overseas, this is why you need a specialist international tax CPA in the Bay Area such as ourselves at Safe Harbor.
We are familiar with tax regulations in many different countries already, but we have to put our hands up and say that we cannot possibly keep up with all the changes in other countries.
However, there is some good news. As a specialist international tax CPA in the Bay Area we have a lot of contacts overseas. Accounting firms like ourselves who are completely familiar with their own tax laws and will be up to date with any changes made as a result of Coronavirus.
That means that, although we don’t know everything, we know someone who does! Or, at least, knows what is going on in his country. He helps us when we need it, and we help him when he has a client in the US and there is something about our tax laws that he doesn’t understand.
We work hand in glove together, so when you need an international tax CPA in the Bay Area, we can still help you out wherever you have a liability.