Tax reporting can pose a challenge for any business, but the complexities grow when a company has operations in more than one country. A business with international operations or foreign ownership faces a large—and frequently changing—array of reporting requirements designed to provide information about a taxpayer’s foreign activities.
Failure to submit all required reports can lead to sizable fines, even if the business owners were simply unaware of the mandated obligations. Willful violations can also lead to criminal charges. (more…)