When running a business it’s important to have all your ducks in a row, cross every “T” and dot every “I” in order to protect yourself and your business. Taxes are especially time consuming, but important especially considering that the IRS can go back as long as three years with their audit process and 10 years for back owed taxes. Along with $3.4 trillion collected from the IRS in taxes they paid $436 in refunds, but audited over one million returns. The chances of an audit are pretty high, which is why proper documentation and paperwork is even more important. When working with companies overseas things get a little more tricky, but that doesn’t mean the IRS will take any mercy on you if you’re one of the unlucky ones to get audited. This is when using business advisory services in China can become beneficial and help business owners. See below for some other tips for business working with companies overseas.
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