USA Tax Obligations for multi national companies

Jul 11, 2023
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United States
I have a US client. Both partners have dual citizenship (US and AUS). They have a US based business and have been compliant with their US taxes.

They recently opened another company in Australia. As US citizens, what would be their tax obligations in the US? As US citizens operating an international company, I am concerned they may end up paying double taxes. Their current CPA does not seem super strong in international tax obligations. I've tried to find them another CPA, but have had no luck. We are looking for a CPA that will provide assistance year round, not just once a year, but we still want control of the bookkeeping.

Additionally, their new AUS company uses some of the same inventory as their US company. So in some ways it may appear they are opening a AUS branch of their US company. However, they chose to open the entity as a new company in AUS. Would this be the best configuration for tax benefits?

Appreciate everyone's thoughts on this.

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