{"id":30681,"date":"2023-09-15T08:00:00","date_gmt":"2023-09-15T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=30681"},"modified":"2023-09-27T09:41:51","modified_gmt":"2023-09-27T14:41:51","slug":"the-firm-of-the-future-is-not-bounded-by-borders","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/the-firm-of-the-future-is-not-bounded-by-borders\/","title":{"rendered":"Firms of the future are not bounded by borders"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The day of accounting firms handling exclusively regional business has passed. As our small world becomes smaller, firms must be prepared to perform accounting for international businesses, especially ones with U.S. subsidiaries. For these companies, U.S. entity structure and tax planning are key to effectively managing global tax exposure. To stay ahead in the game, accounting and tax professionals must keep up in several key areas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-x-large-font-size\"><strong>U.S. tax laws are a complicated puzzle<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In many ways, the United States is a unique country because it includes 50 self\u2010regulating states that also fall under a common umbrella of federal regulations. This arrangement results in heightened complexities when a subsidiary of an international business has branches in different states, or uses remote and contract workers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given our country\u2019s unique structure, it\u2019s important that companies comply with federal and state tax codes. According to the <a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/government-revenue\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Office of Management and Budget estimates<\/a>, 36% of 2023 tax revenues will come from payroll taxes; 50% from individual taxes, including taxes from pass-through entities; and 9% from corporate tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a business wants to be compliant and avoid issues, legal teams and accountants need to be on the same page. For example, the last thing firms want is to have to scramble to determine if a remote worker\u2019s payroll tax in California for a subsidiary based in New Jersey was filed correctly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One way your clients can keep everyone on the same page is to use <a href=\"https:\/\/quickbooks.intuit.com\/accountants\/products-solutions\/accounting\/quickbooks-online\/\" target=\"_blank\" rel=\"noreferrer noopener\">QuickBooks Online\u2019s<\/a> location tracking feature to steer clear of <a href=\"https:\/\/www.firmofthefuture.com\/product-update\/break-up-payroll-provider\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">payroll<\/a>, sales, and state income tax compliance issues.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-x-large-font-size\"><strong>Modern accounting requires fluency in U.S. GAAP and IFRS<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While U.S. based accountants are familiar with U.S. generally accepted accounting principles (GAAP), more than 110 other countries follow International Financial Reporting Standards (IFRS). The <a href=\"https:\/\/www.firmofthefuture.com\/accounting\/top-10-differences-between-ifrs-and-gaap-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">high-level differences between the two practices<\/a> are that IFRS is more principles\u2010based, flexible, and requires fewer disclosures. In this regard, international businesses might be unprepared for the detailed, rules\u2010based nature of GAAP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies need an accounting team that is well versed in GAAP and IFRS when working with U.S. subsidiaries of international organizations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-x-large-font-size\"><strong>Identifying the right one\u2010stop shop is critical<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Clearly, there are many important considerations for handling an international subsidiary\u2019s U.S. accounting. To be compliant, some companies establish an accounting department. However, a more agile and cost\u2010effective approach might be to outsource. This approach is particularly beneficial for matters such as implementing appropriate transfer pricing strategies for cross\u2010border intercompany transactions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When international businesses take this approach, they often prefer a one\u2010stop shop that understands accounting, payroll, and federal and state tax issues. For example, a new U.S. subsidiary might quickly realize new revenue growth prior to finalizing its tax registration. This company could benefit from a low-cost provider that can assist with federal and state tax identification numbers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also important to consider the options for capitalizing the startup operations of a U.S. subsidiary. These should be reviewed early on to manage the return on investment and impact on U.S. taxable income. It is difficult to overstate the value of working with a professional who has deep international tax expertise. Such expertise can minimize the risk of expensive penalties assessed for reporting deficiencies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A quick setup is especially important for tech companies operating in a fast-moving industry. These businesses need to choose the right firm\u2014one with experience, expertise, and tools to help their clients navigate domestic and foreign tax laws, international currency conversions, and other considerations. Even better is to find a firm that is cost effective and scalable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-x-large-font-size\"><strong>Cloud\u2010based platforms: They\u2019re safer than you realize<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To successfully play in the international accounting arena, companies might need to rely on <a href=\"https:\/\/www.firmofthefuture.com\/growing-a-business\/the-future-has-arrived-how-the-cloud-benefits-clients-and-accountants\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">cloud\u2010based technologies<\/a>. While that might seem like a risky proposition to many professionals outside the IT world, an on-site server in a company\u2019s closet might be less safe than a secured cloud platform. Even sending physical checks can be riskier than using trackable online payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beyond increased security, firms that currently rely on desktop software need to be ready to <a href=\"https:\/\/www.firmofthefuture.com\/migrating-to-quickbooks-online\/migration-corner-july-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">move to the cloud<\/a> for another reason: Software companies increasingly are dropping support for legacy technologies. As a result, cloud-based accounting software developers are taking steps to make software more compatible with changing technology and security protocols.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-x-large-font-size\"><strong>DEI is key to success<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Today\u2019s companies might want to work with firms that demonstrate a commitment to diversity, equity, and inclusion (DEI). Such firms understand the value of a more diverse workforce, have access to a deeper talent pool, and offer a wider range of fresh perspectives and ideas. Embracing DE&amp;I can build positive client-provider relationships by demonstrating the value of diversity to a multinational client base.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-x-large-font-size\"><strong>Firms of the future, today<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No longer are traditional borders a limitation. Firms that are prepared to perform accounting and tax services for international businesses can better situate themselves for success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Editor&#8217;s note: <\/strong>This article is also available in <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/a-las-empresas-del-futuro-no-las-frenan-las-fronteras\/\">Spanish<\/a>, and was originally published on the <a href=\"https:\/\/www.firmofthefuture.com\/thought-leadership\/firm-not-bounded-by-borders\/\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Firm of the Future blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to develop international business by understanding tax law, standards, and cloud-based accounting.<\/p>\n","protected":false},"author":144648993,"featured_media":30691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[646041873],"tags":[646041909],"intuit_collection":[],"intuit_series":[],"coauthors":[646041913,646041914],"class_list":["post-30681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory-services","tag-cloud-accounting-and-tax"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - 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