By Derren at www.AdvancedAmericanTax.org
Tips for Selecting the Right International Tax Advisor:
- Begin by considering your specific needs. What are your particular tax concerns? Do you require assistance with cross-border tax planning, compliance, or dispute resolution? Once you have identified your needs, you can start narrowing down your search for an advisor.
- Seek recommendations from your network. Ask your friends, family, colleagues, and business associates for suggestions regarding international tax advisors. This is an excellent starting point and provides insight into the experiences and reputation of different advisors.
- Conduct research. After obtaining a few names, research online and in industry publications. Look for advisors with experience in your specific area of need and a solid reputation. Examine their online publications to assess their qualifications.
Consider these factors when choosing an international tax advisor:
Advisor’s experience. How much experience does the advisor have with international tax matters? Do they possess experience with the specific countries and jurisdictions that concern you?
Advisor’s communication style. How does the advisor communicate? Are they easily understandable? Are they responsive to your questions? By considering these factors, you can make an informed decision when selecting an international tax advisor.
We are already 3 months into 2018 and for many parts of Asia, Europe, and of course, the Americas, it’s the dreaded tax season already. For those expats in more senior positions and particularly business owners, tax compliance is a serious responsibility.
Here are 5 things to consider in choosing your advisor
- Firstly, the advisor needs to be part of a team. It is highly unlikely that one person knows everything. Furthermore, everyone has heard horror stories of one-person shows that disappear, get swamped with work, or fall ill with no one to cover for them. You need a team.
- Secondly, your team needs to be qualified in multiple jurisdictions. If for example, you’re an American in Scotland? You need a team with members that are US and UK qualified. It’s not enough that your consultant knows US tax because so many provisions of UK tax law and the US/UK treaty modify how your situation may be treated.
- Thirdly, your team should be multilingual. There are too many nuances of tax law that gets lost in translation. So if you’re an expat in China and your international tax team includes no Mandarin speakers or you’re in Jakarta and no one on the team speaks Bahasa Indonesia? Then it’s time to find another tax team.
- Fourthly, your team should be proactive in keeping up with changes in tax law. Question your prospective tax consultant carefully. If you need someone that is US qualified, she must speak expertly about radical changes to the way foreign-owned businesses are now being taxed. If you need someone Philippines qualified, they must have an opinion on Train 1 vs Train 2, etc, etc. If they are not keeping up with changes with the law, you may eventually get in trouble
- Fifthly, please ask about fees. If the US tax consultant does not have a clear and easy to understand the schedule of fees? You may be in for a surprise bill at the end of the process.
Derren runs the US tax desk for the Moores Rowland group. Offices in 15 countries. Visit us at www.AdvancedAmericanTax.org
Published here – https://www.myexpatsworld.com/international-tax-advisor/
Note: The above reference link was live on February 2018, but it has since been taken down.