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HPC Blog

FBAR Filing Requirements and Upcoming Changes

By Laura Ring • July 11, 2016 at 3:00 PM • Small Business Tips, IRS, Tax

Foreign filing requirements, and in particular, the FBAR, is one of the most important tax filings to have filed on time and correctly in the U.S. 

The filing penalties for the FBAR start at a nominal fee of $10,000 for late filings, and it is a lot different when $10,000 accrues interest vs what a smaller income or local delinquent filing might add up to. There is a rigorous abatement process that in our experience has allowed us to relieve many individuals of these steep penalties. However, that process costs money and time to work through too with a risk of still having to pay the tax liability. This being said, the best way to avoid penalties is to file these returns on time and correctly the first time. Here are some details to help you determine if and when you need to file the FBAR.

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How to select the right cloud accounting solution?


So much to think about, so little time....

Use this outline to save time finding the right cloud accounting solution according to your needs.

I have talked with thousands of business owners in initial conversations about cloud accounting solutions. If there is one thing I have learned, it is that while business owners and accounting providers can leverage cloud technology to do things faster and better, it certainly has not made the decision making process for most business owners easier.

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Our Free Resources for Businesses Getting Started in The U.S. from Abroad

For years now HPC has been helping businesses expand into the U.S. 

In 2016 we have been actively sharing our knowledge, experience and advice as it relates to starting a business in the U.S. from abroad. We have built online resources, facilitated monthly in depth webinars, and have continued to speak with and assist small business owners from various countries around the world. Below is a list of resources and helpful free content we have built so far.

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Why and how do we use Expensify?

By Matt Nyman • May 3, 2016 at 7:35 AM • Xero Add-Ons, Accounting Solutions, Expensify

Like many cloud accounting advisors, we at HPC love using Expensify to streamline client accounting. Expensify has multiple features and subscription plans, as well as a seamless sync with Xero. However, like most accounting add-ons, in order to work correctly and best for your particular needs, it is important that you get it setup appropriately so that you can manage a new automated process, so that it’s not just another tool or set of to-do’s.

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7 Xero Add-Ons That Will Turbocharge Your Small Business

By Bruce Phillips • May 2, 2016 at 10:00 AM • Xero, Xero Add-Ons

Every now and then a piece of software comes along that makes your life significantly better. For us here at HPC, and our clients, that software is Xero. We are so on board with Xero that we became a Platinum Partner, meaning that we use Xero to do bookkeeping for hundreds of our outsourced accounting clients.

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When to Hire an Online Accountant vs. Online Bookkeeper

By Bruce Phillips • April 26, 2016 at 10:00 AM • Outsourced Accounting

Starting and growing a business takes a lot of patience and persistence. It also takes an incredible amount of focus, which is why many startups decide to hand over their financials to a professional who will make sure all of the numbers add up. It might not seem like it due to the upfront costs, but outsourced accounting can also save you money in the long run.

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Webinar Video: "Get Tax Ready", for Global Small Businesses

By Bruce Phillips • April 21, 2016 at 10:00 AM • Doing Business in the United States

When you're doing business in the United States from abroad, you don't want any trouble with the authorities. So you absolutely want to file your taxes properly and on time!

For some helpful tips, check out the recording of our recent webinar, "Global Small Businesses: Get Tax Ready" on YouTube.

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Accounting Trends: Going Global

By Bruce Phillips • April 18, 2016 at 11:43 AM • Doing Business in the United States

 

I recently joined Wayne Schmidt of Karbon and Greg Sheehan from RightWay for a discussion of how physical boundaries to serving accounting and bookkeeping clients are receding rapidly.

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Upcoming Webinar: "Get Tax Ready"

By Bruce Phillips • March 29, 2016 at 2:55 PM • Doing Business in the United States

When you're doing business in the United States from abroad, you don't want any trouble with the authorities. So you absolutely want to file your taxes properly and on time!

In this webinar, I'll present an overview of the U.S. tax requirements for international firms, their owners, and their employees working in the United States.

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5 Reasons Outsourced Accounting Is Better Than Bookkeeping

By Bruce Phillips • March 23, 2016 at 10:00 AM • Outsourced Accounting

If you’re like many entrepreneurs, you thought you’d be able to handle every facet of your new business. You’d create the product, hire the staff, manage your advertising campaigns, make your own mini muffin platters for those early morning meetings, and, let’s not forget, handle the finances, too.

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