Today my guest post is by Ralph MacNamara of Kaufman, Rossin. The South Florida-based accounting firm has just put together a comprehensive -- and free -- Florida tax guide for foreign entrepreneurs. Although Florida has become one of the most sought-after places for Latin American and other international business people looking to start companies, setting up shop in Florida isn’t as easy as it sounds. Although the state offers a pro-business tax structure which gives entrepreneurs advantages from the start, there are crucial tax rules that should be top-of-mind.
By Ralph MacNamara
Establishing a business in Florida starts with proper planning, and the sooner you begin, the better. The Foreigner’s Tax Guide to Starting a Business in Florida provides information on various state and federal requirements that you need to consider before getting started. Setting up a business is a complex process,with many legal, regulatory, and tax considerations.
To give foreign entrepreneurs an overview of what it takes to start a business here, the guide addresses the following topics:
- Why you should consider investing in Florida;
- The tax advantages to investing in Florida;
- How you should structure your business;
- Whether non-resident aliens and foreign corporations need to file and pay taxes;
- What the appropriate accounting method should be;
- What expenses can be deducted;
- What type of records need to be retained, and for how long.
To read The Foreigner’s Tax Guide to Starting a Business in Florida in its entirety, please click here.
Ralph MacNamara is director of Advisory Services for Kaufman, Rossin & Co. He is a member of the firm's Forensic, Advisory and Valuation Services Practice Group and regularly works with attorneys to assist with their forensic accounting, economic damages, e-discovery and expert testimony needs.