There is always growth in the foreign investment sphere of the Arkansas real estate market. It seems that foreign investors crave a healthy variety of real estate, such as single family homes, commercial buildings and apartment buildings. A growing economy and real estate market has opened up room for expansion in all forms of investment, including that done by foreign clients.
However, foreign investors do not often understand the tax issues associated with foreign ownership in US real estate. They often have many important questions, including the following:
• How am I taxed at the state level?
• How will I be taxed at the federal level?
• How do I acquire a tax ID#?
• When are tax returns due?
• How much does it cost to have my return filed?
• Are there any elections that need to be filed?
• Are there any tax strategies I can implement to lower my overall tax bill?
Countless issues face the foreign investor in filing taxes with the US government, and these concerns must be resolved with the assistance of qualified tax professionals. Many CPA firms do not seem to have the experience and know-how of dealing with foreign client concerns. At Sundin & Fish, PLC, we operate on a three-step process for undertaking any issues our foreign clients may be confronted with.
The first step in this process involves reviewing and discussing the tax structure in order to determine if any alterations must be made to the overall tax structure. This step is important for potentially lowering the overall tax bill and possibly even reducing the red tape and filing requirements that exist in the US government tax filing system.
We then review all your relevant tax documents, and if applicable, coordinate with your real estate property management company to obtain the income and expense information for your real estate. This step saves time for the client, and allows for the tax filing process to be smooth and efficient. It is not uncommon for clients to have lost receipts and other tax documents. We make sure to maintain and review your settlement statements, as well as any other documents regarding your real estate.
Lastly, we finalize your AR state and federal tax returns and review the results with you. Your real estate and tax situation is examined a final time to ensure that your tax liability is minimized and your tax deductions are maximized. Each situation is different, but our goal is to lower your tax bill and make sure that your returns are reviewed for “red flags”.
We have many foreign clients with property—and many more looking to invest in real estate property—in Arkansas. Our team of experienced tax specialists is able and willing to assist you throughout the entire process of tax filing with the US government. There is no reason to fear the state of Arkansas or the IRS, for there are many options available to you.
Any CPA or accountant can help you pull your tax documents together, but many are not capable in properly dealing with foreign investors or knowledgeable in the issues they may be facing. As a firm who is competent in handling potential concerns with foreign investment, we are able to review your situation and tackle any and all of your tax problems. Call us today at 480-361-9400.
Serving the following Arkansas (AR) cities and communities:
Adona Alco Alexander Alicia Alix Alleene Alma Almyra Alpena Alpine Altheimer Altus Amagon Amity Antoine Arkadelphia Arkansas City Armorel Ash Flat Ashdown Atkins Aubrey Augusta Austin Avoca Balch Bald Knob Banks Barling Barton Bass Bassett Bates Batesville Bauxite Bay Bearden Beaver Bee Beebe Beech Grove Beedeville Beirne Bella Vista Belleville Ben Lomond Benton Bentonville Bergman Berryville Bexar Big Flat Bigelow Biggers Birdeye Biscoe Bismarck Black Oak Black Rock Blakely Blevins Blue Mountain Bluff City Bluffton Blytheville Board Camp Boles Bonnerdale Bono Booneville Boswell Bradford Bradley Branch Branch Brickeys Briggsville Brinkley Brockwell Brookland Bruno Bryant Buckner Bull Shoals Burdette Byron Cabot Caddo Gap Caldwell Cale Calico Rock Calion Camden Camp Camp Joseph T Robinson Canehill Caraway Carlisle Carthage Casa Cash Casscoe Cave Cave Springs Cecil Cedarville Center Ridge Centerton Centerville Charleston Charlotte Cherokee Village Cherry Valley Chester Chidester Choctaw City City Clarendon Clarkedale Clarkridge Clarksville Cleveland Clinton Coal Hill College College Station Colt Columbus Combs Compton Concord Conway Cord Corning Cotter Cotton Plant Cove Coy Crawfordsville Crocketts Bluff Crossett Crumrod Curtis Cushman Damascus Danville Dardanelle Datto De Queen De Valls Bluff Decatur Deer Delaplaine Delaware Delight Dell Dennard Dermott Des Arc Desha DeWitt Diamond City Diamond Lakes Diaz Dierks Doddridge Dolph Donaldson Dover Drasco Driver Dumas Dyer Dyess Earle East Camden Edgemont Edmondson Egypt El Dorado El Paso Elaine Elizabeth Elkins Elm Springs Emerson Emmet England Enola Ethel Etowah Eudora Eureka Springs Evansville Evening Shade Everton Fairbanks Fairfield Bay Farmington Fayetteville Ferndale Fifty Six Fisher Flippen Floral Fordyce Foreman Forrest City Fort Smith Fouke Fountain Hill Fox Franklin Frenchmans Bayou Friendship Fulton Gamaliel Garfield Garland City Garner Gassville Gateway GenoaGentry Gepp Gilbert Gillett Gillham Gilmore Glencoe Glenwood Goodwin Goshen Gosnell Gould Grady Grannis Grapevine Gravel Ridge Gravelly Gravette Green Forest Greenbrier Greenway Greenwood Greers Ferry Gregory Griffithville Grubbs Guion Gurdon Guy Hackett Hagarville Hamburg Hampton Hardy Harrell Harriet Harrisburg Harrison Hartford Hartman Harvey Haskell Hasty Hatfield Hattieville Hatton Havana Haynes Hazen Heber Springs Hector Helena Henderson Hensley Hermitage Heth Hickory Plains Hickory Ridge Higden Higginson Hindsville Hiwasse Holly Grove Hope Horatio Hot Springs Hot Springs Village Houston Howell Hoxie Hughes Humnoke Humphrey Hunt Hunter Huntington Huntsville Huttig Ida Imboden Ingalls Ivan Jacksonport Jacksonville Jasper Jefferson Jennie Jerome Jersey Jerusalem Jessieville Johnson Joiner Jones Mills Jonesboro Jordan Judsonia JunctioncCity Keiser Kensett Keo Kingsland Kingston Kirby Knobel Knoxville La Grange Lafe Lake Catherine Lake City Lake Hamilton Lake Village Lakeview Lamar Lambrook Laneburg Langley Lavaca Lawson Leachville Lead Hill Leola Lepanto Leslie Letona Lewisville Lexa Light Lincoln Little Rock Little Rock AFB Lockesburg Locust Grove London Lonoke Lonsdale Louann Lowell Luxora Lynn Mabelvale Madison Magazine Magness Magnolia Malvern Mammoth Spring Manila Mansfield Marble Falls Marcella Marianna Marion Marked Tree Marmaduke Marshall Marvell Maumelle Mayflower Maynard Maysville Mc Caskill Mc Dougal Mc Neil McCrory McGehee McRae Melbourne Mellwood Mena Mena Menifee Mid America Midland Midway Mineral Springs Minturn Moko Monette Monroe Monticello Montrose Moro Morrilton Morrow Moscow Mount Holly Mount Ida Mount Judea Mount Pleasant Mount Vernon Mountain Home Mountain Pine Mountain View Mountainburg Mulberry Murfreesboro Nashville Natural Dam New Blaine New Edinburg Newark Newhope Newnata Newport Norfork Norman Norphlet North North Little Rock Oak Grove Oakland Oark Oden Ogden Oil Trough O’Kean Okolona Ola Omaha Oneida Onia Osceola Oxford Ozan Ozark Ozone Palestine Pangburn Paragould Paris Parkdale Parkin Parks Paron Parthenon Patterson Payneway Pea Ridge Peach Orchard Pearcy Peel Pelsor Pencil Bluff Perry Perryville Pettigrew Pickens Piggott Pindall Pine Bluff Pine Ridge Pineville Plains Plainview Pleasant Pleasant Grove Plumerville Pocahontas Pollard Ponca Poplar Grove Portia Portland Pottsville Poughkeepsie Powhatan Poyen Prairie Grove Prattsville Prescott Prim Proctor Pyatt Quitman Ratcliff Ravenden Ravenden Springs Rector Redfield Reydell Reyno Rison Rivervale Roe Rogers Rohwer Roland Romance Rose Bud Rosie Rosston Rover Royal Rudy Russell Russellville Saffell Sage Saint Charles Saint Francis Saint Joe Saint Paul Salado Salem Saratoga Scotland Scott Scranton Searcy Sedgwick Shannon Hills Sheridan Sherrill Sherwood Shirley Sidney Siloam Springs Sims Smackover Smithville Snow Lake Solgohachia Southshore Sparkman Springdale Springfield Springs Springtown Stamps Star City Stephens Steprock Story Strawberry Strong Sturkie Stuttgart Subiaco Success Sulphur Sulphur Rock Summers Summit Sweet Home Swifton Tamo Taylor Texarkana The Highlands Thida Thornton Tichnor Tillar Tilly Timbo Tinsman Tomato Tontitown Traskwood Trumann Tucker Tuckerman Tumbling Shoals Tupelo Turner Turrell Twist Tyronza Ulm Umpire Uniontown Urbana Valley Springs Van Buren Vandervoort Vanndale Vendor Village Vilonia Viola Violet Hill Wabash Wabbaseka Walcott Waldenburg Waldo Waldron Walnut Ridge Ward Warm Springs Warren Washington Watson Waveland Weiner Wesley West Fork West Helena West Memphis West Point West Ridge Western Grove Wheatley Whelen Springs White Hall White River Wickes Wideman Widener Wilburn Williford Willisville Wilmar Wilmot Wilson Wilton Winchester Winslow Winthrop Wiseman Witter Witts Springs Woodson Wooster Wright Wrightsville Wynne Yellville Yorktown Zion