FBAR ADVISORY
Sourcing frees up businesses by allowing them to off-load non–core, yet vital areas of administration to companies specializing in that area. Small business accounting is a specific area where GKM can be of immense help. More and more CPA firms are discovering that vital but non-core/non-value add functions such as small business accounting are best managed by partnering with an experienced sourcing provider like GKM. Firms may source these services while still retaining the ability to review the end product.
GKM provides a complete range of affordable accounting services with its team of experienced CPAs, CAs, and skilled accounting managers. With its team of experts ready to service your accounting at all levels, GKM ensures your sourcing experience is truly rewarding.
GKM offers clients the following special services:
FBAR help (Foreign Bank Account Reporting) & FBAR tax consulting
Advisory on investments in foreign companies/ partnerships by US citizens
Reporting of foreign gifts on Form 3520 in USA
PFIC investments and related reporting on Form 8621
Establishing WOS in USA / India
Offshore voluntary disclosure programs
FEMA ADVISORY
GKM has senior professionals who provide consultation on specific situations covered by FEMA (Foreign Exchange Management Act) and related compliance requirements of RBI (Reserve Bank of India) As businesses go global the list of these compliances has gone up. Foreign investment in India or investment overseas by resident Indians, both are subject to various compliance requirements. The cost of non-compliance and resultant penalties are also high. GKM ensures clients stay compliant by filing relevant reports as and when required. This particular section of our services is especially built to cater to Non Resident Indian populace. Our experts specialize in regulations and compliances as applicable to Non-Resident Indians to enable them to provide this niche service.
GKM can also assist clients in the following FDI (Foreign Direct investment) matters:
Investment & Tax Advisory & compliance with RBI & foreign exchange stipulations
Applying to Reserve Bank of India under various FEMA and RBI regulated transactions
Advisory services related to FEMA / RBI matters
Allotment of shares to non-residents
Transfer of shares from Indian resident(s) to non-resident(s)
Setting up Partnership / Partnership by NRIs or persons of Indian origin
Complete FEMA compliance
W8BEN
GKM helps clients with W8BEN filing requirements. W8BEN (Individuals) or W8BEN E (Corporations) is needed to be submitted to payer, if a non-resident alien receives payments from US entities. The present structure of business is such that many resident Indians work from India for US Corporations or have businesses in USA wherein they are partners or shareholders. The payer may rely on the W8BEN to establish that a foreign (Non-US) person beneficially owns the amount being paid and may further rely on the W8BEN or W8BEN E to apply a reduced rate of withholding or exemption from withholding at source. Generally, foreign persons are subject to US tax at 30% on income from US sources.
While the form has wider implications and applicability to different types of institutions, GKM helps individuals and corporates with various W8BEN documentation and submission requirements.
TAX COMPILATION SERVICES
GKM’s accounting professionals also provide compilation services to CPA’s. Based on requirement these services may be monthly, quarterly or annual (tax compilation prior to tax prep). Of the three levels of risk assurance namely audit, review and compilation; compilation is possibly the easiest in that it is merely a presentation of financial data and does not require CPA’s opinion or conduct of various audit assurance procedures. Therefore it is also the easiest of the three to source.
FINANCIAL COMPILATION SERVICES
GKM’s team provides quality financial compilation services and also ensures that relevant tie-outs to source documents are done and any omissions properly documented. Financial compilation services are offered as part of tax preparation services as well as separately. As part of these services we also take into account the requirements for a tax return and ensure all information is made available to CPA prior to tax prep.
ACCURATE FINANCIAL STATEMENTS
GKM’s team will familiarize itself with a client’s business prior to taking on a compilation task so as to gain a fair understanding of the way the business is conducted – the standard transactions and practices common to the business and the industry. This ensures that the compiled financial statements are free of material errors, represent a fair view of the business and may be used for strategic planning/expansion or funding purposes.
TAX COMPILATION SERVICES
GKM understands that cleanup and back work projects are part of every CPA firm’s tax season tasks and these are time-consuming during peak season. GKM has special back work teams deployed during tax season to help CPA’s with a load of back work projects. If you typically have back work clients during the tax season, GKM will help complete the project smoothly and minimize your time-spent on such tasks. compilation; compilation is possibly the easiest in that it is merely a presentation of financial data and does not require CPA’s opinion or conduct of various audit assurance procedures. Therefore it is also the easiest of the three to source.
High Quality Services
GKM also provides financial analysis services. Financial planning and analysis are areas of core competence. Our team prepares and provides financial analysis reports based on CPAs requirements.
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