Tax Planning -- Employer (II of II)
Tax Planning - Employer
The marketplace that businesses operate in has become more and more globalized and international in nature, not to mention extremely competitive. This particular report will focus on the employer and their tax implications when it comes to operating and/or headquartering in one or more countries around the world. The prior report focused on the employee. While the implications for the employee are complicated and diverse enough, they become even more complicated when speaking of the employer, and for a number of reasons.
Considerations
Just as there were a number of considerations relevant to the employee and their tax treatment, there are a number of tax considerations that USCo will need to consider for themselves and they are as follows:
The actual headquarters location (nation, state/province and county/city)
The actual locations outside of that home country (or state and city) for USCo.
The country or countries from which the employees come from given that many taxes are driven by where the employee lives in work but are paid by the employer (e.g. unemployment taxes, employer share of Social Security or similar taxes, etc.)
The country or countries that employees work in, and for the same reasons mentioned in the last bullet point.
Where the goods manufactured are sold
Where the goods manufactured are made
Where the raw materials and lesser parts of the goods manufactured come from or are manufactured (e.g. many companies get the raw goods or smaller parts from one country and do the assembly in another)
The supply chain and logistics of all of the above
The movement and relocation of employees for all of the above
The obligations of an employer operating in Canada actually run two-fold. First, employers have a burden to withhold all proper taxes for all of their employees that work in whole or in part in Canada, not unlike the same sort of rule that exists in the United States. For example, United States employers must withhold federal withholding taxes consistent with a submitted W-4 and/or IRS orders beyond/instead of that, must withhold Social Security and Medicare, must withhold tax levies, child support and other similar orders and must remit any monies withheld and the associated paperwork to the proper taxing authorities. It is then the employee's responsibility to square things up with the one or more countries that they lived or worked in within a given jurisdiction (IRS, 2014). The taxing authorities in Canada work in a similar fashion. Wages earned in Canada are typically taxed by Canada but any double jeopardy is typically alleviated in whole or in part by the tax treaty that the United States and Canada have had (and amended at times) from 1980 to the present (IRS, 2014; Canada, 2014).
The other burden employers must shoulder is the taxes that they owe as a business. The taxes that are owed by USCo to the United States or Canada depends on a number of factors. The three main ones are where employees are working, where the goods are manufactured and where they are sold. Goods manufactured in Canada or the United States and sold elsewhere (or two the other of the two) are treated differently than if the goods are treated/handled in the inverse way. Where USCo is headquartered (the United States) will certainly have a bearing on the taxes that USCo pays. Unfortunately for USCo, so long as USCo is based in the United States, there are taxes that will always be paid on all income and this holds true even if the goods are not transported within, manufactured or sold in the United States. The fact alone that USCo is based in the United States mean that some income, regardless of its source or where it goes thereafter, must be taxed. The IRS has taken a very dim view of income being made overseas with no taxes being paid and/or having the money sheltered overseas. Countries where money has been hidden, and the Internal Revenue Service is well aware of this, include Switzerland, the Caymans, Lichtenstein and a few other places (IRS, 2014).
A recent crackdown occurred with Swiss bank accounts as the United States and the IRS told Swiss bank UBS (and others) that they would no longer be able to operate and exist within the United States if they did not pay their taxes or helped any of their customer do the same. This is perhaps a law or set of laws that needs to be changed in the sense that USCo probably does not wish to pay taxes for income not earned in the United States in any way shape for form. However, until or unless those laws change, the only real recourse...
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