Before we begin this blog post for accountants who buy and sell overseas, first let us wish all of the readers of The Rules of Thumb blog from MoneyThumb a Happy Memorial Day weekend! Have fun but stay safe.
Now, to the subject at hand. Do you have accounting clients who buy and sell overseas? If so then you are very much aware that there are tax laws and legal rules which affect this particular client that don't apply to your accounting clients who only buy and sell in the US. To help you understand international trade so that you can make sure you are handling your accounting clients' books and taxes properly and make sure they stay within the law, we would like to suggest you read this great, in-depth article from Global Edge.
The article is titled The Law of International Trade: A Business Overview and it covers importing, exporting, and other very important aspects of buying and selling overseas, such as contracts and traps to avoid. The article includes links to government directives for businesses dealing in international trade. The Rules of Thumb blog from MoneyThumb suggest you pass this article along to your accounting clients who do international trade.
Another great guide to read if you have accounting clients who don't sell overseas but have overseas suppliers is this free download from Accounting Web and Bill.com. Below is a description of the guide, Supporting Clients With Overseas Suppliers:
"An essential guide to saving your client money and stress when handling overseas suppliers or contractors. Your clients may be entirely US based, but it's not unlikely that some of their suppliers or contractors are based overseas. Being well-informed about rules, regulations, and even culture can offer unexpected efficiencies and remove a lot of headaches.
This guide by an International Tax Senior at Withum takes you through:
- How to understand and interpret export regulations and restrictions
- Where to find the latest on duties and tariffs that may impact any transactions
- How to formulate contracts which work in different territories
- Which kinds of cultural nuances might change the way you do business"
Those are just the main topics the free download covers, there are several more and we suggest you download the free guide if you handle any accounting clients who have overseas suppliers.
We would love it if you would share this blog post on your social media page. Your accounting peers should have access to this valuable information too, don't you think? Again, Happy Memorial Day weekend from the MoneyThumb team!
And don't forget, if you are an accountant who is yet to take advantage of the best PDF financial file converters on the market, follow this link to take your free test drive this weekend while the chicken or burgers are on the grill. 🙂