International & Global Tax Services in Chicago, IL
One missed foreign-subsidiary filing or an overlooked FBAR deadline can trigger IRS penalties in the thousands, even when no tax is actually owed. Lewis.cpa's international tax accountants help Chicago businesses and individuals with cross-border ties, from companies managing foreign subsidiaries to expats with overseas accounts, stay compliant while keeping more of what they earn.
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Chicago CPA Firm for International Tax Planning
Cross-border taxation involves U.S. federal tax law, foreign tax systems, tax treaties, and IRS reporting requirements. Even when no tax is owed, filing mistakes can result in significant penalties. For nearly 40 years, Lewis.cpa has served Chicago businesses and individuals with financial complexity, including companies with foreign subsidiaries and families with assets abroad. As your international tax specialist, we build a strategy around your current structure.
Our International Tax Services
Our international tax services address both the compliance side of cross-border activity and the planning strategies that reduce your overall tax burden.
We prepare federal and state returns for U.S. citizens and green card holders living abroad, applying the Foreign Earned Income Exclusion, foreign housing deductions, and foreign tax credits correctly so you're never taxed twice on the same income.
We determine your FBAR filing obligations, prepare and submit FinCEN Form 114 accurately and on time, and help clients with prior-year compliance gaps understand their options before the IRS identifies the issue first.
We build forward-looking international tax strategies around your entity structure, income sources, and foreign tax exposure, identifying opportunities to reduce double taxation and time income favorably across jurisdictions.
CFC and Subpart F Reporting
We prepare Forms 5471, 5472, 8865, and 8858 for U.S. persons with ownership in foreign corporations, partnerships, and disregarded entities, and calculate Net CFC Tested Income (NCTI) and Subpart F inclusions under current law.
Transfer Pricing Support
We help closely held businesses document cross-border transactions between related entities to demonstrate arm’s length pricing, helping reduce the risk of penalties or adjustments if the IRS or a foreign tax authority reviews those transactions.
When the IRS questions a foreign tax credit position, a CFC inclusion, or a treaty claim, our professionals manage the response and advocate directly on your behalf so international complexity doesn't turn into a prolonged dispute.
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Get Ahead of Cross-Border Tax Complexity
Schedule a free consultation with Lewis.cpa to discuss your international tax planning and compliance needs before deadlines and penalties become a problem.
Contact Us TodayInternational Tax Planning for Businesses
Businesses with foreign operations, related entities, or overseas vendors face reporting and structuring challenges that domestic-only companies don’t face. Our international tax planning services help Chicago businesses manage the following:
Controlled Foreign Corporation (CFC) Compliance
U.S. shareholders of foreign corporations may have to include certain foreign earnings on their U.S. return each year, whether or not that income was distributed. We calculate Net CFC Tested Income (NCTI), the current successor to GILTI under the One Big Beautiful Bill Act, and file the required Forms 5471 and 5472 accurately.
Transfer Pricing Documentation
Companies with related entities operating across borders must price intercompany transactions according to the arm’s length standard. We help document pricing methodology so it holds up under IRS or foreign tax authority scrutiny.
Foreign Subsidiary and Entity Structuring
Choosing the right structure, whether a foreign branch, subsidiary, or disregarded entity, affects your tax exposure, repatriation options, and compliance burden. We help you structure new and existing foreign operations correctly from the start.
Consolidated Financial Reporting
We prepare consolidated financial statements for businesses with foreign subsidiaries or branch operations, translating multi-currency activity into records that support both tax reporting and lender or ownership decisions.
Cross-Border Payroll Compliance
For companies that have employees working across international borders, we coordinate payroll withholding, reporting, and compliance obligations that vary by jurisdiction.
Foreign Tax Credit Optimization
We calculate foreign tax credit limitations correctly under current sourcing rules, so your business doesn't pay U.S. tax twice on income already taxed abroad.
International Tax Planning for Individuals
Individuals with financial ties abroad face a different set of obligations than businesses, but the stakes are equally high. U.S. citizens and green card holders living overseas must still file U.S. returns annually, though the Foreign Earned Income Exclusion often reduces what's owed. Foreign accounts, PFICs, foreign inheritances, and nonresident income each carry their own FBAR, FATCA, or treaty considerations, with penalties starting in the thousands per unfiled form. We review the full picture of your situation to identify every obligation and opportunity.
Why Choose Lewis.cpa for International Tax Services?
International tax work rewards firms that stay current and punishes those that don't. Here's what sets our approach apart.
Always Current
Multi-Form Expertise
Treaty Precision
One Firm, Everywhere
Our International Tax Planning Process
Every client's cross-border situation is different, shaped by entity structure, residency status, treaty coverage, and the specific countries involved. Our process adapts to that reality rather than applying a one-size-fits-all checklist.
Cross-Border Financial Assessment
We start by mapping your full international footprint, including entities, accounts, income sources, and existing filings, to identify compliance gaps and planning opportunities before they become costly.
Compliance Roadmap Development
We determine exactly which forms and disclosures apply to your situation, including FBAR, FATCA, and entity-specific reporting, and build a filing calendar that keeps every obligation on schedule.
Strategic Tax Planning
We design your international tax strategy using current tax rules, including Net CFC Tested Income and foreign tax credit provisions, to help minimize double taxation and support your long-term goals.
Ongoing Monitoring and Support
International tax law changes frequently, and so do our clients' circumstances. We stay engaged year-round, adjusting your strategy as new legislation, treaty updates, or business changes require.
Client Reviews
Frequently Asked Questions
Do I have to file a U.S. tax return if I live and work outside the United States?
Yes. U.S. citizens and green card holders must file a U.S. return every year regardless of where they live, reporting worldwide income. Even if the Foreign Earned Income Exclusion and foreign tax credits reduce your U.S. tax bill to zero, you may still be required to file a U.S. tax return.
What's the difference between FBAR and FATCA reporting?
FBAR (FinCEN Form 114) reports foreign financial accounts once the aggregate value exceeds $10,000 at any point during the year and is filed separately from your tax return. FATCA's Form 8938 covers a broader range of foreign assets, including certain investments and entity interests, at higher thresholds that vary by residency and filing status. Many taxpayers need to file both.
What is Net CFC Tested Income (NCTI), and how is it different from GILTI?
NCTI is the renamed and restructured version of GILTI, effective under the One Big Beautiful Bill Act for tax years beginning after 2025. The update removed the tangible asset exclusion, changed the deduction rate, and improved foreign tax credit treatment for U.S. shareholders of controlled foreign corporations. The practical effect on any given business depends on its specific foreign income and tax profile.
My business has a foreign subsidiary. What forms do I need to file?
It depends on ownership percentage and entity type, but commonly required forms include Form 5471 for foreign corporations, Form 8865 for foreign partnerships, and Form 8858 for foreign disregarded entities. Penalties for missing these filings start at $10,000 per form, which makes an upfront compliance review worthwhile before the deadline arrives.
Can I be taxed on the same income by two different countries?
It's possible, but tax treaties and the foreign tax credit exist specifically to prevent this in most cases. Getting the treaty position or credit calculation wrong is one of the most common ways double taxation happens unnecessarily, which is why professional review is important for anyone with income sourced in more than one country.
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Work with an International Tax Advisor Who Understands the Details
Cross-border tax rules don't stay still, and neither should your compliance strategy. Whether you're managing a foreign subsidiary, living abroad, or holding assets in more than one country, Lewis.cpa helps you meet every obligation and plan with confidence. Contact us today for a free consultation with an international tax advisor who understands what's at stake.