The Trump Case
Tax in America
Shortly after becoming the president of the United States, Donald Trump was accused of having avoided paying federal taxes. However, what his opponents came up with as the final blow, turned out to be his greatest advantage. Responding to accusations, he explained that the patriotism of a man is not measured by paying taxes, but by respecting tax laws. Politically incorrect, but completely truthful and acceptable to every American citizen, he said that no one likes to pay taxes, neither citizens, nor corporations, and that those who find loopholes in the law are not traitors, but smart people.
The common man and a small corporation had become powerless in front of this administrative monster a long time ago. On the other hand, Eldorado was created for tax attorneys and bookkeepers who, in the interest of great corporations, succeeded in manoeuvring through a bunch of regulations and who succeeded in making a minimum or non-existent tax for their clients. The system of federal income tax was introduced 104 years ago as a part of the 16th Amendment to the Constitution of the United States. In its original form it was written in 400 pages. During the World War II, it grew to 8,200 pages, and in 1984 it was expanded to incredible 24,300 pages. Today, the provisions of this law have 74,608 pages of text!
According to the report of the Government Accountability Office (GAO), published in March 2016, in the six year period (2006 – 2012) two thirds of active companies in the United States have not paid the state income tax. At the end of that period, out of the total number of corporations that operated successfully 19.5% did not pay the tax, and out of those that made profit higher than USD 10 million, 42.3% did not pay a cent of the income tax…
Our Specialty is
Working with banks
Here is what else we can do for you
This part of business operations may be quite stressful for the clients who have a specific ownership structure as well as for those who are predominantly in the business of foreign trade with daily operations of foreign payment and collection transactions. We all wish to avoid all these complicated banking procedures, starting from opening an account all the way to the resolving complex situations in the foreign exchange payment operations. Our team is available to you and wish to help in these often delicate meetings with banks.
Our team members have significant business experience and many contacts at relevant institutions. This means that we can always get to the right information and give realistic assessment and prediction related to a specific problem or question coming from our client. Also, if you have the need to develop a business plan, projections of certain financial statements, or any similar studies on a specific project or your internal analysis, you can rely on us.
Regulation of Accounting and Accounting Policies
All legal entities, and especially those operating on a larger scale and with more complex processes and organization of work, should have this Regulation. It sets out the rules for evaluating the balance sheet positions when compiling the financial statements, the accounting organization, the responsible persons, as well as all other relevant issues covered by the Accounting Act. Our extensive experience is at your disposal if you would like us to make this policy for you.
Regulation of Procedure
If you have 10 or more employees in your company, you should also have an Ordinance on Work, or Rulebook on Internal Organization and Job Classification. In accordance with your business organization, we will make the appropriate regulations that will regulate all necessary legal and labour relations in your company and ensure your business is in full compliance with the Labour Law.
Rulebook of Safety and Health at Work
Every company that has employees should have a Rulebook of Safety and Health at Work. In cooperation with a licensed agency we are able to offer you the preparation of this policy as well as all supporting documents with which you will fulfil your legal obligation, and also protect your company from the troubles that it may encounter in case of problems with employees.
Transfer Pricing Study
If you conduct business with related legal entities in your country or abroad, you are obligated to submit a report or a study on transfer prices by June 30 each year to the competent tax administration. This study should show that the transactions between your affiliates are carried out at market prices, or if it is established that they are not, the company is obligated to calculate and pay the additional income tax on that basis. If you have such transactions, we will do a professional analysis of all the elements relevant to the particular situation and compile a transfer pricing study, taking into account all the circumstances and facts that are in your favour.
Let’s do business together
BULEVAR MIHAILA PUPINA 173/89
11070 NOVI BEOGRAD
061 254 99 99