U.S. entities are generally required to file federal and state tax returns, while Canadian entities may also be subject to corporate income tax and GST/HST filing requirements.
Filing obligations and deadlines vary depending on the entity structure and business activities. Failure to file accurately or on time may result in penalties of $25,000 or more. Hanbridge Partners reviews each company’s filing requirements and supports accurate tax filings and ongoing compliance.
Key Services
U.S. entities are generally required to file annual federal income tax returns, including Forms 1120 and 1120-F. We review each company's filing obligations based on its business structure and U.S. activities, prepare the required returns, and assist with any post-filing tax matters.
U.S. entities that are at least 25% foreign-owned may be required to file Form 5472. We review related-party transactions, prepare the required disclosures, and help minimize the risk of penalties associated with incomplete or late filings.
U.S. entities with foreign subsidiaries or overseas investments may be required to file Forms 5471, 8865, 8990, and other international information returns. We review the ownership structure and cross-border transactions to determine the applicable filing requirements and prepare the necessary forms.
Businesses operating in multiple states may have state tax filing obligations based on nexus rules. We analyze business activities in each state, identify where tax filings are required, and assist with state tax registrations and returns.
Sales tax requirements vary by state and depend on the nature of the business and where it operates. We assist with sales tax registration, return preparation, and ongoing filing obligations based on each client's business activities.
Payments to non-U.S. persons may be subject to withholding tax reporting, including Form 1042. Certain foreign investments may also require filings with the Bureau of Economic Analysis (BEA). We review the relevant transactions and assist with all required reporting obligations.
Canadian entities may be required to file T2 corporate income tax returns as well as GST/HST returns. We review each company's business activities and transaction records to support accurate tax filings and ongoing compliance with Canadian tax regulations.
When penalties arise from late or incomplete filings, we review the circumstances and prepare the supporting documentation required for a penalty abatement request. We assist clients throughout the process in accordance with IRS procedures.