US / Ireland company/personal tax advisor

KpsCowley

Hi,

• I operate an Irish company through which I dropship physical products from China directly to the US.
• I primarily use Facebook ads which I pay Irish VAT on.
• There are a lot of fees and unfavorable currency conversion rates when processing payments in USD when based in the EU.
• I will be moving inventory to the US in March, and a third party will fulfill orders on my behalf.
• Monthly gross sales are $40-50k

My plan is to open a US LLC with a US bank account (reducing fees & conversion rates). My problem is how to structure it, and how to take profits. Such as, can I make my Irish company own the US one and pay Irish corporate tax?

I think I need to speak to an advisor, although I am finding it hard to find anyone with the right credentials. I would very much appreciate if anyone here could point me in the right direction.

Thank you,
Kevin.

Gloomtastic!

One of the tax partners in one of the big four accountancy firms would probably be able to help you. But you’re going to be paying a lot of money for their advice. Maybe try the US embassy?

https://ie.usembassy.gov/business/getting-started-usa/

KpsCowley

Hi Gloomtastic!,

Thank you for your reply. I'll give that link a good read.

Yes, I really want to stay away from the big four. I was taken on an expensive merry go around before. I was really hoping for a single person who I could talk to.

I'll probably end up going to an outsourcing website to find a US tax advisor, if I can't find it in Ireland.

Thank you again,
Kevin.

Gloomtastic!

The problem you have is anyone who knows how to help you will be very specialised. They will charge the same for your $600k turnover company as they would a $6billion company.

I'd get in touch with the contact on that embassy website and ask them what they'd recommend.

Good luck to you!

BnB

I have a friend who may be suitable for you here.

He is a good friend of mine (so I may be biased) but he has done excellent work for me and my family RE sorting out Tax for monies coming in from abroad (including the US). This was both personal money and professional (through business) and he really knows his stuff. I'd have no hesitation in recommending him.

This is his business so don't expect his advice for free, but I expect he's be a hell of a lot cheaper than the big 4.

I'll send you on his contact on PM (I don't think you're allowed recommend people/companies here)

KpsCowley

Thanks so much for the help guys.

And BnB, thank you very much for the recommendation (PM), I'll reply to you there.

KpsCowley

Hi Gloomtastic,

The company is along way off being considered as a $600k turnover company.
Daily sales are approx. $2k, but I only started this company in 2021, I should have stated this above.

Regards,
Kevin.

Gloomtastic!

KpsCowley wrote: »

Hi Gloomtastic,

The company is along way off being considered as a $600k turnover company.
Daily sales are approx. $2k, but I only started this company in 2021, I should have stated this above.

Regards,
Kevin.

Brilliant! You can work anywhere when you have the internet. Very good luck to you.