south-koreaKorea Desk 

south-koreaKorea Desk 

8840374

Accounting, Tax, Audit, and Business FAQs

Find practical answers to common questions about U.S. accounting, tax compliance, financial statement services,
multi-state matters, cross-border reporting, tax notices, and business transactions.
Browse FAQ CategoriesContact ABC CPAs
What is financial due diligence when buying a business?
What financial records should a buyer review before acquiring a business?
What is the difference between an asset purchase and a stock purchase?
Is the seller’s adjusted EBITDA the same as the value of the business?
How can ABC CPAs assist with the purchase or sale of a business?
Do U.S. taxpayers need to report bank accounts in Korea?
What is the difference between an FBAR and Form 8938?
Does a U.S. taxpayer need to report ownership in a Korean corporation?
Is money received as a gift or inheritance from Korea taxable in the United States?
Is transferring money from Korea to the United States taxable?
What should I do after receiving an IRS or state tax notice?
Should I pay a tax notice even if I disagree with it?
What records may be needed for an IRS or state tax audit?
Can I appeal the results of an IRS or state tax audit?
How can ABC CPAs assist with a tax notice, audit, or appeal?
Why does prior government tax audit experience matter when responding to a tax audit?
What are the main tax differences between operating a business in Georgia and Texas?
Does a company need to register when expanding into Georgia or Texas?
What payroll registrations are needed when hiring employees in Georgia or Texas?
Does a business need a sales tax permit in Georgia or Texas?
How can ABC CPAs assist a business operating in Georgia or Texas?
When does a business have tax obligations in another state?
Can hiring a remote employee create tax obligations in another state?
Does selling to customers in another state create sales tax obligations?
Is registering to do business in a state the same as registering for taxes?
How can ABC CPAs help a business operating in multiple states?
What is the difference between an audit, a review, and a compilation?
Which financial statement service does my business need?
Does an audit guarantee that all fraud or errors will be detected?
Who is responsible for preparing the financial statements?
Does the CPA need to be independent for an audit, review, or compilation?
What is the difference between bookkeeping and monthly accounting?
Why are monthly bank reconciliations important?
How often should a business prepare financial statements?
Can ABC CPAs take over bookkeeping that is incomplete or behind?
Is bookkeeping enough to prepare an accurate tax return?
What should a Korean company consider before forming a U.S. entity?
Does a Korean-owned U.S. company need an EIN?
What U.S. tax filings may apply to a foreign-owned U.S. company?
When should a new U.S. subsidiary establish its accounting and payroll systems?
Can ABC CPAs help establish a Korean company’s U.S. subsidiary?

Resource Center Notice

The information provided in this Resource Center is for general informational purposes and is not intended as legal, investment, valuation, or other non-CPA professional advice. Accounting and tax requirements may vary based on the facts, jurisdictions, entity structure, reporting period, and applicable laws and regulations. Information may also change after publication. You should consult the appropriate accounting, tax, legal, financial, or other professional adviser regarding your specific circumstances. Accessing or using this Resource Center does not by itself create a professional engagement with ABC CPAs.

General information may help identify an issue, but conclusions depend on specific facts.

Contact ABC CPAs