An Article from our partner Aquarius Global Associates LLC (www.aquariusga.nyc)
by Marcel Wendland, MBA
Marcel is the Director of Administration and Operations at Aquarius Global Associates LLC and has been assisting high net individuals and international entities for the past 6 years focusing on tax compliance and planning.
Global entities and multinational individuals must deal with a number of subtleties from within the United States Internal Revenue Code (IRC) in order to minimize their exposure and tax obligations. One of the most powerful U.S. tax planning tools to better manage the intricacies relative to international entities is the “check‐the‐box” election under IRC §7701, which allows an eligible entity to change its “per se” entity classification to a corporation, partnership or “disregarded entity”. The check the box election was originally created to simplify US tax filings for companies by allowing them to affirmatively designate their US tax status as corporations, partnerships or disregarded entities.