One Lakeside Commons, Suite 850, 990 Hammond Drive NE, Atlanta, GA 30328, USA
One Lakeside Commons, Suite 850, 990 Hammond Drive NE, Atlanta, GA 30328, USA
KNAV USA is a member firm of KNAV International Limited; which itself is a not-for-profit, non-practicing, non-trading corporation headquartered in Atlanta. Services of audit, tax, valuation and business advisory are delivered by KNAV’s independent member firms in their respective global jurisdictions.
All member firms of the Charter Association in India, North America and the United Kingdom are a part of, US headquartered Allinial Global; which is an accounting firm association that provides a broad array of resources and support for its member firms, across the globe.
KNAV P.A. is a full-service accounting firm providing unparalleled services ranging from set-up, accounting advisory, assurance, taxation, valuation and business advisory. KNAV has been catering to distinct requirements of multinational organizations as they expand and establish in new geographies. KNVA with its qualified team of pioneers in US GAAP, IFRS, Canadian GAAP and Ind AS distinguishes itself through its client-centric focus and partner-led solutions
USA, being the world’s largest economy, confers an ocean of opportunities for amplifying the growth of businesses by offering top-notch infrastructure and a large consumer base. KNAV’s with its expertise and experience provides support at each step for organizations to meet the regulatory requirements and accounting frameworks enabling businesses to flourish.
The member firms of the Charter Association undertake cross border and multi-locational audit, taxation, valuation and business advisory across major jurisdictions using of the state-of-the-art technology to enhance efficiencies.
WHAT WE DO
- US GAAP advisory
- Advice on application of accounting policies and accounting and auditing standards
- Financial reporting advisory
- Implementation of new standards and processes
- Standardizing IFRS Conversion
- Updating the accounting tools and functions
- Statutory audits in accordance with relevant local legislation
- Review engagements (including net working capital)
- Compliance engagements
- Special purpose and compliance audit
- Initial set-up and accounting support for commencing a business
- Preparation of financial statements as per applicable GAAP
- Advise on complex and non-routine transactions
- Automation of cashflow statement preparation
- Treatment of differences emanating from conversion to reporting currency
- Listing support in multiple countries including US, Canada and India
- Transition to different accounting framework
- Preparing and filing federal tax returns
- Evaluating special deductions and credits such as Domestic Production Activities Deduction, R&D credit,
Foreign tax credit, etc., which can help reduce the overall effective tax rate
- Conducting Earnings and Profits studies to enable corporations assess their ability to pay dividend
- Representing before IRS
- Assisting in various miscellaneous federal filings such as withholding tax returns, 1099 filings, etc.
- Preparing and filing of state and local income tax returns
- Studying multi-state nexus and revenue apportionment
- Evaluating various state specific deductions and credits which may be helpful in attaining tax efficiency
- Advising on sales and use tax nexus applicability and compliances
- Representation for state and local income tax and sales & use tax audits
- Assisting in various miscellaneous state and local filings such as franchise tax returns, property tax returns, etc.
- Consulting on optimal structuring for acquisitions or dispositions
- Advising on deductibility of various transaction costs
- Analyzing restrictions on post-acquisition utilization of net operating loss and other tax attributes
- Analyzing available elections related to acquisition (such as 338 elections) to determine the most tax
efficient manner of structuring an acquisition or disposition
- Advising on optimum acquisition vehicle & funding
- Developing transfer pricing global tax plan for corporates
- Preparing transfer pricing documentation in accordance with US regulations
- Providing litigation support in case of transfer pricing assessments
- Assistance with/preparation of current and deferred tax calculations (quarterly and annual)
- Identifying uncertain tax positions in current and prior years and measuring these uncertain positions
- Assistance with/preparation of financial statement footnotes and related income tax disclosures
- Developing tax basis balance sheet
- Communicating with external auditors
- Assessing the quality of earnings
- GAAP accounting & SEC reporting compliance
- Analysis of cash flows
- Balance sheet assets & liabilities review
- Identifying key business drivers, trends in profitability & risk concentrations
- Evaluation of management’s forecast
- Buy-side & sell-side diligence
- Organizational maturity diligence
- Purchase price allocation for business combinations & transaction accounting
- Valuation of equity-based compensation & ESOP’s
- Valuation of performance-based stock options & restricted stock awards
- Intangible asset impairment review
- Valuation of financial instruments (derivatives, foreign currency convertible bonds etc.) for financial reporting
- Valuation of intellectual property
- Valuation of litigation and dispute settlemen
- Market research and analysis
- Property tax services
- Litigation support
- Due diligence
- Strategic consulting
KNAV’S GUIDE TO SET UP A BUSINESS IN USA
Classification of Business organization: As a first step, it is important to decide the form of business organization that would meet the objective. A business in the United States may be structured as:
- Sole Proprietorship
- Sole proprietorship is a business organisation which is owned and controlled by one person i.e. the proprietor who is solely responsible for conducting the business; and bearing all expenses and liabilities which accrue in the due course.
- A business structured as a Corporation is wherein the legal business entity is structured as separate and distinct from its owners is structured as a Corporation. Corporations enjoy most of the rights and responsibilities that an individual does like the ability to enter into contracts, assume debt and own assets, sue and be sued, hire employees and pay taxes amongst other.
- C- Corporation
- A C-Corporation is registered under subchapter C of the Internal Revenue Code and taxed separately from its owners. When the Corporation earns income, the Corporation is taxed and on issuing a dividend, the shareholders are taxed on the amount they receive.
- S- Corporation
- An S-Corporation is an eligible domestic corporation (not available for non-US residents) that avoids double taxation by electing to be taxed as an S-Corporation.
- A Partnership firm is a collaboration between 2 or more persons (persons maybe people, corporations, other partnerships, LLC's, trusts or others) to conduct business as co-owners.
- These individuals are entitled to earn profits and bear expenses and liabilities.
- Limited Liability Company
- A Limited Liability Company combines the features of both i.e. a corporation (with an ability to limit personal liability) and a partnership (with an ability to assess and apportion profits and losses to individuals).
- An LLC has “pass-through” taxation implying the earnings just pass through to personal income taxes.
- Regulatory Environment for Auditing requirements
- Public Companies
- Entities whose securities are traded in the open market are required to get their financial statements audited by a CPA firm.
- Private Companies
- Although Private entities are not obligated to conduct an audit, the banks and lending institutions often rely upon audited financial statements only.
1. Hiring a Registered Agent
- LLCs and Corporations are required to have a Registered Agent with a physical address, during normal business hours to receive important documents on behalf of the business. Registered Agent receives official papers and legal documents on behalf of the company. The registered agent must be located in the state where the company is registered.
2. Registration/ Filing the Articles of Organization
- Finalizing the type of business and state of conducting operations, is followed by registering the company and filing the Articles of Organisation.
3. Procure an EIN (Employer Identification Number)
- EIN is a Tax ID number issued by the U.S. Internal Revenue Service (IRS) to identify a business.
EIN is required for:
- - Opening a U.S. business bank account
- - Starting a business
- - Applying for business permits and licenses
- - Hiring employees
- - Filing taxes
4. Procure a US Mailing Address
- Most of the U.S. banks require a mailing address or residential address for opening a bank account.
5. Open a US business bank account
6. Open a business merchant account to accept payment from customers
7. Procure a Business Insurance
- Business insurance protects the business from the unanticipated losses.
- The federal government requires every business with employees to have workers’ compensation, unemployment, and disability insurance.
8.Procure an Individual Taxpayer Identification Number (for a non-US citizen without a Social Security
ITIN is required for:
- - Opening a U.S. bank account (Personal and Business) (all U.S. banks require SSN or ITIN to open a bank
- - Filing tax return if you owe taxes
- - Complying with any U.S. federal tax withholding requirements if you’ve earned income in the U.S.
- - Applying for a mortgage loan
- - Applying for an apartment rental