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Accounting

MEXLAW > Accounting (Page 2)

Formalized Tax Collection Through Airbnb in Quintana Roo

Travelers have changed over the years; nowadays many people prefer to stay in homes rather than large resorts. Airbnb has become a popular choice,  an intimate, less expensive way to travel and see the world. Many travelers make lasting connections in these homes and neighborhoods and experience more culture than they would if they were staying at a large resort. Airbnb’s popularity continues to grow and because of its success has triggered concern from the hotel industry regarding tax obligations and the lack of regulations for this type of accommodation. The Mexican government also recognizes the importance of home sharing for...

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THE IRS GETS ITS SHARE, EVEN ON THIS SIDE OF THE WALL

REPORTING OBLIGATIONS OF U.S. CITIZENS IN MEXICO* A recent incident that occurred to a local U.S. ex-pat living in Mexico emphasizes the IRS’ efforts to collect taxes and enforce taxation reporting legislation, even on the fun side of the wall. While on a return trip to the U.S., Tom Smith (the individual’s identity is being withheld) and his family were intercepted at customs and repeatedly asked whether he was the “Tom Smith” that was identified by the passport. After confirming his identity, his family was authorized to enter the U.S., and he was detained. Hours later, a representative of the IRS introduced...

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Foreign Investors in Mexican Businesses Should Consult an Accountant

MexTax Accounting Services Mexican corporations can be 100% owned by foreigner investors enabling them to operate businesses in Mexico. Mexico’s legal system and tax laws for corporations do not discriminate between foreign business operators and Mexican National owned businesses. Foreigners starting a business in Mexico should know the importance of hiring an experienced Mexican accounting adviser. It is well known that small companies, as well as the largest corporations, need an experienced accountant who can provide them with adequate advice regarding their financial, administrative and fiscal needs, to ensure they make the correct decisions concerning their financial and tax obligations in Mexico. Many...

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