More than 6 million U.S. citizens live in other countries. Those Americans, and expatriates who reside in the United States, require a variety of tax and related services. At the same time, no matter what size the organization, more and more businesses are looking across borders to expand their prospects. To better assess this thriving practice area, the AICPA Private Companies Practice Section (PCPS) polled U.S. accounting firms on their international services.
Sixty-four percent of small companies sold merchandise or services to a customer outside the United States in 2013, up from 52% in 2010, according to the National Small Business Association (NSBA)2013 Small Business Exporting Survey. Sixty-three percent of non exporters said they would be interested in selling to a foreign client in the future. The trend toward more globalization is likely to continue for U.S. companies, since more than 70% of the world’s purchasing power is located outside the United States, according to U.S. Department of Commerce data.
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Source: Yasmine El-Ramly (www.journalofaccountancy.com)
