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F VOL. 46.2SPMa rc h / A p r i l 20 19AImage: Submit, Nikki Fragala BarnesFROM OUR PRESIDENTInhouse team slams begin at the local level, then compete at Spring Fling! Dear poets, Making a strong bond
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What is f s p a?
FSPA stands for the Foreign Sales Corporation Act, which allows U.S. companies to reduce their effective tax rates on foreign sales.
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Any U.S. person or entity engaged in foreign sales that qualifies for FSPA benefits is required to file.
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To fill out FSPA, one must gather financial information related to foreign sales, complete the required forms, and submit them to the IRS.
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The purpose of FSPA is to incentivize U.S. companies to export goods and services by reducing their tax liabilities on foreign income.
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Information such as foreign sales revenue, expenses related to those sales, and any relevant deductions must be reported.
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