Port Related Advisory Services
Houston’s economy is fueled in large part by trade—both imports and exports. For the 12th straight year, Texas is the # 1 exporting state ($279.7 billion in 2013) and Houston is the # 1 exporting metropolitan region in the U.S. ($110.3 billion in 2012). Most of the trade transits the Houston Ship Channel – a 25-mile-long complex of diversified public and private facilities located just a few hours by ship from the Gulf of Mexico. The port is consistently: ranked 1st in the U.S. in foreign waterborne tonnage; the largest Gulf Coast container port, handling 66% of US Gulf Coast container traffic in 2013, and the nation’s leading breakbulk port, handling 65% of all major U.S. project cargo.
Port business is booming and for firms—U.S. and foreign—looking to establish an operating presence in the Port area, it can be both very rewarding and challenging. That’s where the international professionals at PKF Texas can help. For 28 years, we’ve been providing business advisory, tax, and accounting services and support to help U.S. and international executives focus on operating their businesses more profitably.
From this experience, we’ve tailored a menu of services that we believe are crucial to the launch of a Port-related business. We’ve put them into a scalable package that is cost effective for you and your business interests and attractive to bankers, investors, stakeholders and others. Our experience and relationships not only can position your company for stability and growth, but can also help build a solid foundation which provides a base for your future.
Our process of evaluation and service includes:
- Information on public and private terminals and their capabilities and introduction to terminal operators.
- Information on industrial parks along the Ship Channel and introductions to commercial real estate developers and their listing agents.
- Identifying Foreign Trade Zones (FTZs) and introductions to FTZ operators.
- Information on terminal tariffs and dock labor.
- Information on trucking companies, distribution centers, warehouse operators and cold storage facilities.
- Information on the Class 1 railroads serving the port.
- Information on business, trade and economic development organizations and recommendations on membership.
- Identifying local and state tax credits/incentives and introduction to local and state economic development officials.
- Identifying basic business needs and providing sources of solutions in areas such as immigration, office space, banking, business legal counsel, U.S. payroll and employment taxes, and employee benefits like health insurance and other insurance protection.
- Determining optimal organizational structure and inter-company business agreements considering business and tax matters such as optimal legal entity selection, debt vs. equity financing, transfer pricing and repatriation of profits to home country.
- Identifying and complying with U.S. and state tax filing and reporting requirements including related party reporting issues such as transfer pricing and related party disclosures; and with other transactional compliance related to U.S. withholding taxes.
- Assisting with basic U.S. registration requirements including tax identification numbers for business entities (“EIN”) and individuals (“ITIN” or “SSN”).
- Individual tax planning for in-bound employees and executives, including planning before their move to the U.S. and/or establishing U.S. tax residency and also planning for an eventual exit from the U.S.
- Review compensation packages for employees in light of U.S. income taxes, including review/preparation of tax equalization computations, hypothetical tax scenarios, and tax gross-up computations on protected income.
- Accounting and bookkeeping assistance ranging from basic bookkeeping, technical support for month-end closing of the books, preparation of internal financial statements, training of employees, U.S. GAAP audits and reviews, and much more.
- Assisting with tax controversy matters – Federal, State and Local – including voluntary disclosure programs at both the Federal and State levels.
During our initial consultation, we will evaluate your business to determine the proper framework for your needs. We can also consider, if needed, accounting assistance at various levels along with internal control procedures and software applications and implementation selection. Our ultimate goal is to ensure a Healthy Start® for your new business or healthy direction for your established business. Sometimes all you need is a little direction.