FAQ
Clear answers to the most common questions about accounting, taxes and how we work.
What is the difference between accounting and bookkeeping?
Bookkeeping is the organized, day-to-day recording of finances: income, expenses and bank reconciliations. Accounting uses those records to produce financial statements, support decisions and meet tax obligations. One feeds the other.
How does the Client Portal work?
It is a secure area of the website where you sign in to upload and download documents (PDF, Word and Excel). Your account is created by our team and you set your own password through the invitation sent by email.
Which documents do I need to send at the start?
It depends on the service. In the first conversation we understand your situation and list exactly what makes sense to send, so you don’t waste time on unnecessary paperwork.
Do you serve individuals and businesses?
Yes. We serve individuals, with income tax returns and personal tax planning, and also businesses, with accounting, payroll, company formation and advisory.
How can I talk to the team?
Through the Contact page: click “Send an email” or fill in the form with your name, email, phone and a short description of what you need.
Which languages is the site available in?
Portuguese, English and Spanish. Just choose the language in the menu at the top of the site.
What are ITIN and EIN, and who needs them?
The ITIN (Individual Taxpayer Identification Number) is a tax identification number issued by the IRS to people who must file U.S. taxes but do not have, and cannot obtain, a Social Security Number (SSN) — usually non-residents, dependents or foreign spouses. The EIN (Employer Identification Number) identifies a business to the IRS and is used to open a business bank account, hire employees and meet the business’s tax obligations. In short: the ITIN is for individuals without an SSN, and the EIN is for businesses. Flow helps you apply for and obtain both from the IRS.
I live in the U.S. and have assets in Brazil. Do I have to report them?
In most cases, yes. U.S. residents are taxed on worldwide income, and there are two reporting obligations for foreign accounts and investments: the FBAR (FinCEN Form 114), required when the total of your financial accounts in Brazil exceeds US$10,000 at any time during the year, and Form 8938 (FATCA), with thresholds starting at US$50,000, filed with your income tax return. Real estate in your name is generally not included in these reports, but rental income from it must be reported. Because the thresholds and rules depend on your case, the best step is to talk to us so we can review your specific situation.