Congratulations — the green card is approved. Your immigration attorney has handled the visa. But if you own a company overseas, there is a second deadline most new residents never hear about: the day you become a U.S. tax resident, your foreign company becomes part of your U.S. tax picture.

Here is the good news first: if your parents overseas send you money, or a relative abroad leaves you an inheritance, you generally do not owe U.S. income tax on it. A gift is a gift.

Expanding your business across borders can be exciting — but it also comes with hidden tax risks. One of the most important and often overlooked is the concept of Permanent Establishment (PE) — a taxable presence in another country that can give that country the right to tax part of your profits.