By Koh Fujimoto, Support cross-border life In this article, I demonstrate how giving up Japanese citizenship affects taxation under the Japanese inheritance laws. In short, under the circumstance that I describe, the Japanese tax authority only can tax you your assets...
Accounting for Financial Instruments
Blog, Tax Services, Uncategorized
The accounting treatment of investments is a complex area to understand, but the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) in January 2016 in order to reduce the complexity of the original standard for financial...
Real Estate Investing to Realize Financial Goals
Blog, Tax Services, Uncategorized
Investing in real estate is one of the most beneficial modes for generating wealth and is known to be the best performing asset in modern times. Owning real estate creates opportunities to generate cash flow, create avenues for effective wealth building and...
American Rescue Plan Act and How it Impacts Businesses
Blog, COVID-19 Resources, Tax Services
On March 11, Congress instituted the latest Coronavirus (COVID-19) relief fund, the American Rescue Plan Act of 2021. This plan includes a total of $6 trillion in economic relief. Many plan provisions provide aid if...
Navigating the Updated Employee Retention Credit for Taxes
Blog, COVID-19 Resources, Tax Services
The Consolidated Appropriations (CCA) Act of 2021, signed into law on December 27, 2020, changes the employee retention credit. Some of the changes retroactively modify the Coronavirus Aid, Relief, and Economic Security (CARES) Act, while others are prospective...
Paycheck Protection Program (PPP) Update: IRS Notice 2020-32
COVID-19 Resources, News, Tax Services
The IRS issued Notice 2020-32 on the evening of April 30, 2020 to clarify the tax deductibility of expenses paid with loan proceeds from the Paycheck Protection Program (PPP) as part of the Coronavirus Aid, Relief, and Economy Security Act (CARES Act). Businesses...
Texas Comptroller Adopts New Economic Nexus Standard for Texas Franchise Tax
Background Texas is now the fourth jurisdiction to have changed its corporate income/franchise tax law in response to Wayfair joining Hawaii, Pennsylvania, and the City of Philadelphia. This new amendment comes as a response to the U.S. Supreme Court’s decision in...
4 Steps to Qualify for R&D Tax Credits
Tax Services, Tax Services - R&D Tax Credit
Many people think that R&D tax credits only apply to companies that require lab coats to be worn at the office. But the definition has evolved greatly over the years to include not only companies that manufacture and develop software, but companies in various...
EB-5 Program: A Unique Way to Obtain a Green Card
In 2016, there were approximately 10,000 people who obtained green cards through the EB-5 program. The top five countries of the number of applicants were: China 7,516 Vietnam 334 Korea 260 Taiwan 203 Brazil 150 This program may be suitable for a person who is: Able...
What Happens If you Receive Inheritance from Non-residents?
Green Card Holder Manual Often a green card holder or a first generation, foreign born American receives inheritance from his/her parents. In this blog, I will give you the big picture of how this works. ESTATE OF US NONRESIDENT Deceased is a US nonresident If your...
How R&D Tax Credits Provide Tangible Value
Tax Services, Tax Services - R&D Tax Credit
The R&D tax credit can help companies generate much needed cash flow by offsetting taxes owed or paid. In many cases, the cash generated is used by companies to grow and remain competitive by funding additional research activities perhaps leading to expanded...
Illinois Expands the Manufacturer’s Exemption
According to an article found on CCH IntelliConnect Tracker News, supplies and consumables used in manufacturing are exempt from Illinois sales and use tax beginning July 1, 2019. Recent tax legislation expands the manufacturing exemption to once again include...
3 Questions To Ask Yourself When Giving Up Your Green Card
Cross Border Forum- Giving Up Your Green Card Are you a covered expatriate? If you are considering giving up your green card (i.e. permanent residency status), you must know if you are in a special category called “covered expatriate.” Please see the diagram below....
Your Social Security Payments Reduced!
Be aware of WEP’s impact if you receive a foreign pension Windfall Elimination Provision (WEP) is the one that will reduce your social security (“SS”) payments. When you apply for SS, you will be asked if you are currently receiving a pension from foreign...
5 Must-Knows for Every Green Card Holder
Every year almost half a million people obtain Green Cards (“GC”). When you become a GC holder, you have basically the same obligations that US citizens have. US tax laws are complex and hard to understand. If you are a GC holder, understanding the US tax laws...
New Tax Thresholds Impacting Businesses
California Sales and Use Tax Requirements & The Partial Manufacturer's Exemption Beginning April 1, 2019, retailers located outside of California are required to register with the California Department of Tax and Fee Administration (CDTFA), collect the California...
5 Easy Tips to Protect Yourself from Tax Scams
It’s only a few weeks into tax season, but tax scams aren’t procrastinating until April 15th (and we recommend you don’t either!). Our clients have been very helpful in sharing the scams they are...
States React to Precedent Setting Sales Tax Supreme Court Case
Summary Physical presence no longer needed to have sales tax nexus in a state Sellers are advised to do nexus analysis to confirm state sales tax compliance Law could affect sellers process of collecting and remitting sales tax Detailed Analysis...
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