7 Reasons Why Implementing New Finance Software Is Easier Than You Think
5 Signs Your Legacy Finance Solution May Be Hurting You
CDH Recognized as a Top 300 Firm by Inside Public Accounting
CDH, a leading accounting and advisory firm, has once again solidified its position as an industry leader by being recognized among Inside Public Accounting's (IPA) prestigious list of the Top 300 Firms. CDH's impact extends beyond its client relationships, as the...
How to Minimize Tax Risks When Allowing Employees to Work Remotely Overseas
Supports Cross Border Professionals and Families With today’s remote work environment, I am sure many employers receive inquiries about whether their employees can work remotely overseas. I want to explain how to minimize tax risks in such a situation. The first risk...
Green Card Holders Tax Mistakes in Gifting Before Your Exit from the U.S.
Supports Cross Border Professionals and Families First and foremost, you must know the striking characteristics of US gift taxes. The person who makes a gift (donor) is liable for gift taxes. Many countries, such as Japan, levy taxes on the person who receives...
Understanding Accidental Americans: Birthright Citizenship and Its Tax Implications
The term "accidental American" is often used to refer to individuals who have U.S. citizenship because they were born in the United States, but who have spent little or no time in the United States and may not consider themselves American. The United States follows...
Do Not Assume that Your US Life Insurance Proceeds are Tax-Free in a Foreign Country
Supports Cross Border Professionals and Families Under the IRC Section 101(a)(1), beneficiaries generally do not pay taxes to the life insurance proceeds in the U.S. When you move to a foreign country; this may not be true. I specifically talk about this in Japan....
Indispensable Tax Knowledge for Green Card Holders
Supports Cross Border Professionals and Families It is a dream come true moment when you obtain your green card. I did it over 30 years ago. I felt that I finally got my ticket to freedom. As the years pass, my appreciation for Arthur Andersen, the sponsor, and my...
Report of Foreign Bank and Financial Accounts (FBAR) Basics
Supports Cross Border Professionals and Families Many taxpayers need to pay attention to the FBAR. The U.S. is a melting pot, with many mixed-nationality married couples. In this article, I explain in plain language what the FBAR rules are. If you have foreign...
How to Cope With Potential Covered Expatriate Designation
Supports Cross Border Professionals and Families I discuss the general action plans when you face a potentially covered expatriate designation. There are two main tests when the IRS determines if you are a covered expatriate. They are (1) a Two-million dollar Net...
Three Tax Benefits for Non-Japanese Moving to Japan
Supports Cross Border Professionals and Families There are three tax benefits for foreigners moving to Japan. Since the author of this article is not a licensed Japanese tax accountant, this article does not contain any tax advice. The author is a U.S. CPA...
How to Avoid Double Taxation of Social Welfare Payments -US and Japan
Supports Cross Border Professionals and Families If a U.S. citizen or Green Card holder works in Japan, he must obtain Certificates of Coverage. Otherwise, both countries tax you for public welfare benefits. Namely, the US levies social security and Medicare taxes....
Retirement Plan Distribution Key Point if Your Spouse is a Non-Citizen
Supports Cross Border Professionals and Families After the death of a participant, a retirement plan or IRA will be distributed to the participant’s beneficiary or beneficiaries. The beneficiary(es) take distributions as a beneficiary of an “inherited plan/IRA.” The...
Enjoy Your Cross-border Life While Avoiding Japan’s Gift and Inheritance Taxes For the U.S. Citizens
Supports Cross Border Professionals and Families Many foreigners leave Japan after living there for some years. They discovered that Japan's gifting and inheritance tax regime is substantially more punitive than those in their home countries. In particular, this is...
How You Can Avoid Being Inheritance/Gift Taxed in Japan-Choose the Right Status
Supports Cross Border Professionals and Families In the 2021 tax reform, the Japanese government gave breaks to foreigners in gift and inheritance tax. They wanted to promote the employment of highly-skilled foreign talent in Japan. In this article, I highlight...
401(k) when Abandoning Green Card
Supports Cross Border Professionals and Families You should read this article if you have a green card and wonder what to do with your US 401(k) in your home country. If you do not need to renew your green card, you should abandon your green card by filing an...
Mistakes of Not Officially Abandoning Your Greencard
Supports Cross Border LifeStyle If you hold your green card for a certain period, you will remain a U.S. resident for tax purposes until you officially abandon your green card. I want to highlight significant mistakes you can avoid. Obtaining a green card and...
Implementing Updated Operating Leasing Standards for Your Properties
Accounting for Leases: Accounting Standards Codification 842: Overview of Operating Leases Main changes from prior standard: Under Accounting Standards Codification (ASC) 842, operating leases will still be called “operating leases,” so you may ask why...
Superfund Excise Taxes
June 21, 2022 Superfund Excise Taxes In 1980, U.S. Congress established the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”), this was also known as the Superfund. This fund was enacted to finance government-led cleanups, and remediation...