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Pier & Associates Joins Forces with CDH

Pier & Associates Joins Forces with CDH

ITASCA, IL (January 1, 2022) — CDH, P.C. (CDH), a leading international accounting and advisory firm, has united with Pier & Associates, Ltd. (Pier), an Illinois-based full-service accounting firm. Strategic growth is a primary initiative for both CDH and Pier....

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Foreign Pension and the U.S. Exit Tax

Foreign Pension and the U.S. Exit Tax

By Koh Fujimoto Support cross-border life In this article, I will discuss how the IRS will treat your foreign defined benefit plan under its exit tax regulations. I will also discuss briefly the treatment of a defined contribution plan.  This article is helpful if you...

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Cross Border Inheritance Case Study

Cross Border Inheritance Case Study

By Koh Fujimoto Support cross-border life Cross Border Inheritance gives headaches even to professionals. My mission is to explain the essence of the matter in plain English. I consider the U.S. federal tax only here in this article. Case A U.S. citizen mother has two...

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IRS Whistleblower Rule Applies to FBAR Penalty

IRS Whistleblower Rule Applies to FBAR Penalty

Support cross-border life If IRS finds that you willfully did not report your foreign financial accounts in FBAR, under the 31 U.S.C. 532(a)(5)(c), the maximum penalty you face is higher of $129,210 or 50% of the amount in 2021. [i] This is a very serious penalty...

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Illinois Issues Back to Business Grant

Illinois Issues Back to Business Grant

Further COVID-19 Relief for Businesses Illinois Governor JB Pritzker released an overall economic recovery strategy, including a $250 million Back to Business (B2B) grant initiative. The recovery plan aims to assist small businesses that experienced significant...

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Understanding Capital Financing Leases

Understanding Capital Financing Leases

Accounting for Leases: Accounting Standards Codification (“ASC”) 842: Overview of Capital (Financing) Leases under ASC 842 Main changes from prior lease standard Under ASC 842, capital leases will now be called “financing” leases. Furthermore, the criterion for...

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You Can Receive Survivor’s Benefits from Your Deceased Japanese Spouse under the Japan Pension

You Can Receive Survivor’s Benefits from Your Deceased Japanese Spouse under the Japan Pension

If your Japanese spouse is receiving the pension payment from Japan, you may be able to receive the survivor’s benefits when your spouse passes away. The essential function of the system is very similar to the U.S. social security’s survivor’s benefits. A surviving spouse can receive a pension in the U.S. or Japan. There is no discrimination based on the nationalities of the spouse. Here is the writing by the Japan Pension Service:

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