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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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Child Tax Credit Update for 2021

Child Tax Credit Update for 2021

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased for certain taxpayers Is fully refundable (meaning you can...

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Impairment During the Pandemic

Impairment During the Pandemic

By Andrea Krueger, Principal, CDH, P.C. Are you worried about the long-term impacts of the current pandemic on your assets? Many companies are struggling to assess the various uncertainties in our current economic climate. According to the Wall Street Journal, the...

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