News & Blogs
CDH NewsUnderstanding Accidental Americans: Birthright Citizenship and Its Tax Implications
Jul 25, 2023 | Uncategorized
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
Jul 20, 2023 | Uncategorized
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
Jul 10, 2023 | Uncategorized
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
Jul 3, 2023 | Uncategorized
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
Jun 28, 2023 | Uncategorized
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
Jun 19, 2023 | Uncategorized
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
Jun 6, 2023 | Uncategorized
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
Jun 1, 2023 | Uncategorized
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
May 15, 2023 | Uncategorized
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
May 11, 2023 | Uncategorized
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
May 2, 2023 | Uncategorized
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
Aug 15, 2022 | Uncategorized
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
Aug 2, 2022 | Uncategorized
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
Jun 29, 2022 | Uncategorized
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...
How To Avoid Paying U.S. Gift Taxes
Jun 20, 2022 | Uncategorized
Supports Cross Border LifeStyle If your family members or friends who live overseas want to give you a gift, and you are a U.S. resident, there are a few things that you must keep in your mind. The purpose of this article is to explain these key points. In this...
Major Pitfall of US-Japan Inheritance-appreciated assets
Jun 13, 2022 | Uncategorized
Supports Cross Border LifeStyle When a U.S. resident leaves appreciated assets to his heir, the heir will not pay taxes in most cases. A U.S. resident can take advantage of his unified credit ($12.06 million for 2022), and the heir can take advantage of the step-up...
Tax Difference between a U.S. citizen and a Greencard holder
May 31, 2022 | Uncategorized
Supports Cross Border LifeStyle What are the tax differences between a U.S. citizen and a green card holder? This question is one of the frequently asked questions. I want to shed some light on this article's seemingly simple but complex and profound question. Income...
Three Things You Must Do Before Returning to Japan Permanently
May 23, 2022 | Uncategorized
Supports Cross Border LifeStyle This time, I would like to introduce three points that I would like you to do before returning to Japan permanently or that you should seriously consider implementing. Changing the authentication system U.S. financial institutions...
FBAR and Japanese Financial Accounts
May 9, 2022 | Uncategorized
By Koh Fujimoto Cross Border Individual Tax Practice Per the Bank Secrecy Act, you must report certain foreign financial accounts every year by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Form 114. There are numerous unique financial accounts in...
Pier & Associates Joins Forces with CDH
Jan 4, 2022 | Uncategorized
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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