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How much time do you spend preparing your tax returns?
Annual tax returns. How are you filing them? Do you purchase tax preparation software, use filing agency services, or use an accounting firm?
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:
If you obtain U.S. citizenship, what will happen to your pensions? Three Must-Know Knowledge-the US and the Japan pension systems
I will explain three indispensable pension knowledge of Japan and the United States that I would like you to know when obtaining U.S. citizenship from permanent residency status. In the U.S., not knowing certain critical information can quickly put you in a very disadvantageous position.
Valuation of defined benefit pension plan in Exit Tax
Supporting cross-border life A test called the Net Worth Test for exit taxes determines whether a global asset in your name exceeds $2 million or not as of the day before the permanent residence abandonment. Those with defined benefit plans or annuities must...
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...
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...
Accounting for Financial Instruments
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
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
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
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...
The Paperless Office: A New Priority for Healthcare Finance Units
The coronavirus pandemic has been hard for healthcare finance teams trying to exchange paper documents while working remotely. Here’s the simple solution.
Coronavirus Small Business Relief Update
Second Draw Payroll Protection Program Loans and First Draw Forgiveness Businesses continue to face unprecedented economic hardship due to the Coronavirus (COVID-19) outbreak. To assist, the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided...
CDH Principal Named to 2020 Notable Minorities in Accounting, Consulting & Law by Crain’s Chicago Business
Prestigious list honors CDH leader’s efforts with Japanese individuals living in the United States ITASCA, IL (December 17, 2020)— Hikaru (Koh) Fujimoto, Principal and former Managing Principal of CDH, P.C. (CDH), was recognized as one of the 2020 Notable...
IRS Rulings on Paycheck Protection Program and Its Tax Impacts
The recent IRS rulings of Revenue Procedure 2020-21 and Revenue Ruling 2020-27 may impact businesses' ability to deduct the funds given under the Paycheck Protection Program (PPP), provided to create relief during the pandemic.On November 18, the IRS remarked the...
Sage Intacct: Accomplishing What QuickBooks Can’t
When companies decide to leave QuickBooks, few people object. Have you reached the expiration date on your accounting software?
COVID-19 Relief: FASB Approves Delays in Certain Accounting Updates
The Financial Accounting Standards Board (“FASB”) is providing some relief to private companies affected by COVID-19 by approving a delay in the implementation of certain accounting standards. The FASB acknowledges that many non-public business entities rely heavily...
CDH, P.C. Welcomes Patrick Brennan as Assurance Principal
CDH, P.C. is pleased to announce Patrick Brennan as its newest Principal, effective October 12, 2020. Patrick joins the firm’s growing Assurance practice bringing more than 25 years of public accounting and private industry experience in accounting including audit,...
Are You Ready to Apply for PPP Loan Forgiveness?
Are You Ready to Apply for PPP Loan Forgiveness?Ever since the CARES Act was signed into law on March 26, 2020, followed by the enhancements provided by the Paycheck Protection Flexibility Act signed into law on June 5, 2020, there have been a flood of FAQs and...
The Healthcare Hangout is Back!
The Healthcare Hangout is Back!We’ve spent the last few weeks working on bringing you more great content. New sessions have been added to the Healthcare Hangout online series which will start on September 17 and run through the end of 2020. Join us online for...
COVID-19 Payroll Tax Deferral Update
On August 8, 2020, President Trump issued an executive order to defer the withholding, deposit, and payment of the tax employees pay towards Social Security starting September 1 through December 31, 2020. The order affects employees whose biweekly pay is below $4,000...
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