If you are a US resident or citizen who is staying overseas for more than a year, then you are called an expatriate. However, this status does not exclude you from your obligation to pay taxes. You are still required to file your US income tax returns and account for how much you earned while living abroad. Sadly, not all expats know this fact and they end up not filing.
Apart from the low taxation system and the strategic location at the crossroads of three continents, Cyprus provides a set of business incentives available for foreign investors. Our team of lawyers in Cyprus can offer legal advice and representation for the incorporation of a company at http://www.lawyers-cyprus.com/.
Estimated tax penalty usually applies when a taxpayer pays too little of their total tax during the year. Each year, around 10 million taxpayers face an estimated tax penalty. Log on http://www.etservicesva.com/
Apart from the low taxation system and the strategic location at the crossroads of three continents, Cyprus provides a set of business incentives available for foreign investors. Our team of lawyers in Cyprus can offer legal advice and representation for the incorporation of a company at http://www.lawyers-cyprus.com/.
Estimated tax penalty usually applies when a taxpayer pays too little of their total tax during the year. Each year, around 10 million taxpayers face an estimated tax penalty. Log on http://www.etservicesva.com/
How the Internal Revenue Service Restructuring and Reform Act of 1998 impacted the IRS collections and procedures: Enforcement & Collection, CDP notice requirements, filing of CDP request, CDP hearings, appeals, tax court review, equivalent hearings, and emergency appeal,
The Consolidated Appropriations Act, 2016 (Public Law 114-113), signed into law by President Obama on December 18, 2015, increased the fees for certain H-1B and L-l petitioners. These petitioners are required to submit an additional fee of $4,000 for certain H-l B petitions and $4,500 for certain L-1 A and L-1B petitions submitted on or after December 18, 2015. The additional fee will remain in effect until September 30, 2025 . United States Citizenship and Immigration Services (USCIS) has instructed employers to pay the additional fee using a separate check made payable to the Department of Homeland Security.
How the Internal Revenue Service Restructuring and Reform Act of 1998 impacted the IRS collections and procedures: Enforcement & Collection, CDP notice requirements, filing of CDP request, CDP hearings, appeals, tax court review, equivalent hearings, and emergency appeal,
The Consolidated Appropriations Act, 2016 (Public Law 114-113), signed into law by President Obama on December 18, 2015, increased the fees for certain H-1B and L-l petitioners. These petitioners are required to submit an additional fee of $4,000 for certain H-l B petitions and $4,500 for certain L-1 A and L-1B petitions submitted on or after December 18, 2015. The additional fee will remain in effect until September 30, 2025 . United States Citizenship and Immigration Services (USCIS) has instructed employers to pay the additional fee using a separate check made payable to the Department of Homeland Security.
Scrum 101 Learning Objectives:
1. Waterfall project methodology basics - what is waterfall and where did it come from?
2. Agile umbrella practices and frameworks - what is agile? what isn't agile? Where does Scrum fit in?
3. Scrum empirical theory - emperical vs. theoretical
4. Parts of the Scrum framework - roles, events / ceremonies, artifacts and rules
5. Features of cultures that use Scrum
Numerous US individuals own overseas assets or have an interest in them. The IRS may penalize these taxpayers if they fail to report these assets on their tax filings. Consequently, the streamlined filing compliance procedure exists to assist these individuals with:
– A streamlined process to file delinquent or amended tax returns;
– Resolving tax and penalty procedures for filing delinquent or amended returns; and
– Resolving penalty and tax obligations
This webinar will guide you through the complexities of Streamlined Filing Compliance Procedures and make your US Tax Journey Exponentially easier!
Takeaways:
Topics that we will cover in the upcoming webinar:
1. Introduction to Streamlined filing
2. Eligibility Criteria for Streamlined Filing
3. Types of Streamlined Filing
– Streamlined Foreign Offshore Procedures
– Streamlined Domestic Procedures
4. Other rules and regulations
5. FAQs, and much more
Who Attended?
- US Citizens Living in the US and Outside
- CPAs, EAs, CAs, ACCAs
- Tax and Accounting Professionals with US Citizens as their clients
Introduction to Taxation of Foreign Investment in U.S. Real EstateSmart Accountants
This webinar introduces some of the most important tax issues that non-US investors in U.S. real estate should consider.
You will learn:
- Introductions to US Real Estate investment by Foreign Investor
- FDAP income (Not trade or business income)
- Effectively Connected Income (ECI)
- Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)
- Choice of proper investment structure and tax planning
- Tax Implications for:- Rental income tax- Capital Gain Tax on the eventual disposition of property- Estate/Gift tax consequences
- Other consideration- Anonymity – Nondisclosure of the identity- Assets protection- The simplicity of the structure balances against complexity costs.
In this Forbes Bankable webinar, tax attorney and Forbes senior editor Kelly Erb offers the tips and tools that you need to make tax season a lot less painful.
Taxes Without Borders- The Essential Guide for U.S. Residents Living AbroadUSA Expat Taxes
As a U.S. resident living and working abroad, understanding your tax obligations can be a daunting task. Unlike many other countries, the United States imposes a global taxation system, which means that even if you're earning income overseas, you're still required to file and pay taxes to the IRS. However, fear not! This comprehensive guide will equip you with the essential knowledge to navigate the complexities of American tax for U.S. residents living abroad.
The new law provides a 20% deduction for “qualified business income,” defined as income from a trade or business conducted within the U.S. by a partnership, S corporation, or sole proprietorship.
The new law imposes a new tax rate structure with seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The top rate was reduced from 39.6% to 37% and applies to taxable income above $500,000 for single taxpayers, and $600,000 for married couples filing jointly. The rates applicable to net capital gains and qualified dividends were not changed. The “kiddie tax” rules were simplified. The net unearned income of a child subject to the rules will be taxed at the capital gain and ordinary income rates that apply to trusts and estates. Thus, the child's tax is unaffected by the parent's tax situation or the unearned income of any siblings.
The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here's an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.
Of all the provisions, Section 404 is possibly the most controversial. This part of the law obliges issuers to include, on their annual report, an “internal control report.” The report will state the duty and obligation of the management in instituting and managing an effective internal control system and methods for financial reporting. As instructed, the internal control report will consist of a recent assessment of the efficacy of the internal control system and methods that the issuer utilizes in financial reporting. Under the law, the external auditor is compelled to validate and confirm the management’s attestations in relation to their examination of internal controls.
Financial statements are used by managers, shareholders, investors, lenders, and the government for different reasons and purposes. Essentially, financial statements show the financial status of an entity and are comprised of income statement, balance sheet, and cash flow statement.
Based on archaeological evidence, the ancient civilization employed different methods to keep track of their economic actions. One of the methods involved using small tokens. According to SchmandtBesserat, tokens were kept in clay jars and they embody economic proceedings. For instance, an entity’s balance statement is reflected on the quantity of tokens present in the clay jars.
BKMSH From U.S. GAAP to IGAAP: The Shift to IFRSMojoFinancial
In 2008, the Securities and Exchange Commission (SEC) released a discussion roadmap regarding the adoption of International Financial Reporting Standards (IFRS) by U.S. companies in which entities that are interested in IFRS are allowed to file as early as 2011, even if the regular registration commences in 2014. Two years after the publication of the roadmap, the SEC announced that they would start considering the integration of IFRS into the country’s financial reporting system as soon as the specified readiness requirements are met and the U.S. GAAP and IFRS concurs.The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been busy working on the convergence of U.S GAAP and IFRS. Some of the most critical points of discussion revolve around the financial reports, financial tools, recognition of income, and lease accounting.
BKMSH Getting Started with Balance SheetMojoFinancial
A balance sheet or statement of financial position provides a picture of the financial status of an entity at a specific period. Generally, it is drawn up at the end of a month, quarter, or fiscal year.
According to Skeeles and Cunningham from the Ohio State University Extension, estate planning ensures that the welfare of a loved one is secured even after his or her death. However, the majority of Americans do not have a plan or a will. Why? No one likes to think or talk about his or her own demise, and our loved ones don’t want to hear about this subject either. Another reason is that the majority of us do not fathom the idea of planning an estate.
According to a cost segregation and tax credit specialist, cost segregation is a strategic tool in saving taxes. Companies and individuals who have built, acquired, developed, or reconstructed any kind of real estate can increase cash flow by expediting depreciation deductions and waiving federal and state income taxes. For the US Treasury Department, cost segregation is a cost effective tax strategy that should be utilized in acquiring commercial real estate.
BKMSH Sources of Federal Taxes and How the Government Uses ItMojoFinancial
Over the years, the United States’ federal tax system has reformed to adapt to the changes of the role of the government. However, the rule on taxation has not changed. If not particularly freed from the responsibility by the law, earnings from all sources are subjected to tax.
BKMSH Facts and Principles in Accounting Income TaxesMojoFinancial
As stated in an article published by the Journal of Accounting and Economics, accounting for income taxes, or AFIT, is “the process by which future cash tax payments and refunds arising from current and past transactions are recorded as deferred tax assets and liabilities and the income tax expenses are recorded in an attempt to accurately portray the financial position of the firm.” This is performed by applying the General Accepted Accounting Principles (GAAP) that guides how other economic activities of a firm should be reported.
A fundamental objective of managerial accounting is to better or enhance the performance, strength, and efficacy of management planning and control functions. Also, Managerial accounting aims to supply the information that is needed when making internal decisions.
BKMSH Accounting for Financial ActivitiesMojoFinancial
Business undertakings between a company and its creditors and investors are called financing or financial activities. It consists of cash inflows and outflows, or the sourcing and utilization of cash. Enterprises engage in commercial activities in order to expedite the realization of their economic goals. Essentially, financial activities support the company’s transactions and strategic actions.
Ethics serves as the code of conduct in which the people involved comply to. In the field of accounting, different organizations such as the American Institute of Certified Public Accountants (AICPA), Institute of Management Accountants (IMA), and Institute of Internal Auditors (IIA) provide code of ethics to their members.
The Association of Certified Fraud Examiners (ACFE) described forensic accounting as “the application of accounting skills to provide quantitative financial information about matters before the courts.”
Service Organization Control practices relate to a world of privacy breaches and fraud, where Service Organization Control have come under the scrutiny of the government to ensure the confidentiality and integrity of user entities’ sensitive data.
Service Organization Control practices relate to a world of privacy breaches and fraud, where Service Organization Control have come under the scrutiny of the government to ensure the confidentiality and integrity of user entities’ sensitive data.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
2. Who is an
Expatriate?
2
• U.S. resident or citizen who is staying
overseas for more than a year
• Still obliged file their income tax return
and pay taxes
• Underpayment penalty, late filing
penalty or non-filing penalty is applied
if an expatriate does not file his/her tax
returns
3. Filing Tax
Returns
3
• Based on the 1993 Treasury Decision,
expats are excluded to file tax returns as
long as there is no tax liability.
• Write “Filed Pursuant to Sec 1.911-7
(a)(2)(i)(D)” on top of the form
• Use Form 9465 or Installment
Agreement Request to pay taxes in
installment
• Ask for Private Letter Ruling in case you
haven’t filed your tax returns and the IRS
knows it
4. Special Tax
Provisions
4
• Foreign Tax Credit
• Helps compensate taxes you were
obliged to pay while in foreign soil
• Ideal for U.S. expats who earn a lot in a
country where tax rates are higher than
his/her home country
5. Special Tax
Provisions
5
• Foreign Tax Credit
• Using foreign tax credit:
• Applicable when exacted on your earnings
• Legally compelled to pay tax
• Paid foreign tax and did not gain anything
from it
• Country is not sanctioned by the United
States
• Can only be used for tax liabilities that are
relevant to your foreign income
6. Special Tax
Provisions
6
• Foreign Earned Income Tax Inclusion
(FEIE)
• Expats can exclude two items from their
tax returns:
• Foreign income worth $95,100 or less
• Foreign housing cost limited to 30% of
maximum FEIE
7. Special Tax
Provisions
7
• Foreign Earned Income Tax Inclusion
(FEIE)
• Using FEIE:
• Source of income is a result of work or
service carried out in a foreign country
• Location of business or employment is in
a foreign country
• Passed the bona fide residence test or
physical presence test
8. Tax Programs
for Expats
8
• Streamlined Filing Program
• Helps expats catch-up with their
obligations to prevent penalties from
being incurred
• Qualifications:
• Lived outside the U.S. since January 1,
2009
• Must have not fulfilled his/her obligation
to file his/her tax return
• Must show that failure to file tax returns
was non-willful
9. Tax Programs
for Expats
9
• Offshore Voluntary Disclose Program
• Expats who have undisclosed income from
offshore accounts will have the chance to
update their tax returns
• “Quiet” Disclosure
• Expats can file tax returns without using
Streamlined Filing Program and Offshore
Voluntary Disclose Program
• Statute of limitation is three years
• IRS warns taxpayers who opt for this method
to be wary of the risks involved (can be
criminally prosecuted)
10. Good fortune is what
happens when
opportunity meets with
planning.
- Thomas Alva Edison
10
BKM Sowan Horan, LLP
15301 Dallas Parkway, Suite 960
Dallas, Texas 75001
Phone: 214-545-3965
Fax: 214-545-3966
www.bkmsh.com
For more information about Expatriation Tax, please visit: http://bit.ly/BKMSH-Expatriation-Tax
