Showing posts from February, 2017

Read this if you own any U.S. stocks (especially if you’re not American)

Today I'm sharing an article from -

Die, and the U.S. government could confiscate
40 percent of your portfolio… Even if you aren't American! By Tama Churchouse
"Nothing is certain except death and taxes" - Benjamin Franklin 

We don't spend too much time worrying about taxes here in Hong Kong.

Hong Kong is one of the most tax friendly major business centres in the world.

The maximum total income tax rate you can pay, for example, is 15 percent.

A married father of two earning US$200,000 a year will pay roughly 11 percent in income tax after allowances.

As for the paperwork? Well, your salary tax form is just four pages of A4 paper.

Being born and bred here, I have to say, I sympathise with folks in places like the U.S. and Europe, given all the tax complications they have to deal with.

The annual nightmare that our U.S. subscribers go through filing their returns…

IRS Eliminates ITIN Certifying Acceptance Agent Program Outside of the US!

According to a recent IRS communication, the IRS will implement the new provision on January 1, 2017, which will eliminate the need for Certifying Acceptance Agents outside of the United States. Specifically, pursuant to Section 203 of the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”), Pub. L. 114-113, div. Q, enacted on December 18, 2015, Internal Revenue Code Section 6109 was modified leading to significant changes to the Individual Taxpayer Identification Number (“ITIN”) program. Under the PATH Act, an applicant who resides outside of the Unites States may now submit their Form W-7, Application for Individual Taxpayer Identification Number by mail or to an employee of the Internal Revenue Service or a designee of the Secretary at a United States diplomatic mission or consular post. Currently, all IRS employees authorized to review and accept applications are located in the United States.

 How do these changes affect me? What does it mean if you are a non-US citi…

Tax Delinquent? May lose your Passport!!

On December 4, 2015, the Fixing America’s Surface Transportation Act, or "FAST Act,"  became law. The purpose of the law was to provide long-term funding for transportation projects, including new highways. However, the Act also included a significant new provision which allows the Department of State (sometimes just called "State Department") to yank passports from delinquent taxpayers.
Here's how it works. The Internal Revenue Service (IRS) doesn't have control over passports: that's the purview of the State Department. Tax debts are assessed by the IRS: the State Department doesn't generally have access to taxpayer information because of privacy laws.
To bridge the two, the law now requires the IRS to advise the State Department about seriously delinquent taxpayers. The State Department may then refuse to issue or renew a passport for a seriously delinquent taxpayer; the Secretary of State is also permitted to revoke any passport previously issu…


On January 27, 2017, President Donald Trump issued an Executive Order (EO) entitled "Protecting the Nation from Foreign Terrorist Entry into the United States."  Do read the text in full here -

Otherwise, here are 10 key points to consider -

1.   The order prohibits visa issuance and admission for a temporary period of 90 days for citizens or nationals from seven Islamic countries: Iraq, Iran, Syria, Libya, Yemen, Sudan and Somalia.  It targets individuals of those countries regardless of which U.S. visa category they hold.

2.  The order suspends the entry of any refugee who is waiting for resettlement in the U.S. for 120 days.
3.   All Syrian refugees are barred indefinitely until further notice.

4.  Individuals of the banned countries who hold dual citizenship with another country (not U.S.) are also affected by the order.

5.  U.S. Legal Permanent Re…