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EXECUTIVE ORDER: PROTECTING THE NATION FROM FOREIGN TERRORIST ENTRY INTO THE UNITED STATES
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 Residents (LPR) from banned countries will not be restricted from entering the country but will be subject to additional screening and national security checks when entering the U.S.
6. Nationals of banned countries who are U.S. citizens - whether natural-born or naturalized - are not affected by the order.
7. Nationals of other Muslim countries, such as Saudi Arabia, Malaysia, Indonesia etc., are not affected by the travel ban.
8. The order suspends the Visa Interview Waiver Program (VIWP), which allows citizens of 38 countries to enter the U.S. on temporary visas without formal interviews with U.S. consular officers.
9. U.S. Residents/citizens are not restricted from visiting other (Muslim) countries.
10. Upon resumption of the U.S. Refugee Admissions Program, refugee admissions to the United States will be reduced from 110,000 to 50,000 for fiscal year 2017.
Unless a Lawful Permanent Resident (LPR) otherwise known as a Green Card Holder, surrenders their residency and (usually) signs an I-407, then there're no apparent tax consequences to this Executive Order.
Gary Vaynerchuk has said that “we are living in the best era
of all time.”
I honestly believe that it is now easier to start a business
or create a side hustle thanks to the internet.The internet does not care what color you are, what nationality you are,
how tall or short you are etc. Clients only want to know whether or not, you
can deliver on your value proposition.
Unfortunately, starting up in one thing but being successful
is another.Part of being successful is
understanding the rules of tax and business structures.These are things that are not taught in
business school.Worse yet,
entrepreneurs look for advice from unqualified and frankly dangerous keyboard
warriors who mislead and misunderstand the nuances of international business
Background A state must have a strong connection, also known as “nexus,” to an out-of-state business before it can impose sales and use tax obligations on that business. Previously, physical presence was the law of the land—a business had to have an office, warehouse, employees, or some other physical presence in the taxing state for tax nexus to exist. In 2018, the Supreme Court overturned the decades-old physical presence requirement and ruled that states can impose sales tax obligations on out-of-state businesses with no physical presence in the state. Post-Wayfair, nexus exists for sales tax purposes when a “taxpayer ‘avails itself of the substantial privilege of carrying on business’ in that jurisdiction.” Nexus can still be established by physical presence, but can now also be established by economic or virtual contacts. This new standard, referred to as economic nexus, significantly expands taxpayers’ obligations to report, collect and remit sales tax. Economic Nexus Economic nex…
Many small business owners form limited liability companies (LLCs) rather than corporations because an LLC is flexible and has minimal state reporting requirements. Many US entrepreneurs set up an LLC in the beginning, because it is relatively easy and relatively cheap. Generally, this is a good approach for the start as LLCs offer liability protection and other advantages. Here's more on LLCs - http://www.mooresrowland.tax/2018/12/the-pros-and-cons-of-llcs.html
Reasons include -
As your income from your LLC increases, so does the self-employment tax. The ability to contribute to retirement accounts does not change. This is where converting the LLC to S Corp has advantages.Offering shares in your company to outside investors.Enjoying the foreign earned income exclusion while working abroad Let's talk about #1. From a tax perspective, it makes sense to convert an LLC into an S Corp, when the self-employment tax exceeds the tax burden faced by the S Corp. Some state…
For background, please read - US - http://www.mooresrowland.tax/2019/10/navigating-post-wayfair-world.html EU - http://www.mooresrowland.tax/2019/10/distance-selling-in-eu.html Digital Nomads in Asia - http://www.mooresrowland.tax/2018/04/tax-responsibilities-of-digital-nomads.html US Digital Nomads - http://www.mooresrowland.tax/2018/03/non-us-digital-nomads-working-for.html
Taxing remote businessesFor a government to levy corporate tax on a foreign firm, tax rules require a “nexus” or link between the taxpayer and the taxing jurisdiction, typically in the form of physical presence such as offices or workers. In our digital world, firms can interact with users and create value in a country without needing to physically set up there. More than 130 countries are discussing new rules, under the OECD’s Inclusive Framework, to change the nexus requirement so it is not dependent on physical presence. The rules will determine how to allocate some taxable profits to (and among) market jurisdict…