Showing posts from January, 2018

International Tax Seminar in Manila, Philippines

It confuses me that there are clients that honestly believe that 1 person can answer all their tax questions.

More sophisticated clients understand that with international tax questions, they need a team.  A team with expertise in each jurisdiction that the client is exposed.  Our seminar was in Manila, therefore we had 2 members of our Manila office with us.  That's what it means to be a part of an international team.

Do You Need To File A Tax Return In 2018?

The Table above does not apply to Non Resident Aliens.  Nor do the thresholds include the thresholds for passive income.  Always consult your preferred tax professional before making a filing decision. 

Tax season opens on Monday, January 29, 2018. The Internal Revenue Service (IRS) expects to process nearly 155 million individual tax returns in 2018. Will you be filing one of those returns? And more important, do you need to?

For the 2018 tax filing season, you'll report the income and corresponding deductions for the tax year 2017. That includes pay received in 2017 but not pay that you receive in 2018 for services performed in 2017 (you'll report that income next year).

Just because you received income in 2017, however, doesn't necessarily mean that you have to file a federal income tax return. For most taxpayers, you can figure whether you have to file by checking the chart below. Choose your filing status, your age and your gross income for the year; if your gross incom…

Let's Talk About the Foreign Earned Income Exclusion

When talking about the Foreign Earned Income Exclusion or FEIE, everyone understands the PPT or Physical Presence Test.  The BFT or the Bona Fide Residence test requires more effort to understand.

I had previously written of the Section 911 exclusion here -

Here's another recent article.....

Pilot grounded on foreign income exclusion

The Tax Court held that a pilot who worked for Korean Air and lived at a hotel in South Korea while there for his job was not entitled to the Sec. 911 foreign earned income exclusion because he had not proved that he was a bona fide resident of South Korea for purposes of the exclusion.

BackgroundRobert Hudson was a commercial airline pilot who flew 26 years for Northwest Airlines before retiring in February 2007. Under the terms of his pension, Hudson was able to work as a pilot for another airline while receiving his pension payment, and after he retired from Northwest, he sought …

US Tax Seminar in Hong Kong

On January 17th, through the assistance of our Moores Rowland colleagues in Hong Kong, we were invited by the The Taxation Institute of Hong Kong ( to present on US Tax Issues.

We had a room filled of Hong Kong Tax Professionals and engaged in a lively discussion on various scenarios in which a Hong Kong resident could be exposed to the US tax net.

It struck me as unfortunate that so many clients with exposure in multiple jurisdictions, are advised by professionals who are either unqualified or only qualified in a single jurisdiction.  It is so difficult for a single person to be an expert in everything.  What the high net worth private client requires - is a team qualified across the various jurisdictions involved.

That's what we bring to the table.  A strong tax team

PARADISE LOST by Derren Joseph, James Kallman


US Gift & Estate Taxes 2018


Our Events In January / February 2018 - Hong Kong, Manila, Singapore and Jakarta


“An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018”

On Friday, December 22, 2017, President Donald Trump signed the massive tax bill. Formerly known as the Tax Cuts and Jobs Act – so-named because it cuts individual, corporate and estate tax rates, and the lower corporate tax rates are said to be a precursor to job creation – the bill went into history as “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” courtesy of a technicality enforced by the Senate parliamentarian. 
The final bill is more than 500 pages – even tax and public policy experts probably need megadoses of caffeine to slog through it. The ultimate effect on Americans and the economy remain to be seen. But some effects are clear already.
This guide doesn’t provide an exhaustive list of every change to the tax code, it does include the key elements that will affect the most people.  The ultimate impact depends on your personal situation — how many children you have, how much you pay in mortg…