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Showing posts from February, 2018

5 Things to Consider in Choosing the RIGHT International Tax Advisor

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By Derren at www.AdvancedAmericanTax.org


We are already 3 months into 2018 and for many parts of Asia, Europe and of course, the Americas, it’s the dreaded tax season already.  For those expats in more senior positions and particularly business owners, tax compliance is a serious responsibility. 
Here are 5 things to consider in choosing your advisor

Firstly, the advisor needs to be part of a team.It is highly unlikely that one person knows everything.Furthermore, everyone has heard horror stories of one person shows that disappear, get swamped with work, or fall ill with no one to cover for them.You need a team. 
 Secondly, your team needs to be qualified in multiple jurisdictions.If for example, you’re an American in Scotland?You need a team with members that are US and UK qualified.It’s not enough that your consultant know US tax because so many provisions of UK tax law and the US/UK treaty modify how your situation may be treated.

Thirdly, your team should be multi lingual.There ar…

US Exposed Owner of an International Business? Sorry - your tax situation is now worse!

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In January 2017, I hosted a seminar in Singapore on international business expansion.  There was one attendee who was so stressed out.  Why?  Because, as a US citizen who is the owner of overseas businesses, he realized that Tax Reform in the US made things more difficult than before!
Our Asia and UK practice is really built around business owners as opposed to employees.  Most of our US exposed business owners reside outside of the US.  So let’s cut to the chase, The Tax Cuts and Jobs Act hit many of our clients on two fronts:


         (i) You must pay a 15.5% tax on part of your foreign retained earnings. This tax can be spread over 8 years.

         (ii) Going forward, the ability of expats to retain profits in a foreign corporation is virtually eliminated. We must now pay US tax on our profits in excess of the Foreign Earned Income Exclusion. Holding shares through Non US citizen spouses is a weak strategy. A business owner can earn $104,100 tax-free, or a husband and wife …

Events in March and April 2018

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TAX AND COMPLIANCE CONSIDERATIONS WHEN INVESTING INTO INDONESIA FROM SINGAPORE

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Published by the International Business Structuring Association here -
http://www.theibsa.org/knowledge/article/tax-and-compliance-considerations-when-investing-into-indonesia-from-singapore/?show_articles=on


Tax Seminar in Jakarta

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On Tuesday 13th February, the Conclave Co-Working Space hosted us.  We spoke with entrepreneurs from Conclave and from the general public on factors to consider as they take their businesses to the next level.
Co presenting with me was Baudouin Coomans who is a Partner at Moores Rowland in Indonesia.  

Moores Rowland is well established in Jakarta, with a staff of over 400 and having some well known companies among its clients - 
Cross Border expertise at its best.

IRS Cops Are Scouring Crypto Accounts to Build Tax Evasion Cases

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The U.S. Internal Revenue Service, fresh off its success in uncovering U.S. assets hidden in Swiss banks, has assigned elite criminal agents to investigate whether Bitcoin and other cryptocurrencies are being used to cheat the taxman. A new team of 10 investigators is focusing on international crimes. In addition to following undeclared assets that are flowing out of Swiss banks after a crackdown, it will also build cases against tax evaders who use cryptocurrency. The promise of anonymity that has drawn money launderers and drug dealers to virtual coins is also attracting tax cheats, the IRS has said. The agency hasn’t charged anyone yet, but the cases will come, Don Fort, chief of the IRS Criminal Investigation Division, said in an interview. “It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion,” Fort said.

Booming Market Regulators in the U.S. and around the world are rushing to tighten rules in response to…

Sales and Use Tax for Online Sellers

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Please read these two articles before proceeding -

http://www.derrenjoseph.com/2017/03/if-im-not-american-and-i-sell-stuff.htmlhttp://www.derrenjoseph.com/2015/06/e-commerce-and-taxation.html
Federal Taxes for online sellers is pretty straightforward but State taxes are much more complex.  Now the net is being cast so wide that once you sell any physical product in the United States, there's a good chance that you may need to be filing, collecting or paying State Sales / Use Tax.  Cookies, click through, and passing certain sales thresholds could now trigger tax filings.  Please check with a Qualified Tax Consultant for professional guidance.







Images courtesy - Joni Johnson-Powe, JD, CPA