24 11, 2020

Own a foreign corporation? What type of tax filing is required?

entity reporting, foreign corporation, foreign taxes, Resources, US taxes|0 Comments

 Who files Form 5471? Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, will likely be required to file Form 5471.   What is the Purpose of Form 5471? Form 5471 “Information Return of U.S. Persons With Respect to Certain Foreign Corporations” is relevant to a [...]

14 02, 2020

I made a gift, now what?

FBAR, US taxes|0 Comments

Holidays season has just passed and you’ve probably gave away a lot of presents. Have you ever wondered whether these gifts are subject to any tax? What is a gift? A gift is made when the value of the property transferred (directly or indirectly) exceeds the value of consideration received in return. Thus, if you’re [...]

12 02, 2020

Important U.S. Tax Filing Deadlines for Taxpayers Overseas

Tax Filing, US taxes|0 Comments

For U.S. citizens or resident aliens, the rules for filing income tax returns and paying estimated tax are generally the same whether taxpayers are in the U.S. or abroad. All worldwide income is potentially subject to U.S. income tax. For U.S. citizens living oversea, there are additional filing requirements/deadlines that need to be addressed. Please [...]

7 01, 2020

Penalties to watch out for

FBAR, Tax Filing, US taxes|0 Comments

Having to file tax returns every year can be challenging and painful. But what’s worse? The IRS can penalize you for all sort of reasons and it can cost you a great deal of money and time to resolve. Here is a list of penalties that are most encountered by taxpayers. Penalty for Not Filing [...]

15 08, 2019

Does a 529 Plan Help Pay For College?

Education, Resources, Tax update, US taxes|0 Comments

Introduction to a 529 Plan: A 529 plan is designed to encourage saving money for future education costs. The tax-advantaged savings plan has two types, including prepaid tuition plans and education savings plans.   Prepaid tuition plans: A type of 529 plan that lets an account owner purchase units or credits at participating colleges or [...]

20 05, 2019

General Hong Kong Tax Guide

foreign taxes, Hong Kong Tax, Tax Filing, Tax update, US taxes|0 Comments

Do you need assistance with Hong Kong salaries tax? Here is an overview of the general individual taxation system in Hong Kong. In Hong Kong, Hong Kong adopts a territorial source principle of taxation. Individuals are taxed only on income that has been “earned in Hong Kong”. There is no capital gains tax, no interest/dividend tax and no inheritance [...]