Beneficial ownership information reporting is a key initiative introduced by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), aimed at increasing transparency in corporate ownership and combating illicit financial activities. Background The Corporate Transparency Act, enacted in 2021, mandates that many entities doing business in the United States disclose information about [...]
Unlocking Potential and Embracing Innovation in the Digital Age Hong Kong Fintech Week 2023 concluded last week, attracting a distinguished gathering of top industry leaders. The event, held at the prestigious Hong Kong Convention and Exhibition Centre, brought together influential figures from finance, technology, academia, and regulatory sectors. These elite leaders delivered captivating speeches, engaged [...]
If you are not sure how many Mandatory Provident Fund (“MPF”) personal accounts you are holding, you may use the e-Enquiry of Personal Account (“ePA”) platform. The ePA is an electronic platform established by the Mandatory Provident Fund Schemes Authority (“MPFA”) to provide an easy-accessible channel for members of Mandatory Provident Fund (“MPF”) schemes to [...]
A few pictures from our celebration!
If you have timely filed your Hong Kong individual tax return for the year 20xx/20xx, you should have received/ will receive your Hong Kong tax assessment. Generally, the tax assessment should match with tax returns that you have filed to the Inland Revenue Department (“IRD”) and the employer’s return filed by your employer(s). However, you [...]
This is one of the most common questions that our clients will ask. You should claim itemized deductions if the sum of the itemized deductions is greater than the standard deduction. We have listed 4 of the most common items our clients in Hong Kong have claimed. Medical and Dental Expenses Property Taxes Home Mortgage [...]
Filing a tax return is crucial especially when you are a US citizen or resident alien living abroad. The filing process requires increased compliance with US tax laws of which the burden is placed on the shoulders of a taxpayer. To determine if a taxpayer needs to file a tax return, they may use the [...]
Come join our growing team. Want to get your CPA or HKICPA license? Want a stable job with great opportunities for growth? Apply today https://hk.jobsdb.com/hk/en/job/us-international-tax-specialist-accountant-100003007748694 or contact us for more information.
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 [...]
Come visit us at our new address in Quarry Bay: American Pacific Tax Limited Prosperity Millennia Plaza Unit 2609, 26/F, 663 King’s Road Quarry Bay, Hong Kong Contact us today to get in touch with one of our tax specialist to help you better prepare for year end 2017. A very warm thank you to [...]