For U.S. taxpayers residing overseas, contributing to a Roth IRA offers a powerful opportunity to build tax-advantaged retirement savings over the long term. However, the rules surrounding eligibility can be complicated, particularly when the foreign earned income exclusion and international tax treaties are involved. This article explores the key considerations expatriates need to consider when [...]
Traditional Individual Retirement Account (IRA) and 401(k) plans are essential tools for retirement savings, each offering unique tax advantages and rules that taxpayers should understand. Contribution Limits For the year 2024, employees can contribute up to $23,000 annually to a traditional or safe harbor 401(k) plan, with an additional catch-up contribution of $7,500 allowed [...]
Tax Implications of Health Savings Accounts (HSAs) and Premium Tax Credits (PTCs) Healthcare costs in the U.S. can be burdensome, but Health Savings Accounts (HSAs) and Premium Tax Credits (PTCs) provide valuable financial support. HSAs allow individuals to save for qualified medical expenses with significant tax advantages, while PTCs help make health insurance more affordable [...]
As 2025 unfolds, U.S. taxpayers face a pivotal moment in tax policy. The House’s One Big Beautiful Bill Act (H.R. 1) and the Senate Finance Committee’s June 28 bill are reshaping the future of personal and business taxation. These reconciliation bills aim to extend, modify, or replace key provisions of the Tax Cuts and Jobs Act (TCJA), [...]
Great job if you have already filed your 2024 U.S. Individual Tax Return! For most individual taxpayers, the tax filing and payment deadline is Tuesday, April 15, 2025. If you are a U.S. citizen or resident alien residing overseas, you are allowed an automatic 2-month extension until June 16, 2025 to file. If you need to file [...]
We are excited to announce that our Managing Director, Christopher Chang, was a featured speaker at the American Chamber of Commerce Hong Kong event on March 19th. This event offers valuable insights as we explore what to expect from the Trump administration for US taxpayers living abroad. Here are the key takeaways from the event: [...]
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!