When the 2017 Tax Cuts and Jobs Act (TCJA) became law, a new international corporate tax system went into effect, replacing a tax system that dated back to 1962. Under the old system, businesses could defer US tax on foreign earnings if they did [...]
Yes, the IRS requires that you file to show that no Repatriation Tax is due.
Yes. Since the Repatriation Tax is very complex, some tax professionals prefer to outsource it to a firm like ours that specializes in international tax. We have assisted wealth advisors, other US CPA firms, and overseas tax professionals with their Repatriation Tax needs. In [...]
By not taking action, many companies and business owners are paying unnecessary additional tax on their companies’ operating income each year! Before the TCJA, businesses could defer paying taxes on their overseas earnings. The TCJA (“tax reform”) completely changed that. The GILTI tax is [...]
When GILTI planning is done correctly, you shouldn’t need an in-depth plan in subsequent years. However, like any plan, it’s important to check in regularly to make sure that the plan still makes sense. Each year, a year-end review can show whether changes in [...]
Yes! If you’re an individual with direct ownership, be sure to read our article about how to reduce your individual tax burden by double digits.
Our fee for GILTI planning services is typically based on the complexity of the foreign corporation(s). We seek to provide you with transparency upfront. To this end, we review the facts and circumstances that you shared with us in initial discussions of your foreign [...]
We believe in simplifying international tax complexity. That’s what drives us every day. Not every client is a good fit for us, and when that’s the case, we’re willing to say so. We thrive on assisting small and mid-sized businesses with their international tax [...]
This tax applies to those who meet any of these conditions: Your annual net income tax liability for the prior five years was greater than a specified amount, adjusted for inflation ($162,000 for 2017, $165,000 for 2018, and $168,000 for 2019), or Your net [...]
Yes, both US and foreign pensions and retirement accounts are included when calculating your net worth. Depending on the type of pension, they may not actually be taxed under the Exit Tax, but their value is used to determine whether you are subject to [...]
