Qualifying individuals must report income earned in foreign countries on their US tax returns. The penalties for noncompliance are steep. Chugh CPAs, LLP CPA and Team Lead Neha Karnwal discusses important factors
Foreign companies that operate in the United States should evaluate where to incorporate their business based on a careful consideration of state tax laws and other regulations. Additionally, foreign companies may also derive tax benefits by choosing to structure their US entity as either a subsidiary or branch office. These decisions can generate enormous tax savings for companies.
During this discussion, Chugh CPAs, LLP Partner, and CPA Baljeet Singh covers how to file taxes in the United States for your foreign assets and income, including real estate, mutual funds, and more. He also goes into detail about who needs to file returns FBAR and Form 8938, and the penalties incurred for not filing them.
Beginning on July 15, 2021 the Internal Revenue Service (IRS) will allow certain taxpayers to sign up for monthly advance child tax credit (CTC) payments through an online tool.
President Biden’s proposed American Jobs Plan would increase income taxes on corporate profits. The increased taxes would help fund the plan’s infrastructure improvement goals, estimated to cost $2.3 trillion.
Section 139 allows employers to offer tax-free disaster relief payments to their employees for certain unreimbursed expenses. While Section 139 payments cannot be used to pay wages, they can be used to reimburse employees for “reasonable and necessary” expenses incurred due to the COVID-19 pandemic.
President Joe Biden proposed The American Families Plan on March 31, 2021. If passed, the policy would increase taxes for wealthy individuals, while providing social benefits programs such as expanded tax credits for low- and middle-income families. The proposal must be approved by Congress before it can become law, and it is likely to change before then.
On March 10, 2021, Congress passed the American Rescue Plan Act of 2021 (ARP) to help individuals and businesses cope with the impact of the COVID-19 pandemic.
Originally introduced in March 2020, both the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) have expanded to serve a larger proportion of United States businesses during the COVID-19 pandemic. Luckily, it is possible for employers to get their PPP loans forgiven and still claim the ERC on their 2020 taxes. Together, these two measures provide significant financial relief to American businesses.
New California law Proposition 19 will significantly change how certain real estate is taxed in the state. The proposition will benefit seniors and certain select California homeowners, while children who expect to inherit real estate may lose out on major tax savings.
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