The Shifting Landscape: How ESG Impacts Transfer Pricing for Multinational Entities
Introduction In a world increasingly focused on environmental, social, and governance (ESG) considerations, businesses must adapt to new paradigms. Multinational entities, in particular, face the daunting task of aligning their transfer pricing strategies with the evolving ESG landscape. Transfer pricing, the mechanism by which multinational companies determine the price of goods and services exchanged across […]
Understanding the International Data Exchange Service Impact on Expat Taxpayers and Multinational Businesses
In today’s globalized world, where borders are increasingly porous, individuals and businesses are constantly moving. Expatriates, or expats, who live and work abroad and multinational businesses with operations spanning multiple countries face unique challenges regarding taxation. Enter the International Data Exchange Service (IDES), a game-changing initiative transforming how tax authorities share financial information globally. In […]
The hidden taxes of being an American Abroad
For the American abroad, understanding and managing U.S. tax obligations is a critical aspect of living abroad. Beyond the standard income tax filings, there are several lesser-known taxes that can impact Americans overseas, including the Net Investment Income Tax (NIIT), Alternative Minimum Tax (AMT), and self-employment tax. This article delves into these taxes, explaining how […]
Thinking of becoming self-employed?
If you’re planning to start your own business in the UK, it’s important to understand your tax obligations. As a self-employed individual, you will be responsible for registering with HM Revenue and Customs (HMRC) and paying your own taxes. Here’s what you need to know about registering as self-employed for tax in the UK. Who […]
What is tax withholding?
Federal and state taxes are a fundamental aspect of the American economy, and they play a crucial role in funding government programs and services that benefit the country’s citizens. Understanding how federal and state taxes work on earnings is essential to managing your finances and complying with the tax laws. In this blog post, we […]
US Taxpayers taxed on Foreign Mortgage
Thinking of Buying As a US taxpayer, if you own a property abroad and pay the principal on your foreign mortgage, you may still be subject to taxation on any gains earned from the property. This can include rental income or gains from the sale of the property. The tax laws and regulations for foreign […]
Individual Taxpayer Identification Numbers (ITINs) explained
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) for individuals who are required to have a US taxpayer identification number but do not have one and are not eligible to obtain a Social Security Number (SSN). The IRS uses ITINs to process and record tax […]
Another postponement of Making Tax digital
Making Tax Digital for Income Tax Self Assessment — Another Postponement and what it means for you Making Tax Digital (MTD) is a government initiative that has been ongoing for nearly a decade now, repeatedly delayed by setbacks, the biggest of which is the impact of Covid. The essential purpose of MTD for ITSA is […]
Selling a property in the USA
The Foreign Investment in Real Property Tax Act (FIRPTA) is a US federal law that requires foreign individuals or entities to pay taxes on the sale of US real property interests. Usually, foreign individuals or entities are required to pay income tax, but are not taxed on capital gains. However, FIRPTA includes any capital gains […]
Choosing a tax-efficient business structure
Your business structure can significantly impact how you are taxed as a business owner. As I began chatting with one of my clients, he shared some great news with me. He wanted to start a business. This was very exciting, and I was excited listening to his idea and dream and how it would come […]