Chessis Tax

Unlock Potential Tax Savings with Qualified Small Business Stock (QSBS)! For investors and entrepreneurs, the QSBS provision presents an opportunity to minimize capital gains taxes while supporting the growth of small, innovative companies. This document provides a clear overview of QSBS benefits, eligibility criteria, and strategic tax planning insights. If you're looking to maximize your investment potential, reach out to discuss how QSBS could fit into your financial strategy. #TaxSavings #QSBS #SmallBusinessInvestment #Entrepreneurship #CapitalGains #TaxPlanning #FinancialStrategy

We’ve just wrapped up another successful tax season helping expats and globally mobile employees navigate the complex U.S. tax system! 🌍 One of our key clients faced challenges with dual taxation and compliance across multiple jurisdictions. With our expertise, we were able to: ✅ Minimize tax liabilities ✅ Ensure compliance with local and U.S. tax laws ✅ Provide peace of mind for both the employee and the employer At Chessis Tax, we’re dedicated to making international tax planning smooth and efficient. If you’re dealing with similar challenges, let’s chat about how we can support you! 📊✨ #GlobalMobilityTax #ExpatTaxSolutions #TaxCompliance #CrossBorderChallenges

Donald Trump's proposal to end the "double taxation" of Americans living abroad, if re-elected, highlights a long-standing challenge faced by expats. The U.S. currently taxes citizens based on their citizenship, not their residency, unlike most countries. While many expats already avoid double taxation through treaties, those in countries without such agreements may face paying taxes twice. This move is positioned to reduce financial burdens and simplify tax filing for millions, appealing to overseas Americans by aligning U.S. tax policy with international standards. https://lnkd.in/gTCfTNye

I'm pleased to share I've been published in Tax Notes! 🎉 This article delves into how US taxpayers living in the UK might be affected by the changes to non-domicile tax rules in the UK. I hope you find the insights valuable! Please contact Chessis Tax if you are looking for support. Check it out here: https://lnkd.in/gbPRcSyH "U.S. taxpayers might also need to navigate new challenges in reporting foreign income and assets to both the IRS and HMRC. The increased reporting requirements proposed by Labour could overlap with existing U.S. reporting obligations, such as the Foreign Account Tax Compliance Act and the Report of Foreign Bank and Financial Accounts. This could lead to increased administrative burdens and potential conflicts between the reporting standards of the two countries." #globalmobility #thoughtleadership #taxupdates #nondom

Don’t forget—important tax deadlines are here. Make sure you're squared away to avoid penalties. Need help? Let’s connect!

🌍 Navigating the Global Workforce with Ease: The Role of an Employer of Record (EOR) 🌍 As companies continue to expand and adapt to a more global workforce, compliance becomes more complex—especially when entering new countries with different employment laws and regulations. That’s where an Employer of Record (EOR) comes in! By partnering with an EOR, businesses can: ✔️ Hire international talent quickly without setting up a legal entity in every country ✔️ Ensure compliance with local labor laws, taxes, and benefits ✔️ Reduce administrative burdens and focus on growth ✔️ Avoid costly mistakes and legal risks If your business is looking to scale globally or simplify your hiring processes, leveraging an EOR might be the game-changing solution you need! Let’s connect if you want to explore how this model could help streamline your operations and allow you to focus on what really matters—growing your business. 🚀 #EmployerOfRecord #GlobalExpansion #HRServices #BusinessGrowth #Compliance #EOR

🛠️ Setting Up Payroll in the US? Here’s What You Need to Know! 1️⃣ Get Your EIN: Start by obtaining your Employer Identification Number (EIN) from the IRS. 2️⃣ Classify Correctly: Make sure you know the difference between employees and contractors to stay compliant. 3️⃣ Choose Payroll Software: Pick a reliable system that makes payroll a breeze, or use an advisor who can help you. 4️⃣ Register with State & Local Agencies: Don’t forget state and local payroll tax requirements! 5️⃣ Set Your Payroll Schedule: Weekly, bi-weekly, or monthly—decide what works best for your business. 6️⃣ Withhold Taxes Accurately: Ensure you're withholding the correct amounts for federal, state, and local taxes. 7️⃣ File on Time: Keep those payroll taxes filed on time to avoid penalties. Ready to streamline your payroll process? Drop a 💬 if you need help or you have any other tips to add. #PayrollSetup #SmallBiz #TaxTips #EntrepreneurLife

When starting Chessis Tax as an independent tax firm, one of my key goals was creating a modern tax practice that could provide a range of services. Through partnership with Harness I am able to concentrate on delivering an exceptional tax experience, and my clients are able to enjoy a comprehensive and secure digital experience and access to a full network of advisors.

💼 Reporting Foreign Investments & Assets: What Every Expat Needs to Know 🌍 As an expat, navigating the complex world of U.S. tax reporting for foreign investments and assets can be challenging. Here's a quick guide to help you stay compliant: 🔹 FBAR (Foreign Bank Account Report): If you have foreign bank accounts that exceeded $10,000 at any point during the year, you must file an FBAR using FinCEN Form 114. This is required even if the accounts didn’t generate any income! 🔹 Form 8938 (FATCA Reporting): The Foreign Account Tax Compliance Act (FATCA) requires you to report specified foreign financial assets if they exceed certain thresholds. This includes bank accounts, foreign stock, and partnership interests. Don’t forget—Form 8938 is filed with your tax return. 🔹 PFIC (Passive Foreign Investment Company) Reporting: Investments in foreign mutual funds or certain foreign corporations may trigger PFIC reporting. These require filing Form 8621, which can have significant tax implications due to the complex rules on income distributions and gains. 🔹 Form 3520 (Reporting Foreign Trusts and Gifts): Received a gift from a foreign person or are involved with a foreign trust? You may need to file Form 3520 to report these transactions. Be aware that penalties for not filing can be steep! 🔹 Form 5471 (Controlled Foreign Corporations): If you have control over a foreign corporation, you may need to file Form 5471. This is required even if the corporation doesn't generate income. 💡 Pro Tip: Filing these forms might seem daunting, but failure to report can lead to severe penalties. Always keep thorough records of your foreign investments and consult with a tax professional who understands expat tax issues. Stay informed, stay compliant, and keep your financial future secure. 💼💡 #TaxTips #EnrolledAgent #ExpatTaxes #FBAR #FATCA #PFIC #InternationalTax #USExpat

🚨 𝐓𝐨𝐩 𝟓 𝐂𝐨𝐦𝐦𝐨𝐧 𝐌𝐢𝐬𝐭𝐚𝐤𝐞𝐬 𝐔.𝐒. 𝐄𝐱𝐩𝐚𝐭𝐬 𝐌𝐚𝐤𝐞 𝐰𝐢𝐭𝐡 𝐓𝐡𝐞𝐢𝐫 𝐓𝐚𝐱𝐞𝐬🚨 Navigating U.S. tax obligations while living abroad can be complex. To help you avoid pitfalls, here are the top 5 common mistakes U.S. expats often make: 1. 𝐎𝐯𝐞𝐫𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐈𝐧𝐜𝐨𝐦𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 🌍   U.S. citizens must report their worldwide income, not just what they earn in the States. Even if you’re paying taxes in your host country, you need to file a U.S. tax return and report all foreign income. 2. 𝐅𝐨𝐫𝐠𝐞𝐭𝐭𝐢𝐧𝐠 𝐭𝐨 𝐂𝐥𝐚𝐢𝐦 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐄𝐚𝐫𝐧𝐞𝐝 𝐈𝐧𝐜𝐨𝐦𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐨𝐫 𝐓𝐚𝐱 𝐂𝐫𝐞𝐝𝐢𝐭𝐬💸   The Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credit (FTC) can help reduce your U.S. tax liability. Many expats miss out on these benefits simply because they’re unaware or unsure how to claim them. 3. 𝐌𝐢𝐬𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐓𝐚𝐱 𝐓𝐫𝐞𝐚𝐭𝐢𝐞𝐬 📜   The U.S. has tax treaties with many countries that can prevent double taxation. If you’re not familiar with the specific provisions of the treaty between the U.S. and your host country, you might end up overpaying taxes. Make sure to review and apply these treaties correctly. 4. 𝐅𝐚𝐢𝐥𝐢𝐧𝐠 𝐭𝐨 𝐑𝐞𝐩𝐨𝐫𝐭 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐁𝐚𝐧𝐤 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬🏦   U.S. taxpayers with foreign bank accounts exceeding $10,000 at any point during the year must file the FBAR (Foreign Bank Account Report). Not reporting these accounts can lead to significant penalties. 5. 𝐍𝐞𝐠𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐨 𝐒𝐞𝐞𝐤 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐳𝐞𝐝 𝐓𝐚𝐱 𝐀𝐝𝐯𝐢𝐜𝐞🧑💼   U.S. expat tax laws are intricate and constantly evolving. Relying on general tax advice may not cover the specific needs of your situation. Consult with a tax professional who specializes in U.S. expat tax issues to ensure compliance and maximize your tax benefits. Avoid these common mistakes to keep your finances in check and your expat experience stress-free! Have you encountered any of these issues? Share your thoughts or tips below! ⬇️ #USTax #ExpatTaxes #TaxTips #InternationalTax #ExpatLife #FinancialPlanning #EnrolledAgent