Cross-border tax & compliance insights

Claiming health coverage exemptions by filing Form 8965The Affordable Care Act, through the Federal individual mandate, required you to obtain a health coverage insurance plan (minimum essential coverage) failing which you had to cough up a penalty tax called the shared responsibility payment.  The intention behind prescribing the penalty was to encourage everyone to […]News · Jan 27, 2022Read the article Special benefits related to tax deduction of charitable contributionThe role of charitable contributions COVID has been a destroyer and a disruptor. It has taken millions of lives and even more jobs. People have lost their livelihoods. The gap between the haves and have-nots has widened. This is where charity comes in and plays a vital role. There is one thing that is common […]News · Jan 19, 2022Read the article The five IRS tax filing statusesWhenever you are subscribing to a new phone plan, or to Netflix/Prime Video, you are given the choice of a few different plans. The variables could be the number of users, the number of screens, the type of content, and most importantly, the cost! This is very much like deciding on your filing status. It […]News · Jan 18, 2022Read the article Tax requirements for non-employees: a concise guide to 1099-NEC and 1099-MISCSara is an independent VFX artist. She works on post-production graphics. Her recent assignment was with Marvel for one of their blockbuster movies. She was excited about the work, the results, and also the compensation she received! But now, how does she report her income? She’s not on Marvel’s payroll. She’s not a regular employee. […]Taxation · Jan 17, 2022Read the article If you are a Non-Resident, you need to know these FEMA ProvisionsWhy is FEMA Important for Non-Residents? By becoming a non-resident, you have only put a distance between yourself and your country.  You might have continued to maintain your social relationships with relatives, friends and others.  You would have participated in periodic events like weddings, festivals and perhaps even joined reunions with old classmates.  […]News · Jan 11, 2022Read the article The pursuit of a Green Card- what are the various ways to get one?The Borders are Opening up Again. America’s Calling? John F. Kennedy, in his book Nation of Immigrants, wrote “The opportunities that America offered made the dream real, at least for a good many; but the dream itself was in large part the product of millions of plain people beginning a new life in the conviction […]News · Jan 10, 2022Read the article Who am I? – A Guide to ITIN for US Non-Resident AliensThe Question of Tax Payer Identity Identity can definitely be categorized as one of the buzzwords of the last decade. Our obsession with identity pervades everything, from entertainment to politics and economics. The rise of the modern feminist movement, the proliferation of new and never-before-seen gender identities, the emergence of new biometric scan […]News · Jan 10, 2022Read the article Understanding the Perception of PFICs and CFCs in the Eyes of the IRSThe Age-Old Problem of Tax Evasion What comes to your mind when you think of the word “tax haven”? The phrase might conjure up images of tropical islands, James Bond-style action and romance, shady business dealings under palm trees, and unimaginable amounts of capital that somehow escaped the otherwise vigilant eyes of the […]News · Jan 10, 2022Read the article How are your returns on investments, as an alien in the US, taxed?Overseas Investments for US Aliens It is said that the grass is always greener on the other side. But what if we told you that the grass is greener where you water it and water it correctly? Make sense? No? The past few years have seen exponential growth in financial awareness due to […]News · Jan 5, 2022Read the article Which is more suitable for your business needs – Corporation or LLC?The Age of Indian-American businesses While VP Kamala Harris is making her mark in the political realm, Parag Agrawal has made it to the news as Twitter’s new CEO. The bottom line here is – Indians are making and breaking waves in the US. President Joe Biden himself has recognized the contribution that […]News · Jan 5, 2022Read the article Want to get credit on taxes paid? Let’s explore Article 25 of the DTAAThe Double Whammy! Money Heist on Netflix is all the rage these days especially since its finale has aired. For those who are not aware, it’s about a group of robbers who take over mints and banks and try to escape conviction. Can a person who has committed a crime to be convicted […]News · Jan 4, 2022Read the article Understanding the Tax Year: India vs. USAWhat is the Tax Year The first time we heard the word ‘year’ was probably when someone wished us a Happy New Year. Over a period of time, we came to know and understand such other phrases as a calendar year, leap year, academic year, etc.  Later, as we grew older, these changed […]News · Dec 28, 2021Read the article Ensuring smooth transfer of assets to heirsRegulating expenses, maintaining a personal balance sheet, investing according to one’s means and risk appetite are all important parts of financial planning. A very integral component of financial planning, which often most don’t take into account until it is too late, is securing the assets one has earned and accumulated, and passing them on to […]News · Dec 21, 2021Read the article A Guide to Financial Cyber Frauds and Why they Happen?Can you read this? “It wsa a well-knwon peracher woh wsa fuond daed in a fisrt-calss rialway carraige with a thrid-calss tikcet in his pokcet.” You sure can.  This is because – the phenomenon is called or transposed letter effect – the human mind reads the […]News · Dec 20, 2021Read the article The Concerns and Consequences of Foreign Tax CreditWhat is Foreign Tax Credit? When you book a caterer or a photographer for an event and you mutually decide on a price, you tend to pay an advance first and the remaining amount at a later time. You would not pay the entire amount twice i.e. you would not pay the entire […]News · Dec 18, 2021Read the article