News & Blogs

By Koh Fujimoto Support cross-border life If you are a US citizen who owns a Japanese company, you are subject to the very complex U.S. tax rules. Without going through the details of the rules, I focus on the danger of not consulting with appropriated tax...

By Koh Fujimoto Support cross-border life When U.S. green card holders and U.S. citizens open bank accounts in Japan, they face increasing difficulties. In this article, I describe the types of issues, reasoning why they face such issues, and how to cope with them....

By Koh Fujimoto Support cross-border life In this article, I will discuss how the IRS will treat your foreign defined benefit plan under its exit tax regulations. I will also discuss briefly the treatment of a defined contribution plan.  This article is helpful if you...

ITASCA, IL (January 1, 2022) — CDH, P.C. (CDH), a leading international accounting and advisory firm, has united with Pier & Associates, Ltd. (Pier), an Illinois-based full-service accounting firm. Strategic growth is a primary initiative for both CDH and Pier....

By Koh Fujimoto Cross Border Individual Tax Practice Per the Bank Secrecy Act, you must report certain foreign financial accounts every year by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Form 114. There are numerous unique financial accounts in...

Supports Cross Border LifeStyle This time, I would like to introduce three points that I would like you to do before returning to Japan permanently or that you should seriously consider implementing. Changing the authentication system U.S. financial institutions...

Supports Cross Border LifeStyle What are the tax differences between a U.S. citizen and a green card holder? This question is one of the frequently asked questions. I want to shed some light on this article's seemingly simple but complex and profound question. Income...

Supports Cross Border LifeStyle When a U.S. resident leaves appreciated assets to his heir, the heir will not pay taxes in most cases. A U.S. resident can take advantage of his unified credit ($12.06 million for 2022), and the heir can take advantage of the step-up...

Supports Cross Border LifeStyle If your family members or friends who live overseas want to give you a gift, and you are a U.S. resident, there are a few things that you must keep in your mind. The purpose of this article is to explain these key points. In this...

  Accounting for Leases: Accounting Standards Codification 842: Overview of Operating Leases   Main changes from prior standard: Under Accounting Standards Codification (ASC) 842, operating leases will still be called “operating leases,” so you may ask why...

Supports Cross Border LifeStyle If you hold your green card for a certain period, you will remain a U.S. resident for tax purposes until you officially abandon your green card. I want to highlight significant mistakes you can avoid. Obtaining a green card and...

Supports Cross Border Professionals and Families   You should read this article if you have a green card and wonder what to do with your US 401(k) in your home country. If you do not need to renew your green card, you should abandon your green card by filing an...

Supports Cross Border Professionals and Families   In the 2021 tax reform, the Japanese government gave breaks to foreigners in gift and inheritance tax. They wanted to promote the employment of highly-skilled foreign talent in Japan. In this article, I highlight...

Supports Cross Border Professionals and Families Many foreigners leave Japan after living there for some years. They discovered that Japan's gifting and inheritance tax regime is substantially more punitive than those in their home countries. In particular, this is...

Supports Cross Border Professionals and Families After the death of a participant, a retirement plan or IRA will be distributed to the participant’s beneficiary or beneficiaries. The beneficiary(es) take distributions as a beneficiary of an “inherited plan/IRA.” The...

Supports Cross Border Professionals and Families If a U.S. citizen or Green Card holder works in Japan, he must obtain Certificates of Coverage. Otherwise, both countries tax you for public welfare benefits. Namely, the US levies social security and Medicare taxes....

Supports Cross Border Professionals and Families   There are three tax benefits for foreigners moving to Japan. Since the author of this article is not a licensed Japanese tax accountant, this article does not contain any tax advice. The author is a U.S. CPA...

Supports Cross Border Professionals and Families I discuss the general action plans when you face a potentially covered expatriate designation. There are two main tests when the IRS determines if you are a covered expatriate. They are (1) a Two-million dollar Net...

Supports Cross Border Professionals and Families Many taxpayers need to pay attention to the FBAR. The U.S. is a melting pot, with many mixed-nationality married couples. In this article, I explain in plain language what the FBAR rules are. If you have foreign...