In today’s increasingly internationalized society, many people hold dual citizenship. However, there are unique tax complications associated with dual citizenship. In particular, U.S.-born dual nationals often face complex tax issues […] The post Dual Citizenship Dilemma: Filing U.S. Taxes from Abroad appeared first on CDH ..read more

  We are excited to announce that effective July 1, 2024, CDH, P.C. will be changing its name to CDH CPA, PLLC. Please note that while our name is changing, our commitment to you remains the same. The only significant changes you will notice are: The company name will officially be CDH CPA, PLLC. We will still refer to ourselves as “CDH” in most communications and on our website. Any payments directed to us will need to be updated with the new name and to reflect our new banking information. We will be providing that information later this month. The payee name for manual check payments ..read more

  This article is written with Cross-Border persons in mind, especially Japanese nationals who are U.S. green card holders, but there are some points of reference for U.S. green card holders who receive their heritage from their home country. U.S. permanent residents so-called green card holders (including U.S. residents for tax purposes) who received an inheritance from a Japanese parent in 2023 may be required to file a tax return for the 2023 tax year. Is your international inheritance required to be reported to the IRS? If you receive an inheritance worth more than $100,000 in U.S. d ..read more

  As April 15th approaches, citizens across the United States are gearing up for Tax Day 2024. This annual deadline marks the final day for individuals to file their federal income tax returns with the Internal Revenue Service (IRS). However, Tax Day this year brings a few unique considerations and opportunities for taxpayers to explore. These considerations can include but are not limited to: Remote Work and Tax Implications: The rise of remote work, accelerated by the global pandemic, has blurred geographical boundaries for many employees. As a result, individuals may find themselves n ..read more

As the tax season rolls around in April, many newlyweds find themselves navigating the complexities of filing their first tax return together. This is particularly true for international couples, such as Hana, a green card holder from her marriage to an American citizen, Max, and their unique journey from a dream honeymoon in Denmark to facing the intricacies of U.S. tax laws. Hana and Max, who share a passion for exploring culinary delights, embarked on their marriage with a memorable trip to Denmark, aiming to dine at the renowned restaurant Noma, which is said to be the hardest to get a re ..read more

  This week, a bill to expand the Child Tax Credit is expected to be passed, which may be of interest to families with children. Fiscal year 2023 tax returns began being accepted on January 29th. The Child Tax Credit is one of the arguments for H.R. 7024 (Tax Relief for American Families and Workers Act of 2024), which has already been passed by the House of Representatives. However, the situation in the Senate remains uncertain. If passed, this bill will impact millions of households who are taxpayers on their 2023 tax returns. Eligible households could receive an average tax reduction ..read more

CECL stands for Current Expected Credit Loss, and it refers to a new accounting standard introduced by the Financial Accounting Standards Board (FASB) for estimating credit losses on financial instruments. While banks and financial entities will be most impacted by the new model, what about non-financial institutions? These implementations for non-financial companies with certain financial instruments, including trade receivables, will impact how credit losses are estimated. Check out this graphic below on our straightforward steps for implementation:   Here are some key steps and consid ..read more

The U.S. Foreign Bank and Financial Accounts Report (FBAR) program requires U.S. citizens and residents (for U.S. tax purposes) to report accounts held at foreign financial institutions if certain criteria are met. It should be noted that the FBAR regulations also apply to minors. The FBAR reporting requirement arises when the total value of accounts held at a “foreign” financial institution from the perspective of the U.S., such as Japan, exceeds US$10,000 at any given point in a given year. This amount is totaled regardless of the type or number of accounts. If a minor meets this criterion ..read more

Supports Cross Border Professionals and Families This article will explain the three critical steps in abandoning a green card for U.S. tax purposes. Preparation Step Preparation is the most critical step in abandoning a Green Card. You need to ensure that your U.S. financial institutions can maintain your financial accounts even after you give up your Green Card. You may get confused because you may receive different responses. You need to be patient until you get the correct response. Please also be aware that a financial institution can change its policy. Once you find out that you canno ..read more

It is with mixed feelings that we are announcing that Hikaru “Koh” Fujimoto is retiring from CDH, P.C. on December 31 and ready to fully embrace his next adventure. Koh has been part of CDH for more than 26 years, and during that time, he initiated and grew our Japanese practice, was Managing Principal for five years, and also started our Cross Border Tax consulting practice. It was under his leadership that CDH became known as a local firm with international expertise. It is impossible to list all of his achievements over the last 26 years. He will be remembered as a fair, hardworking, extre ..read more