At Corporate MUTUAL, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.
It is our job to see that you pay no more taxes than the law requires. Through careful planning, it is likely that your tax liability can be significantly reduced. Effective tax planning requires a disciplined year-round process of evaluating your changing tax situation and available tax planning alternatives. We stand ready to assist you in this planning process. Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual, corporation, or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
On 20 December 2021, the OECD / G20 Inclusive Framework on BEPS involving 137 countries issued detailed rules for the Pillar Two global minimum effective tax rate of 15%. This is a major milestone in the OECD / G20’s initiatives to address perceived tax challenges arising from the digitalisation of the economy. The release contains the details on how to calculate the minimum effective tax rate under the Global Anti-Base Erosion (GloBE) rules and targets 2023 for implementation. Transitioning to Pillar Two requires multinationals to assess and understand the data structures for each jurisdiction they operate in.
If you are a United States citizen, the United States will tax all your worldwide income, regardless of the country you are residing in. This means that you are required to file a U.S. tax return in addition to any foreign country’s required tax forms. The good news is that you do have available special income exemptions, housing deductions, and foreign tax credits that can significantly reduce your tax burden. We strive to take full advantage of the tax code to ensure that our clients who reside abroad pay only U.S. taxes as required.
Resident & Nonresident Aliens:
You may be subject to U.S. taxes if you are a citizen of a country other than the United States and you reside within the borders of the United States or have earned income from effectively connected sources within the United States. This means that you may be required to file a U.S. tax return. The taxation for resident aliens is dramatically different from taxation for nonresident aliens.
A resident alien is generally taxed on income from all sources, including sources outside of the United States. The tax rates applied to resident aliens’ taxable income are the same as for U.S. citizens.
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