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2020-07-27
US Trademark Registration Introduction A trademark is a word, phrase, or logo that identifies the source of goods or services. United States trademark law is mainly governed by the Lanham Act. Common law trademark rights are acquired automatically when a business uses a name or logo in commerce and are enforceable in state courts. Marks registered with the U.S. Patent and Trademark Office are given a higher degree of protection in federal courts than unregistered marks—both registered and unregistered trademarks are granted some degree of federal protection under the Lanham Act 43(a). Frequently asked questions Q: What is “Basis for filing” in the USA? A: A “filing basis” is the basis upon which you have filed your trademark application with the United States Patent and Trademark Office (USPTO). You must include one or more filing bases in an application. Each “filing basis” has different requirements. There are four […]
2020-07-27
U.S. Individual Income Tax–Filing Status Requirements When you prepare U.S. Individual Income Tax Return (Form 1040), the first box you need to check is your filing status. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits, and your correct tax rate. There are five different choices of filing status (The five filing statuses are: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child), but you can only choose one filing status on your tax return. If more than one filing status applies to you, you may choose the one that will result in the lowest amount of tax. Your filing status may change from year to year. Filing Status Requirements (1) Single Filing Status If on the last day of the year, you are unmarried or legally separated from your spouse under […]
2020-07-27
U.S. Individual Income Tax— Part2 Whom May I Claim as a Dependent? Certain tax benefits, such as an advantageous filing status or certain tax credits on your U.S. individual income tax return, require either a qualifying child or qualifying relative. This article will introduce you to dependency definitions and related requirements. Qualifying Child Your child must have the required Social Security number that was issued on or before the due date of the tax return (including extensions) and must pass all of the following tests to be your qualifying child: (1) Close Relative Under the close relationship test, to be a qualifying child of a taxpayer, the child must be the taxpayer’s son, daughter, adopted child, stepchild, foster child, brother, sister, step brother, step sister or a descendent of any of them. (2) Age Limit In general, at the end of the filing […]
2020-07-27
U.S. Individual Income Tax Part 6 Tax Liability or Refund After subtracting your adjustments and deductions from your gross income, you have your taxable income. Now you can use the IRS’s tax table to calculate your preliminary tax liability for the year. The individual income tax rate (2019) structure is a progressive tax rate structure. 2019 Tax Rate Single Head of Household Married Filing Jointly Married Filing Separately 10% $0–$9,700 $0–$13,850 $0–$19,400 $0–$9,700 12% $9,701–$39,475 $13,851–$52,850 $19,401–$78,950 $9,701–$39,475 22% $39,476–$84,200 $52,851–$84,200 $78,951–$168,400 $39,476–$84,200 24% $84,201–$160,725 $84,201–$160,700 $168,401–$321,450 $84,201–$160,725 32% $160,726–$204,100 $160,701–$204,100 $321,451–$408,200 $160,726–$204,100 35% $204,101–$510,300 $204,101–$510,300 $408,201–$612,350 $204,101–$306,175 37% Over $510,300 Over $510,300 Over $612,350 Over $306,175 For example, if: a taxpayer with a single filing status has $92,000 of taxable income. The income tax liability in 2019 is calculated as the below: ($9,700 − $0) × 10% = $970 ($39,475 − $9,700) × 12% = […]
2020-07-23
U.S. Individual Income Tax Part 5 Tax Credits After you figure your tax, you may be eligible for certain credits that lower your tax liability. This article will give you a brief introduction to some basic tax credits. Child Tax Credit Beginning with Tax Year 2018, you may be able to claim the Child Tax Credit if you have a qualifying child under the age of 17 and meet other qualifications. The maximum amount per qualifying child is $2,000. Up to $1,400 of the credit can be refundable for each qualifying child as the Additional Child Tax Credit. A refundable tax credit may give you a refund even if you don’t owe any tax. Your qualifying child must have a Social Security Number issued by the Social Security Administration before the due date of your tax return (including extensions) to be claimed as a qualifying child […]
2020-07-23
U.S. Individual Income Tax Part 4 How to Calculate Your Taxable Income? Some people may be interested in how to calculate own taxable income (line 11b in Form 1040). This article will give you a brief guideline. Step 1 Total Income The IRS requires you to report all your income that you have received during the tax year. This includes your wages, taxable interest, ordinary dividends, taxable IRA distribution, taxable pensions and annuities, taxable social security benefits, capital gain (attach Schedule D) and other income (attach Schedule 1). Your total gross income is determined by adding up all types of income. Step 2 Adjusted Gross Income (AGI) Your AGI is the next step in figuring out your taxable income. Once you report all of your income on your Form 1040 and Schedule 1, you will then have the chance to adjust your income on Schedule […]
2020-07-23
U.S. Individual Income Tax Part 3 How to Read and Understand Form W-2? When you prepare your U.S. individual income tax return (Form 1040), the first line you should fill out is “Wages, salaries, tips, etc.”. And it requires you to attach the Form W-2. What is form W-2 and how to read and understand the W-2? This article will give a brief guideline. Form W-2 is the annual “Wage and Tax Statement” that reports your taxable income from an employer to you and to the IRS. If you worked as an employee (part-time or full-time) in a tax year, your employer must give you a Form W-2, Wage and Tax Statement. Employers must mail or hand-deliver your Form W-2 to you no later than January. 31 for the previous tax year Basic Information This part lists your employer’s basic information (e.g. EIN, name and address) and your […]
2020-07-23
Tax Saving Option for the Estate Tax in Taiwan In this modern age, people live longer, a grandfather would like to distribute the property, his children are aged, and grandchildren are grown-up. When considerate of the tax saving of the property, between the “Generation-skipping Transfer Before Death” or “Children Abandon of Inheritance”, which way will be better? All property of a decedent who was the Taiwan Citizen and resided in the Taiwan continuously shall be subject to estate tax of Estate and Gift Tax Act, no matter the estate is located within or outside the Taiwan. Property left by a decedent who was the Taiwan citizen but resided outside the Taiwan continuously or who was the non-Taiwan citizen shall be subject to estate tax for the estate that located within the Taiwan. The taxpayers of the estate tax shall be: The executor appoint in the will, will […]
2020-07-23
Setting Up a Single Family Office in Singapore Singapore is regarded as one of the most prominent financial centre in Southeast Asia because it is adjacent to local and global private banks, investment banks and other financial service providers. It is also known for its stable governance and favourable business environment, so it’s popular as a base for many high net worth families to manage assets and invest globally. The Singapore government has set up tax incentives for offshore and onshore funds managed by family offices to boost Singapore’s appeal as a leading wealth management centre. Please refer to our Introduction to Family Office in Singapore for more details. How to Set Up the Structure of a Single Family Office in Singapore？ A simplified description of the ownership structure of a typical family office is shown in the following figure: How Long Will it Take to […]
2020-07-23
Reporting Obligations for Chinese ODI Investors The Chinese overseas direct investment (ODI) investors are required to report their overseas investments data to the competent administration authorities in accordance with the laws and regulations when they have completed the filing or approving procedures for overseas direct investment. The competent administration authorities include the relevant commerce bureau, development and reform commission, foreign exchange administration bureau. Commerce Bureau The main reporting obligations to the competent commerce bureau include: (1) Reporting of the Registration Status of the Overseas Enterprise The responsible person of the overseas enterprise shall, within 30 days upon completion of its registration procedures abroad, report to and register with the business office of the local Chinese embassy or consulate with the registration form of overseas Chinese-funded enterprise (institution) and other relevant materials. The domestic investor of the overseas enterprise shall return the receipt of the registration […]