The Tax Preparation Blog

Archive for October, 2007

Question: Do you need outsourcing services in CA in the area of bookkeeping, accounting, tax return preparation.?

Answer: I don’t understand why you want to outsource when there a a myriad of capable people and firm to do what you require. Plus they are well versed in CA law. I am not one of them, but I use them.

Just Energy Reports Fiscal 2010 Results

Just Energy Income Fund (TSX: JE.UN) – read more

Ladd on the IRS Outsourcing Your Tax Return

Ten Predictions For 2010

Today’s blog: 10 predictions for 2010. Later this week I’ll give you a 10-trend watch list for the c

Income Tax Courses In California

Strategically located at the cross roads of East and West, Singapore is a natural choice for companies who wish to create a foothold in the Asia region. Setting up in a foreign country, however, requires knowing the local regulations and opportunities. If not, you could easily make the wrong choices.

If your company wishes to create a presence in Singapore, there are three options available. You can set up a Branch Office, a Subsidiary Company or a Representative Office, and the registration must be carried out by a professional firm in Singapore.

The three options differ significantly and the one you choose will depend strongly on your company’s business plan and strategic goals.

Subsidiary Company

A subsidiary company is a locally incorporated private limited company whose majority shareholder is another local or foreign company. As Singapore allows 100% foreign ownership in companies, you may incorporate a local limited liability company in Singapore and own 100% of the shareholding. This is the most preferred registration option for most foreign companies as it is tax efficient and carries several benefits. The subsidiary company is considered separate from your company; even if you are the only shareholder and any liability of the subsidiary will not be extended to your company.

The subsidiary company you set up can have a different name from your company and it will be treated as a Singapore resident company, which means that it will be eligible for tax exemptions and incentives available to local companies. Keep in mind, however that the subsidiary must have at least one director who is a Singapore Resident (e.g. citizen, permanent resident, or employment pass holder), and there must be a registered office in Singapore where the statutory documents of the company are kept.

Representative Office

If your interest in Singapore is simply to explore the market or manage company affairs without conducting any business for profit, you can set up a representative office in Singapore. This is a temporary setup with no legal persona that can undertake promotional and liaison activities on behalf of your company. While the office cannot enter into any contract or engage in trading directly, it can engage in negotiations of contracts and deals, as long as the parent company concludes them. A representative office can also engage in customer service but only to the point of answering queries on behalf of your company. It cannot render technical advice or repair services. Also, the representative office must be staffed by someone from your company’s head office, who can then engage Singaporean support staff. Unlike with a subsidiary company, your company will bear implicit liability for the activities of a representative office in Singapore.

Branch Office

A branch office is a registered legal entity of your company, much like a subsidiary company. It will, however, be treated as an extension of your company, which means that your company will bear ultimate responsibility for any liabilities arising from it. Also, the branch office is considered a non-resident entity and therefore, is not eligible for tax exemptions and incentives that local companies receive.

Your Singapore branch office must have the same name as your company and must be approved first before branch office registration. Also, your branch office must appoint 2 agents who are residents in Singapore to accept services of process and notices and it must have a registered office address in Singapore.

The branch office can conduct any type of business activity that falls within the scope of your company and can repatriate its earnings and capital. The portion of the branch office’s income that comes from operations carried out outside Singapore will not be subject to taxes. Only the earnings derived from its operations in Singapore will be subject to the prevailing local corporate tax rates.

For more information, please visit http://www.asiabizservices.com

Tags: singapore, foreign, options, registration, company, incorporation, registering, subsidiary, office, representative, branch, limited, shareholder, business, plan

Abandoned Chinese tourists cry foul in Phuket

CHALONG, PHUKET: A Chinese tour guide is being held in Chalong Police Station after bringing 11 of his countrymen on vacation to Phuket and then abandoning them.The tourists reportedly paid Bo Yang, 3…

Dr. Terry Calaway and Dr. Jackie Snyder: What community colleges offer – Polsky Series

Question: How much can I claim for CA Sales Tax on my Federal Tax Return?

As Married filing jointly living in CA.

I Itemized but I do not claim income tax in CA because I am in the military therefore I want to used the allowed sales tax deduction for 2009 but I do not know what the amount allowed.

Answer: Usually there is a table in the booklet that comes with the 1040 take a look in the back.

Last day for 2009 tax deductible donations

The season for charitable giving arguably never ends, but today is the deadline to do a good deed — and get some money back on your 2009 taxes, too. Donations — from clothes to the Salvation Army to cash for a favorite charity — must be made by today to reduce the amount

Asha Puthli – War what For? from her 2009 CD “Lost”

For many, the economy has made 2009 a tough year. Many people have lost their jobs and how have house payments that are simply too high to pay. However, for anyone who has been in their house for a few years and built up some equity, now is the perfect time to refinance and possibly lower your mortgage payment or increase the amount of cash in your pocket.

With Virginia’s interest rates in the low 4%’s, many homeowners will see an immediate drop in their monthly mortgage payments, easing up on the financial burdens that many families face today. By using a specialized mortgage banker, homeowners can see a savings of thousands of dollars in interest and refinance fees. But what about those who do not own their own home yet?

If you are looking to buy, the timing is great. The housing market has just about bottomed out and is starting to pick back up, meaning that home prices are about as low as they can possibly be. Anyone with decent credit should be able to get an affordable mortgage, especially if using a smaller mortgage banker, specializing in the Virginia Beach region.

Furthermore, the new first time homebuyer stimulus packages should be more than enough incentive for potential new homebuyers who are on the fence about getting locked into a mortgage. The $8,000 tax credit is usually more than enough to cover the costs of moving from your apartment or rental home into your new home.

The housing market in Virginia Beach is definitely turning around as the year progresses. Although most banks, as stated earlier, are more stringent with their lending practices, there are still specialized mortgage banks that can provide great refinance rates if your credit is good enough. There is a lot of hope and potential for those interested in buying a home in this market or even those looking to refinance their home. The selection is the largest it’s been in years, interest rates are improving, and the prices of homes have just about bottomed out. Although the time to refinance might still be many months away, the time to purchase a new home is today!

HUFFPOST HILL – JUNE 22ND, 2010

What’s Your Reaction? We’re not sure who had the worse day, General Stanley McChrystal or the French national soccer team. Whatever the case, neither could stay mum about their bosses and now both are out (almost).

President Obama: Health Reform Town Hall at Kroger in Virginia