0%

Bringing Creativity & Ideas to Life

Latest News

Dear TABS Client/Colleague,
Summer is almost over and everyone is looking forward to a safe and healthy return this fall as we adapt to this ‘new normal’ in the business world.
COVID-19 has had a huge impact on everyone’s lives, with challenges both personally and professionally.  Many office facilities are not yet, or are only partially, opened as most employees are continuing to work from home.
In the past few months, we have all been busy getting business operations in the U.S. back up and running. If you are experiencing any issues or have questions, TABS can assist you. Our staff is available for specific questions to your company’s situation and potential needs.
Further, in this newsletter you’ll find relevant information on taxes, PPP forgiveness loans, Human Resources, upcoming events and much more.
Best regards,
The TABS team.

USA Update

Tuesday, November 17, 9am EST/3pm CET, Webinar

Rabobank, Wuersch & Gering LLP and TABS are organizing the USA Update for the fifth time. Due to Covid-19, this edition will also take place online.

‘Outlook 2021’
The 2020 Presidential Election in the United States is Tuesday, November 3rd and, arguably, is one of the most defining elections in the country’s history. Will President Donald Trump be given the freedom to pursue his policies for another four years or will things change under Joe Biden? From a business prospective, what are the pros and cons under each candidate?

This USA Update will focus on the results of the Election and what is to be expected if you are doing, or going to do business, in the U.S. We again have four relevant speakers who will share their vision in this 90-minute program.

One of the speakers scheduled will be Willem Post, who has studied American History and International Relations at Leiden University. Since May 2007 he has been associated with the Clingendael Institute as a Senior Visiting Fellow in American politics, in particular focusing on the U.S. presidency and foreign security policy. Mr. Post also provides lectures for the Institute of Defense Courses (IDL). Since the mid 80’s, Mr. Post has been an America commentator/expert and columnist for a large number of media, at home and abroad, such as Network Television, Goedemorgen Nederland, AVROTROS Nieuwsshow (now MAX’s News Weekend), Het Parool, FD, De Morgen and BBC World. In 2004 he was awarded the Bronze Star of the National Council for International Visitors in Washington, DC for his services.

More information and the registration link will be forthcoming.

TABS Supports Builder 3D Printers with their U.S. Expansion

Builder 3D Printers makes professional large-scale 3D printing affordable and accessible. They’ve been successfully shipping 3D Printers all over the world for many years.
TABS’ team of dedicated consultants assisted them with the formation of their U.S. entity, the set-up of a New York address and advised them regarding compliance matters to successfully enter the U.S. market.
Impressive project: With a dazzling height of 1.8 meter, the 3D printed Empire State Building, printed with the Builder Extreme 2000, is the world’s tallest 3D printed Empire State Building ever made.

Healthcare Open Enrollment for Plan Year 2021 is Coming Soon

Open enrollment for medical, dental and vision insurance runs from November 1 to December 15 2020, for insurance plans starting January 1st. For clients that offer group medical insurance, this will mean that your employees are looking to continue, newly enroll or terminate coverage through the group’s medical plan. For those that do not offer a group plan yet for their employees, please keep in mind that employees may be looking for insurance options outside of the Marketplace due to the high cost of premiums which is expect to again increase for 2021 and now is a good time to explore plan options. Please let your TABS team know if you have any questions or need any assistance during this time.

Update to California Paid Family Leave – Coverage Period

As of July 1st, California employees covered under the state’s Paid Family Leave Act can now take up to 8 weeks of paid leave; this adds two weeks to the existing 6 weeks of paid leave employees had prior to July 1st. As a reminder: California Paid Family Leave is employee-funded through payroll deductions, where employee contributions are made to the State Disability Insurance program.  The California Employment Development Department “EDD” and employers work together to give employees information about benefits available to them and facilitate this leave. There are currently 8 other states that have state-mandated Paid Family Leave benefits. Please note: Paid Family Leave is separate from Paid Sick Leave laws.

Are Expenditures Paid from Paycheck Protection Program “PPP” Loan Proceeds Deductible for Income Tax Purposes?

A key question regarding the PPP loan program, enacted as part of the CARES Act signed into law in March 2020, is “Can I deduct the expenses that are paid with the PPP loan proceeds that my business has borrowed”?

The answer, according to IRS Notice 2020-32, is surprisingly, “no”.

The IRS’ position surprised most business owners and tax professionals and has certainly attracted the attention of members of Congress. There are currently proposals introduced by both Houses of Congress to allow business owners to deduct their expenses paid from the PPP loan program.

Our tax partner, Prager Metis, is monitoring the prospect of legislative action by Congress to allow for applicable tax deductions and also potential U.S. Treasury action to change the current IRS ruling.

Dutch Ventures in the U.S. 2020 (DVITUS)

We would like to thank everyone who participated in our “Dutch Ventures in the United States” research project. Your contribution, and that of over 260 other Dutch entrepreneurs who participated in the survey, will help us gather more insights about the U.S. market for future Dutch Ventures.

As a thank you we have randomly selected the following four prize winners:
1. Derek van der Vorst – SoundIntel won a $250 gift card.
2. Alexander Suma – IBIS Power won a $250 gift card.
3. Jeroen Heus – IMAgency won a $250 gift card.
4. Ben Medendorp – Laser Tribology won a compliance assessment up to 4 hours (value of $900).

As of last week, the final qualitative interviews have taken place and the data collection for the DVITUS research project has come to an end. At the moment, the preliminary results analyzed are already showing some promising results. The final results will be presented during the USA Update webinar on November 17th, and the final report will be shared with all respondents by email and via our website.

Meet our team member Shina Alikhan – Payroll Specialist
“The only way to do great work is to love what you do.” – Steve Jobs

Shina, born and raised in Brooklyn, NY, gained a considerable amount of her experience in various industries. In 2016 she decided to take a leap of faith and started working in the accounting field. She holds a degree in Criminal Justice from the University of Phoenix and has taken multiple QuickBooks accounting classes at Baruch College. Along with her accounting background, she also received a certificate of completion for Human Resources Essentials from the Society for Human Resources Management.
As a recent transplant to Houston, TX, Shina comes to us from a prestigious interior design firm where she held the position of Accounting Specialist. Shina believes that the foundation of everything she does lies within the development of strong lasting relationships, both personally and professionally.
It’s my passion for work that encourages me to keep going, regardless of the challenges. Don’t let setbacks stop you from being successful.
TABS continuously gathers COVID-19 related information on topics such as tax relief, government assistance, legal matters, human resources, immigration, and more. Upcoming virtual events and webinars are included as well.
We have dedicated a special section on our website to COVID-19 related matters, which is updated continuously based on information that has been available through various government agencies. Please note that information on this matter remains fluid and is subject to change.
For more information and assistance with Payroll related issues, contact TABS’ COVID-19 Support Team.
Begin typing your search above and press return to search.
Select your currency
EUREuro