Dear TABS Client/Colleague,
In New York it’s truly autumn now, with dropping temperatures, earlier sunsets and Thanksgiving around the corner. Everyone is preparing for winter as we adapt to this ‘new normal’.
This week, Joe Biden was named President-Elect of the United States. We will discuss what this means for your U.S. business on November 17th during the 5th USA Update Webinar. In addition to this, we have more interesting events coming up.
In this newsletter we have gathered relevant information on different topics for your U.S. venture.
Throughout the past few months, we have 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 as to your company’s situation and potential needs.
Best Regards,
On behalf of the entire TABS Team,
Jacob Willemsen
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USA Update
Tuesday, November 17th, 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 was one of the most defining elections in the country’s history. Now that Joe Biden is President Elect and the U.S. Senate seems to maintain a Republican majority, 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.
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Accelerate your Tech Startup in the U.S.
Wednesday, November 18th, 11am EST/3pm CET, Webinar
On November 18th, TABS and The Consulate General in New York invite you to join the online session “Accelerate Your Tech Startup in the U.S. During a Pandemic- a Practitioners’ Perspective”
During this session TABS will share their insights from the Dutch Ventures in the United States research project on how to successfully expand to and build your business in the U.S. market. This will be followed by a panel of experienced Tech entrepreneurs who will share their practical experiences on how to enter the Life Science & Health market and accelerated digital transformation during the COVID-19 pandemic.
Our panel of entrepreneurs:
- Dennis Tan – CEO & Co-Founder at Dashmote
- Pauline Dirkmaat – Executive Vice President Americas at Order2Cash
- Ari Aminetzah – CEO & Founder at AxelaRx
- Menno van Rossum – Managing Director USA at NewCompliance
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Employing in the U.S.
Thursday, December 10th, 8am EST/2pm CET, Webinar
If you are active in the U.S. with a local team or do you plan to, then this masterclass is relevant for you.
In this webinar you will learn about the ‘normal’ things that you as an employer should think about when setting up the entity, hiring staff and visas at a time of entry restrictions.
Topics:
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What you have to do as a Dutch company to become successful in the U.S.
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How COVID will influence your strategy.
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How to manage a U.S. entity with current visa and travel restrictions.
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The lessons to be learned from companies that preceded you.
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When and how to set up an entity in the U.S.
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What you need to arrange to hire and manage local staff.
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What you have to do to send Dutch personnel to the U.S.
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How you can minimize your risks in case of termination of the employment contract in the U.S.
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How it will work with taxes, health insurance and pension accrual for your employees.
Speakers:
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Payroll & HR: Jacob Willemsen and Laura Hoogendoorn from TABS
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Immigration & Visas: Hilde Cevaal, owner of VisaVersa
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Recruitment: Florence van den Berg, owner of VDB Executive Search
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Joe Biden is the New President-Elect of the United States: How Might this Impact your Business in the United States?
On Saturday, November 7th, after days of uncertainties, major U.S. news networks projected Joe Biden to be the winner of the 2020 U.S. Presidential election. In brief, we anticipate that a change of administration will not substantially impact the European companies. The U.S. elections did not show an overwhelming mandate by the citizenry for broad and sweeping changes and President-Elect Biden appears to want to work together with others as opposed to force a hand – even if the Senate was to be controlled by the Democrats. Business in the U.S. in general has responded accordingly and the stock market rose sharply on Monday following President-Elect Biden’s speech on November 7th.
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FDA Registrations 2021-2022 are Open
Do you export goods to the U.S.? And, do you know if your product is FDA regulated?
Are you aware that FDA Food registrations for 2021-2022 must be filed by December 31st?
TABS has listed the most important information and rules for you. Get your free fact sheet and make sure to apply in time.
Do you find it difficult to navigate your way around all the complex regulations?
Our specialized FDA Team can provide you with peace of mind by meeting all your FDA registrations requirements.
TABS offers FDA compliance, including FDA-Agent and support services related to product registration, facility registration and label review for:
– Food & Beverages
– Cosmetics
– Drugs
– Medical devices
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Daily Paper Debuts NYC Flagship Retailer Experience
on the Lower East Side
TABS congratulates Daily Paper with their NYC debut, opening their flagship retailer experience on the Lower East Side. The Amsterdam based clothing brand launched its first permanent retail space outside of Amsterdam on October 24, 2020.
Located on the Lower East Side of Manhattan in New York City, the Daily Paper store is perfectly placed to bring the brand’s unique thread of multicultural Afro-centric Dutch culture stateside.
Read the complete article here. TABS is proud to guide Daily Paper in their U.S. expansion, offering address/mail handling, corporate secretary, bookkeeping, Human Resources and payroll services.
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ITIN – Individual Tax Identification Number
TABS’ Payroll and Compliance Teams are finding that more and more states are requiring companies to at least have one owner/officer with either a Social Security Number (SSN) or Individual Tax Identification Number (ITIN).
Earlier this year we noticed one of the states giving pushback, making us need to apply for an ITIN for one of our client’s owners, however over the last few months the amount of states asking for an individual taxpayer ID-number is growing rapidly. This results in tax registrations taking longer to complete.
For more information on what having an ITIN means as a foreign person not residing in the U.S, please contact our Compliance Team.
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TCHAI Made Their Way to the USA
TABS congratulates TCHAI with their transatlantic expansion, opening their new facility in Portland, Oregon.
TCHAI fosters brands with purpose-driven stories in the most physical way possible: by conceptualizing, designing and producing brand activations in retail and hospitality. With 60 years of experience and well-known clients such as Nike, Samsung, JBL and DHL, they are excited to bring their expertise to the U.S.
TABS’ team of dedicated consultants assisted with the formation of their U.S. entity, which included the set-up of a New York address and is providing corporate compliance, bookkeeping, tax and payroll services.
Read the complete article on TCHAI’s website here.
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New IRS Limits for Health Saving Accounts (HSA’s) and Flexible Spending Accounts (FSA’s)
From our HR Team
The IRS announced 2021 limits for HSA’s and high-deductible health plans. Increases are in line and similar to prior year increases, despite the effect of COVID-19. Plan sponsors should update payroll and plan administration systems for the 2021 cost-of-living adjustments and should incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents, and summary plan descriptions. Employers should consider the new limits when planning for the upcoming benefit plan year and review plan communications to ensure that the appropriate limits are reflected. While the increases are modest, they are an additional opportunity for Americans to prepare and pay for their health care needs. More information can be found here.
For 2021, the dollar limit for employee contributions to health Flexible Spending Accounts (health FSA’s), made pre-tax through salary reductions, remains unchanged at $2,750. While the IRS 2021 pre-tax maximum for employee health FSA contributions is $2,750, an employer may limit its employees to less than $2,750. If employers provide health care FSA contributions, this amount is in addition to the amount that employees can elect. Employees can elect up to the IRS limit and still receive the employer contribution in addition. Click here for complete information.
Contact our HR Team for questions or assistance.
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Sheltersuit Is Keeping Homeless People Safe on the Streets
by Turning Snowsuits Into Sleeping Bags
Dutch fashion designer and entrepreneur Bas Timmer , just out of school in 2014, dedicated his brand to help others and designed around the requirements for life on the streets: waterproof, warm, portable and good for sleeping. Part tent and part parka, Timmer’s “Sheltersuit†features a detachable sleeping bag that could be zipped off and easily stored during the day.
So far he has distributed 12,500 to homeless people in the UK, the Netherlands, Germany, Italy, the U.S. and to refugees in Greece. Timmer is aware that his invention is not a solution for homelessness; which he knows is not going to go away anytime soon, especially in the wake of economic devastation wreaked by the COVID-19 pandemic. Still, he says, it’s better than doing nothing. “It is a band-aid, but it’s a good band-aid. People want a house; they want a job. Until they have that, let’s at least protect them while they are on the streets.â€
The influential American weekly Time magazine (circulation 5 million) has named him one of the ten Next Generation Leaders of 2020.Read the complete article here. TABS is proud to guide Sheltersuit in their U.S. expansion, offering address/mail handling, corporate secretary, HR and payroll services.
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1099’s – Deadline January 31, 2021
The filing deadline approaches in January for forms 1099-MISC. This form is used to report business related payments made during the calendar year 2020.
These forms must be completed, sent to the eligible vendors/ contractors and filed by January 31st 2021.
Form 1099-MISC may be required for certain individuals or business entities to whom you have paid during the year:
- At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
- At least $600 in:
- Rents.
- Payments to an attorney.
- Professional services.
- Contractor / Freelancer fees.
- Medical and health care services.
- Other income payments.
- Other more industry-specific categories.
In addition, Form 1099-MISC can be required to report direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
In order to accelerate the process, please collect Form W9 from any vendors or contractors you believe will have a reportable payment. W9 Forms should be submitted to TABS by January 15 for timely preparation of Forms 1099.
More info can be found here.
TABS is happy to review your records with you to assist with this process.
Contact our Finance Team.
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Meet our team member Maria Padilla – Payroll Specialist
“It will never be perfect, make it work.” – The Love Bits
Maria studied business administration at the Borough of Manhattan Community College. Her professional experience includes work at the Spain-U.S. Chamber of Commerce where she performed various administrative duties for executive management. Maria joined TABS in January 2016.
“It is the love for what I do that pushes me to try my best every day, some days are challenging but there’s always a way.“
For more info on our Payroll Services, contact our HR-team.
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