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Dear Client/Partner,

The summer is almost over and in the autumn TABS will be present at a number of interesting and inspiring events. We are delighted to network in-person again and look forward to seeing you there.

As usual in our bi-monthly digital business update, we have collected interesting topics relevant to your U.S. subsidiary, such as information about taxes, legislation, HR matters, interesting events, and inspiring client stories. We also like to take the opportunity to introduce you to our HR Advisor, Aaron Mongerson.

Finally, we would like to inform you that the TABS offices will be closed from 1-4 November due to a company retreat. Our Phone Reception, Mail- and Check Handling services will continue through this period.

On behalf of the entire TABS Team,
Jacob Willemsen

Tax News

Corporate Income Tax (CIT) Filing Deadline Approaching

If you requested a tax extension for your CIT 2021 last April, your tax return will be due on October 17, 2022. State income tax due dates typically follow the federal deadline.

New Sales and Use Tax Rates in CA Operative October 1, 2022

The state of California approved tax rate changes. The new tax rates, tax codes, and expiration dates will be available to view and download as a spreadsheet on September 1, 2022, on the webpage California City & County Sales & Use Tax Rates. To find the specific tax rate for your area or business location go to Find a Sales and Use Tax Rate by Address. The new rates will be displayed on October 1, 2022.

Be aware that there are over 11000 sales tax jurisdictions in the U.S. and in general Sales Tax rates are often changing. Contact our Tax team if you need assistance with your Sales Tax administration.

End of Year Tax Preparations

It’s not too early to begin preparing for next year’s tax season. You should note that the first deadline is January 31, 2023. This is the date by which your employees need to be provided with their W-2’s and contractors or vendors to whom you have paid more than $600 need to be provided with 1099’s. For this you will not only need their tax ID. but also their updated. address information. If you don’t currently have this information, you should begin to request it as soon as possible; in our experience some contractors or vendors are slow to respond and may need to be pursued at length before you receive the required information. Failure to timely file a 1099 can result in penalties.

If you would like additional information or assistance with completing the CIT or 1099s and filing the corresponding 1096 with the IRS, or if you have other tax related question, please contact our tax support officers.

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Health Insurance Premium and Deductible Hikes

Many small group employers can expect to see double-digit percentage increases for premiums in 2023. Though TABS’ HR team has already seen several notices from insurance carriers requesting premium rate changes upwards of 19% in New York, it ultimately depends on the State’s Department of Financial Services to approve these requests.

Now may be the time to reevaluate your plan offerings. TABS’ HR Team is happy to assist you with any questions or reviews of your benefits. Together with our partner brokers, we can find the best solution for your group of employees. Whether it be a change of plans offered, a switch of insurance carriers, a PEO, or a switch to an Individual Healthcare Arrangement, we are here to assist you further. Contact us!

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Equity To Attract Employees In The U.S.

Trying to find new ways to attract talent for your U.S. business? Equity is a great way to keep your employees motivated. However, when you are a foreign company expanding to the U.S., there are more complexities to consider. What should you think about when you are looking to give your U.S. employees equity?

This article by Wilson Sonsini Goodrich & Rosati, one of our business partners, thoroughly delves into all aspects to consider, giving you and your business the knowledge to build a flexible equity compensation plan and deal with these overseas issues if and when they arise.

More Info

Client Interview: KUBO Full Service Grow Concepts

TABS spoke with KUBO’s Mario Verbraeken, Business Development & Sales Manager USA, about doing business in the United States. KUBO provides Full Service Grow Concepts. High-tech Controlled Environment glass greenhouse solutions enabling the production of fresh produce all over the world,  was founded in The Netherlands in 1945 and expanded to the U.S. 2 decades ago.

When asking for lessons learned and tips for fellow entrepreneurs, the most important thing is to lose the Dutch (European) business paradigm. The U.S. is the land of opportunities. But be patient and respectful. Don’t aim to earn money on the first day. Prepare to be in for the long run.

Go to Interview

What Makes a Dutch Venture In The U.S. Successful?

Most entrepreneurs are aware of the cultural differences between the U.S. and the Netherlands but don’t pay much attention to them until they start doing business in the U.S. and things don’t go as planned.

Did you know that 70% of the foreign companies that fail to successfully do business in the U.S. fail because of lack of communication and lack of intercultural understanding?

For her Dutch American Connection Podcast series about what makes a Dutch venture in the U.S. successful, our business partner Annette van der Feltz interviewed Floor Bergshoeff, Business Developer at TABS. Listen to their conversation about Floor’s year-long research project on Dutch Ventures in the U.S. Floor describes what makes a Dutch venture in the U.S. successful, how to pitch to your American partner or investor, how Dutch and American marketing strategies differ, and the secret to managing U.S. employees – to name a few of the many tips and tricks shared in this podcast.

Go To Podcast

The Importance of Networking

Do you spend enough time networking in the U.S.? Networking is an important part of American business culture. Foreign entrepreneurs spend a significant amount of time networking in the U.S. and state this to be fundamental for their success in the U.S. market.

Americans are in general freer to exchange their ideas and trust other people more easily than Europeans do. Our research showed that entrepreneurs felt that in the U.S. people are more willing to connect, exchange ideas and introduce them to other business partners or business opportunities. So always say yes to a networking opportunity!

Download our full market report to find out more about U.S. business culture.

Download report

TABS Out Of Office 1-4 November

Please be informed that TABS will have a company retreat from 1-4 November. During this period, regular services will be limited and responses to inquiries may take longer than normal. We thank you in advance for understanding and ask that you take the reasonable steps necessary to plan for our absence. Services will return to normal on 7 November.

Please note that we will be taking a reasonable effort to ensure that our Phone Reception, Mail- and Check Handling services will continue through this period. Reach out to your TABS contacts with any questions and/or to make pre-arrangements for this period.

Designing, Implementing, and Monitoring the Transer Pricing Lifecycle for Start/Scale-up Company Expanding to the U.S.

Tuesday, October 11th, 3 – 5 pm CET, Amsterdam, Roundtable (EY, TABS)

During this roundtable, we will discuss the transfer pricing lifecycle for a start/scale-up; from designing a policy, to implementing, monitoring and testing, as well as some practical examples and case studies. We are inviting CEOs, CFOs and those responsible for the finance and/or tax function to join this discussion on the transfer pricing lifecycle in light of the U.S. expansion.
Topics and example questions that we will address are:
  1. What does the transfer pricing lifecycle for a start/scale-up look like?
  2. What are typical transfer pricing models?
  3. How to design a transfer pricing model that fits your company?
Interested in participating? Contact us.

Information and Registration

CES Unveiled – Save the Date

Thursday, October 13th in Amsterdam

CES® Unveiled returns to the Netherlands to preview and showcase upcoming products and trends in technology. We’d like to meet you there. Check back on the website below for more announcements about CES Unveiled Amsterdam 2022.

Information and Registration

Meet Us At The Following Events

 

Economic Trade Mission California

Monday, September 5th – Friday, September 9th in San Francisco and Los Angeles

TABS is present at the Dutch economic trade mission to the American west coast from September 5-9. The mission offers Dutch SMEs that are active in the Life Sciences & Health and Urban Mobility & Cycling sectors plenty of opportunities to network, get to know the local market and get in touch with potential business partners and/or clients. The Royal Couple will be present at some of this mission’s program components.

International Manufacturing Technology Show

Thursday and Friday, September 13th and 14th in Chicago

The IMTS is is where the creators, the builders, the sellers, and the drivers of manufacturing technology come to connect and be inspired. Industry professionals from around the globe will visit IMTS to discover the latest innovations in digital and traditional manufacturing, experience more than 15,000 new machining technologies, and find processes that will help solve their manufacturing challenges and improve efficiency.

 

National Export Event

Wednesday, October 12th in Nieuwegein (the Netherlands)

The National Export Event is interesting for experienced exporters, export professionals and export managers who want to expand to new export markets. Agility and flexibility: the 2 most important competencies that will lead your company through a global crisis. As a professional, how do you deal with challenges such as price increases, long delivery times, staff shortages, Brexit, or persistent travel restrictions? How do you transform these challenges into opportunities for your business? Come to NEX22 and be informed and inspired.

Meet Our Team Member Aaron Mongerson, HR Advisor

Aaron is a dynamic HR professional with experience in employee recruitment onboarding, employee development, HR processes, HR compliance, employee benefits, and the total employee experience, to name a few. She holds a bachelor’s degree from The State of New York University at Buffalo (UB) in Business Administration with a Human Resources concentration.

Aaron is passionate about helping our clients successfully manage their HR Departments here in the U.S. by providing guidance and acting as an extension to your HR Department to provide peace of mind.

“𝘞𝘰𝘳𝘬𝘪𝘯𝘨 𝘧𝘰𝘳 𝘛𝘈𝘉𝘚 𝘩𝘢𝘴 𝘨𝘪𝘷𝘦𝘯 𝘮𝘦 𝘵𝘩𝘦 𝘶𝘯𝘪𝘲𝘶𝘦 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺 𝘵𝘰 𝘴𝘦𝘦 𝘵𝘩𝘦 𝘱𝘦𝘳𝘴𝘱𝘦𝘤𝘵𝘪𝘷𝘦 𝘰𝘧 𝘰𝘵𝘩𝘦𝘳 𝘤𝘶𝘭𝘵𝘶𝘳𝘦𝘴 𝘢𝘯𝘥 𝘩𝘰𝘸 𝘪𝘵 𝘪𝘮𝘱𝘢𝘤𝘵𝘴 𝘵𝘩𝘦𝘪𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘔𝘢𝘯𝘺 𝘰𝘧 𝘰𝘶𝘳 𝘤𝘭𝘪𝘦𝘯𝘵𝘴 𝘤𝘰𝘮𝘦 𝘵𝘰 𝘵𝘩𝘦 𝘜𝘚 𝘸𝘪𝘵𝘩 𝘷𝘦𝘳𝘺 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘪𝘥𝘦𝘢𝘴 𝘢𝘣𝘰𝘶𝘵 𝘩𝘰𝘸 𝘦𝘮𝘱𝘭𝘰𝘺𝘮𝘦𝘯𝘵 𝘸𝘰𝘳𝘬𝘴 𝘩𝘦𝘳𝘦. 𝘖𝘯𝘤𝘦 𝘵𝘩𝘦𝘺 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘸𝘩𝘢𝘵 𝘪𝘵’𝘴 𝘳𝘦𝘢𝘭𝘭𝘺 𝘭𝘪𝘬𝘦, 𝘪𝘵 𝘤𝘢𝘯 𝘣𝘦 𝘰𝘷𝘦𝘳𝘸𝘩𝘦𝘭𝘮𝘪𝘯𝘨 𝘵𝘳𝘺𝘪𝘯𝘨 𝘵𝘰 𝘭𝘦𝘢𝘳𝘯 𝘦𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘵𝘩𝘦𝘺 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘬𝘯𝘰𝘸, 𝘸𝘩𝘪𝘭𝘦 𝘢𝘭𝘴𝘰 𝘮𝘢𝘪𝘯𝘵𝘢𝘪𝘯𝘪𝘯𝘨 𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘵𝘩𝘦𝘪𝘳 𝘤𝘰𝘶𝘯𝘵𝘳𝘺 𝘸𝘪𝘵𝘩 𝘤𝘰𝘮𝘱𝘭𝘦𝘵𝘦𝘭𝘺 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘭𝘢𝘸𝘴.”

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