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 | | |
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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 yearโs 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-2โs and contractors or vendors to whom you have paid more than $600 need to be provided with 1099โs. For this you will not only need their tax ID. but also their updated. address information. If you donโt 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 TABSโ 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 Stateโs Department of Financial Services to approve these requests. Now may be the time to reevaluate your plan offerings. TABSโ 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. | | |
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Client Interview: KUBO Full Service Grow Concepts TABS spoke with KUBOโs 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. | | |
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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 Floorโs 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. | | |
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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. | | |
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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. | | |
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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: - What does the transfer pricing lifecycle for a start/scale-up look like?
- What are typical transfer pricing models?
- How to design a transfer pricing model that fits your company?
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CES Unveiled – Save the Date Thursday, October 13th in Amsterdam CESยฎ 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. | | |
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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. | | |
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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 bachelorโs 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. โ๐๐ฐ๐ณ๐ฌ๐ช๐ฏ๐จ ๐ง๐ฐ๐ณ ๐๐๐๐ ๐ฉ๐ข๐ด ๐จ๐ช๐ท๐ฆ๐ฏ ๐ฎ๐ฆ ๐ต๐ฉ๐ฆ ๐ถ๐ฏ๐ช๐ฒ๐ถ๐ฆ ๐ฐ๐ฑ๐ฑ๐ฐ๐ณ๐ต๐ถ๐ฏ๐ช๐ต๐บ ๐ต๐ฐ ๐ด๐ฆ๐ฆ ๐ต๐ฉ๐ฆ ๐ฑ๐ฆ๐ณ๐ด๐ฑ๐ฆ๐ค๐ต๐ช๐ท๐ฆ ๐ฐ๐ง ๐ฐ๐ต๐ฉ๐ฆ๐ณ ๐ค๐ถ๐ญ๐ต๐ถ๐ณ๐ฆ๐ด ๐ข๐ฏ๐ฅ ๐ฉ๐ฐ๐ธ ๐ช๐ต ๐ช๐ฎ๐ฑ๐ข๐ค๐ต๐ด ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ฅ๐ฆ๐ค๐ช๐ด๐ช๐ฐ๐ฏ๐ด. ๐๐ข๐ฏ๐บ ๐ฐ๐ง ๐ฐ๐ถ๐ณ ๐ค๐ญ๐ช๐ฆ๐ฏ๐ต๐ด ๐ค๐ฐ๐ฎ๐ฆ ๐ต๐ฐ ๐ต๐ฉ๐ฆ ๐๐ ๐ธ๐ช๐ต๐ฉ ๐ท๐ฆ๐ณ๐บ ๐ฅ๐ช๐ง๐ง๐ฆ๐ณ๐ฆ๐ฏ๐ต ๐ช๐ฅ๐ฆ๐ข๐ด ๐ข๐ฃ๐ฐ๐ถ๐ต ๐ฉ๐ฐ๐ธ ๐ฆ๐ฎ๐ฑ๐ญ๐ฐ๐บ๐ฎ๐ฆ๐ฏ๐ต ๐ธ๐ฐ๐ณ๐ฌ๐ด ๐ฉ๐ฆ๐ณ๐ฆ. ๐๐ฏ๐ค๐ฆ ๐ต๐ฉ๐ฆ๐บ ๐ง๐ช๐ฏ๐ฅ ๐ฐ๐ถ๐ต ๐ธ๐ฉ๐ข๐ต ๐ช๐ต’๐ด ๐ณ๐ฆ๐ข๐ญ๐ญ๐บ ๐ญ๐ช๐ฌ๐ฆ, ๐ช๐ต ๐ค๐ข๐ฏ ๐ฃ๐ฆ ๐ฐ๐ท๐ฆ๐ณ๐ธ๐ฉ๐ฆ๐ญ๐ฎ๐ช๐ฏ๐จ ๐ต๐ณ๐บ๐ช๐ฏ๐จ ๐ต๐ฐ ๐ญ๐ฆ๐ข๐ณ๐ฏ ๐ฆ๐ท๐ฆ๐ณ๐บ๐ต๐ฉ๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ๐บ ๐ฏ๐ฆ๐ฆ๐ฅ ๐ต๐ฐ ๐ฌ๐ฏ๐ฐ๐ธ, ๐ธ๐ฉ๐ช๐ญ๐ฆ ๐ข๐ญ๐ด๐ฐ ๐ฎ๐ข๐ช๐ฏ๐ต๐ข๐ช๐ฏ๐ช๐ฏ๐จ ๐ฐ๐ฑ๐ฆ๐ณ๐ข๐ต๐ช๐ฐ๐ฏ๐ด ๐ช๐ฏ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ค๐ฐ๐ถ๐ฏ๐ต๐ณ๐บ ๐ธ๐ช๐ต๐ฉ ๐ค๐ฐ๐ฎ๐ฑ๐ญ๐ฆ๐ต๐ฆ๐ญ๐บ ๐ฅ๐ช๐ง๐ง๐ฆ๐ณ๐ฆ๐ฏ๐ต ๐ญ๐ข๐ธ๐ด.โ | | |
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