Articles

YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY


November 20, 2020

Although vote counting continues and legal challenges to the election endure, many news media organizations are projecting that former Vice President Joe Biden will become the 46th President of the United States on January 20, 2021.

The House of Representatives will remain under Democratic control, but control of the Senate is somewhat less certain since the balance of power will be determined in January 2021 following a run-off election for two open Senate seats in Georgia. The run-off is necessary because neither of the candidates in either of the races obtained more than 50% of the total vote count as required by the state’s election law. A win by the two Democratic candidates would shift the balance of power in the Senate from one of GOP control to one where neither party has a majority. In that case, if all Senators vote along party lines (including independent senators who typically vote with Democrats), any deadlock on legislation would be broken by Vice President-elect Harris casting the deciding vote. This tiebreaking potential would also determine the Senate leadership, the ratio of committee memberships between the parties, and the leadership of each committee.

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HLS Global Group and HWS GmbH & Co. KG Form International Strategic Joint Venture

September 30, 2021

HLS Global

HWS GmbH & Co. KG

HLS HWS Europe GmbH

 

HLS Global Announces the Establishment of Japan Desk at the Stuttgart Office

Creating New Opportunities for Japanese Companies in Europe through a Partnership Founded on Trust

 

Los Angeles, CA, U.S.A. / Stuttgart, Germany:

As of September 1, 2021, the HLS Global group announced the opening of its new branch in Stuttgart, Germany, to start the provision of various support services to the local subsidiaries of Japanese companies in Europe.  After starting in the U.S. 30 years ago, and establishing offices in Japan, Mexico and India, this newest branch enhances HLS Global’s international expansion to Europe.  As announced on July 30, 2020, HLS Global has formed a strategic joint venture with HWS GmbH & Co. KG (“HWS”), and the firms will collaborate together  to jointly provide a variety of services in Europe. HWS is an consulting and accounting firm with a rich history of nearly 100 years and approximately 550 employees in the Stuttgart area.  Through this collaboration, the firms will integrate HLS Global’s knowhow accumulated through services provisioned to Japanese companies globally, into the proficiency developed by HWS to provide superior quality services to support the operations of Japanese companies globally.  Some of the services provided as part of this collaboration will include diverse areas like accounting, financial reporting, outsourcing, taxation, legal advice, IT advisory, business advisory etc.

The COVID-19 pandemic still has an adverse effect on global economies resulting in a considerable impact on the movement of goods, services and people, and most global businesses have been forced to cope with this ‘new norm’ on a regular basis. The HLS Global Group remains committed to enhance our capability and thrive to improve our services continuously in order to realize our mission of becoming the world’s most trusted accounting & advisory firm for supporting the operations for Japanese companies globally. 

 

About HLS Global Group: The HLS Global Group is an international accounting and business advisory firm that provides accounting, tax, audit, advisory, and consulting services. Founded in 1990, HLS Global has grown to more than 150 professionals serving clients in the U.S., Japan, Mexico, India, and now Germany. While catering to the business requirements of Japanese subsidiaries operating abroad, HLS Global also provides comprehensive solutions to non-Japanese multinational companies in Japan. For more information, visit https://hls-global.com.

About HWS GmbH & Co. KG: The HWS Group provides tax consulting, audit, legal, and corporate consulting services for medium-sized enterprises and family-owned companies in Germany. With a rich nearly 100-year history, HWS has cultivated a company culture characterized by continuous personal and professional development as well as open communication and fun. For more information, visit https://www.hws.de/home.

 

About HLS HWS Europe GmbH: HLS HWS Europe GmbH was established as a strategic joint venture between HLS Global and HWS Group in Stuttgart, Germany in 2020.   

 

Contact Information


English / Japanese

HLS HWS Europe GmbH 

TEL: +49 (711) 78892 380

E-mail: Takuro.Arimitsu@hls-hws.com

Contact person: Takuro Arimitsu

 

 

German

HWS GmbH & Co. KG

TEL: +49 (711) 78892 180

E-Mail: Ingo.Haug@hws.de

Contact person: Ingo Haug

 

CARES Act – Employee Retention Credit and Employer Payroll Tax Deferral

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a business relief provision known as the Employee Retention Credit (ERC), a payroll tax credit for “qualified wages” paid to retained employees between March 13 and December 31, 2020. The purpose of this provision is to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak.

Please find attached information about the ERC relief and payroll tax credit.

CARES Act – Employee Retention Credit and Employer Payroll Tax Deferral

The Coronavirus Aid, Relief, and Economic Security ("CARES") Act contains a business relief provision known as the Employee Retention Credit (ERC), a payroll tax credit for "qualified wages" paid to retained employees between March 13 and December 31, 2020. The purpose of this provision is to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak.

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CARES Act – SBA Loan Information

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). Please find attached information about the two loan programs recently implemented through Small Business Administration (SBA): Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP).

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with more detailed alerts on individual provisions to follow. Click here for a link to the full text of the bill.

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