Dear TABS Client/Colleague,
At the beginning of 2021 the TABS team sends you our warmest wishes. One of the greatest joys of this season is the opportunity to say THANK YOU and to wish you the very best for the New Year.
Although it’s early January, 2021 is in full swing. Congress passed Paycheck Protection Plan Loan forgiveness and the new PPP Package (PPP2) at the end of December. This month the inauguration of Joe Biden will take place, tax season is coming up and at the end of this month a number of interesting events are planned. Read all about this, and other relevant information for your U.S. venture, in this newsletter.
Best regards,
On behalf of the entire TABS Team,
Jacob Willemsen
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TABS Holiday Fundraiser for ShelterSuit
On the streets of New York, and in many other places around the world, the number of people experiencing homelessness has exploded over the past year due to the pandemic. For this reason, we at TABS decided to make a donation to Sheltersuit Foundation instead of sending gifts this year. Sheltersuit is a 501(c)(3) non-profit organization providing immediate shelter to individuals who are homeless, while using upcycled materials and providing meaningful jobs. While this does not solve the problem of homelessness, it does provide neighbors in need with a warm little hideout when they need it the most, a cocoon of care and compassion. We encourage you to make a donation as well!
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NABC – Joint NL New Year’s Reception
Tuesday, January 26th, 4pm EST/10pm CET, Webinar
The Netherlands-American Business Council (NABC) invites you to the New Year’s Reception with Ambassador
André Haspels, Ambassador of the Kingdom of the Netherlands to the United States
Breakout rooms will be hosted by the Consul Generals of Atlanta, Chicago, Miami, New York and San Francisco to share their focus and opportunities for the year ahead.
Please RSVP by January 22nd, 2021.
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Operating your Midwest U.S. Business in 2021
Wednesday, January 27th, 10am EST/4pm CET, Webinar
The Agenda
- How the Consulate General of the Netherlands in Chicago can support your business.
- Business opportunities in the Midwest region.
- Mobility and Tax Implications of expanding to the U.S.
- Payroll and HR implications of becoming a U.S. employer in COVID-times.
- Challenges and opportunities of doing business in the U.S.
- Testimonials from two Benelux businesses that moved to the Midwest.
- Questions & Answers.
The format
A 90-minute expert talk and panel discussion on Zoom, with time for Q&A.
Moderator
SOPHIE BOUTELEGIER – Chief Expansion Officer – EXPANDIFY Sophie is an expert in growth and international expansion. She works with entrepreneurs and business leaders to create powerful strategies and fast-lane implementation plans, helping them to achieve sustained, profitable revenue growth. Her core expertise lies in creating international expansion strategies, developing powerful go to market plans and helping European businesses thrive in the U.S. market.
Speakers
- BART TWAALFHOVEN – CONSUL GENERAL OF THE NETHERLANDS IN CHICAGO Bart’s former jobs include Ambassador in Slovenia (2015-2019) and Switzerland (2011-2015). Before that, Bart served as Director of Protocol in the Netherlands, as Consul General in Dubai, as Deputy-Ambassador in Damascus (Syria) as well as in various diplomatic positions in Germany, Turkey and Spain.
- BEN TROCH – Client Manager Benelux – INTERNATIONAL MANAGEMENT SOLUTIONS Ben has a master’s degree in Taxation and Master’s Degree of Law in Belgium. He has more than five years of experience working with international clients. Prior to joining the IMS Chicago office, Ben worked as a Senior Tax Consultant at PwC Belgium. Now based in Belgium, Ben acts as the first contact for Benelux companies and provides various tax & consultancy services.
- RYAN PAVEY – President USA – BAKKERELKHUIZEN/OFFICE ATHLETES Ryan has spent a 20-year career helping Safety, Facilities, Ergonomics, and Wellness professionals reach their goals, implementing effective office wellness and ergonomics programs for their employees. Working with national and global organizations, he has helped reduce discomfort and injury along with the associated insurance costs. With his help companies have reduced absenteeism and presenteeism and measurably increased productivity in the office environment. In 2018 he moved to Chicago to set-up the U.S. subsidiary of BakkerElkhuizen, a leading innovator in remote working and office ergonomic solutions.
- JEROEN MORRENHOF – CEO & Co-Founder – FRISS Jeroen moved to Chicago the summer of 2018 to grow his business. FRISS was successful in Europe at the time but did not have single customer in the U.S. yet. He will share why he decided to move to Chicago, what worked and especially what didn’t.
- JACOB WILLEMSEN – Founder & President – TABS INC Jacob has a MS degree in International Economics from the University of Amsterdam. After working for the Consulate General of the Netherlands in New York until 2001, Jacob started his own consulting company in New York that evolved into TABS in 2010. Since founding TABS, Jacob has since then assisted more than 350 European companies with financial and administrative matters for their transatlantic start-up in the U.S.
This live webinar will be recorded and made available to webinar participants.
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Update Paycheck Protect Program – Loan Forgiveness
The Small Business Administration (SBA) published their guidelines for the Second Round of PPP loans (“PPP2”) which was signed into law late December (The Consolidated Appropriations Act, 2021). This is the second largest federal stimulus package following the previous CARES Act that was signed earlier in 2020. This second round offered another round of Paycheck Protection Loans (“PPP2”), which could potentially benefit some of TABS’ clients. Like the first round of PPP, the loans are meant to help small businesses who have suffered during COVID by providing fully forgivable loans, however there are a few changes that may disqualify some clients.
With the new guidelines published it became clear that the SBA has also reopened their application for the first round of PPP loans and encourages eligible businesses that were not able to, or missed the deadline for the first PPP loan to apply now.For those that have already applied and received the first PPP loan, you may be eligible to apply for PPP2. One important factor however is that you must show a decrease of 25% in gross receipts in any quarter of 2020, compared to that same quarter in 2019.
Please contact HR@tabsinc.com if you believe you may qualify and/or are looking for more information on how to apply.
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Dutch Ventures in the U.S. (DVITUS)
TABSÂ recently completed its 2020 DVITUSÂ research and analysis. Despite the new challenges that face foreign owned entities doing business in the United States, companies generally realized success on a much shorter time table when compared with the 2013 data.
Get the latest insights on how to successfully expand to and build your business in the U.S. market.
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Sales Tax in the United States
TABS prepared a memo to help try and explain the complicated system of sales & use taxes in the United States. There are now over 11,000 taxing jurisdictions in the United States. At the end of the memo is a decision tree that is useful in helping you determine whether your company is obligated to collect and remit sales tax.
Although we hope that you find this memorandum helpful, it is not intended to present any legal or tax advice and is not a substitute for an expert opinion tailored to your company’s specific operations. Before your company begins selling in the United States, you should consult with one of TABS’ sales tax team members.As sales and use tax laws, rules and regulations are constantly changing your company should review its sales and use tax policies periodically. Thereby, each state handles their own sales tax regulations.
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1099’s – Deadline January 31, 2021
The filing deadline approaches 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.
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.
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Meet our team member Amira Halley – Senior Bookkeeper
Amira joined TABS in January 2017. She developed her experience in bookkeeping and accounting in her work for a Florida-based Dutch American accounting and business management firm where she collaborated with a CPA for financial reporting and general accounting. Amira graduated from University of Florida cum laude with a Bachelor’s Degree in Business Administration. In 2019 Amira received her Masters Degree in Accounting at the University of Miami, to be followed by examinations to earn CPA-certification.
“I am proud of the role my team plays in supporting international businesses with their expansion into the United States. My management style is driven by the fundamental values of integrity and commitment, with a diligent focus on opportunities to learn, grow and improve.”
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Front Desk Administrative Support Clerk
TABS is seeking a creative and dynamic Front Desk Administrative Support Clerk to join our New York team!
Would you like to work on a small team and help companies connect and grow on a large scale?
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