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A Simplified Employee Pension (“SEP”) is a written plan that allows you to make contributions toward your own retirement as well as your employees’ retirement while avoiding the complexity of various qualified plans. Under a SEP, you make contributions to a traditional IRA set up by or for each eligible employee. It is important to […]
Due to the cost of living adjustments, many of the pension plan limitations will change for 2012, but others will remain the same. Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Commissioner annually adjust these limits for cost of […]
In a previous essay, I already explained the importance of Incoterms to drafting of international contracts and discussed one of the Incoterms 2010 (EXW). In this article, I will provide a brief overview of another and more common Incoterms 2010 – FCA. FCA (Free Carrier) means that the seller delivers (the Incoterms 2010 rules specify […]
Incoterms (the ICC rules on the use of domestic and international trade terms) constitute a critical part of an international sales contract. Their most important contribution to the contract consist of a clear delineation of the parties’ respective obligations, thereby reducing the risk of misunderstanding and litigation. Moreover, Incoterms are regularly updated and, therefore, incorporate […]
Under I.R.C. §911, if certain conditions are met, a qualified individual can exclude his foreign earned income from taxable gross income for the U.S. income tax purposes. This income may still be subject to U.S. Social Security taxes. The income exclusion amount for 2011 has increased to $92,900 (in 2010, it was $91,500). Remember, if […]