Zohair & Co. Global Accountants

Zohair & Co. Global Accountants At Zohair & Co. Global Accountants​, we are your trusted partners in financial excellence.

With a decade of expertise, we offer tailored accounting solutions worldwide, empowering businesses with precision, integrity, and unwavering commitment to success.

If you're a non-resident who owns a single-member US LLC, Form 5472 almost certainly applies to you — even if you owe no...
04/08/2026

If you're a non-resident who owns a single-member US LLC, Form 5472 almost certainly applies to you — even if you owe no US tax. Missing it carries an automatic $25,000 penalty, and it's worth knowing where you stand. 👇
🔗 https://zohairglobalaccountants.com/.../form-5472-explained/

Your US LLC might owe $0 in tax and still be facing a $25,000 penalty. Here's the trap that catches thousands of non-res...
30/07/2026

Your US LLC might owe $0 in tax and still be facing a $25,000 penalty. Here's the trap that catches thousands of non-resident founders.

If you're outside the US and own a US LLC (Delaware, Wyoming, New Mexico, or any state), there's a filing almost nobody warns you about: Form 5472.

The part that shocks people: it has nothing to do with profit.

Since 2017, a foreign-owned single-member US LLC has to file Form 5472 (attached to a "pro forma" 1120) whenever there's a reportable transaction with its owner. And "reportable" is broad: funding your own bank account, paying an expense, taking a distribution, even formation costs all count. "But my LLC was dormant" seldom holds up.

Three things that trip founders up:

📌 It's a filing, not a tax. You can owe $0 in US income tax and still be required to file. Selling online to US customers from abroad often isn't a US trade or business, but you still file.
📌 The penalty is brutal. $25,000 per form, per year, with no maximum cap, whether or not you made a single dollar.
📌 You can't e-file it. It goes by mail or fax only, by April 15 (extendable to October 15). Send it to the wrong place and, for penalty purposes, it can count as never filed.

Good news if you've been worried about BOI: as of the March 2025 FinCEN rule, US-formed entities are now exempt from beneficial-ownership reporting. But Form 5472, your state franchise filing, and possible BEA surveys are separate and still apply.

Not sure if you need to file? Our free tool walks you through it in four questions 👇
🔗 https://zohairglobalaccountants.com/foreign-owned-us-businesses/foreign-owned-us-llc/

Missed prior years? Reasonable-cause relief is far easier to argue before an IRS notice arrives than after. Message us; we handle foreign-owned LLC compliance end to end, from EIN to filing.

❌ "No tax on Social Security." You probably heard that promise. Here's what the law actually delivered instead. 👇The One...
27/07/2026

❌ "No tax on Social Security." You probably heard that promise. Here's what the law actually delivered instead. 👇

The One Big Beautiful Bill did NOT exempt Social Security from tax. What it created is a separate $6,000 senior deduction (age 65+, 2025–2028), genuinely helpful, but not the same thing, and your benefits can still be partly taxable. Don't plan around a promise that isn't in the statute.

While we're setting the record straight, three more new breaks worth knowing:

👵 Seniors (65+): a $6,000 deduction ($12,000 if both spouses qualify), on top of your standard deduction
👶 Families: the Child Tax Credit is now $2,200 per child and permanent
🚗 Car buyers: deduct up to $10,000 of interest on a new, US-assembled vehicle financed after 2024 (leases don't qualify, and the rules are still proposed)
🍼 Newborns: a one-time $1,000 federal "Trump Account" seed for US-citizen babies born 2025–2028

Every one of these phases out as income climbs, and most expire after 2028, so whether you actually benefit comes down to the fine print.

See what you're eligible for with our free benefits finder in about a minute, no signup 👇
🔗 https://zohairglobalaccountants.com/us-tax-updates/new-for-seniors-families-and-car-buyers/

Filed your 2025 return already? Most of these applied retroactively; you may be able to amend. Not sure which apply to you? Send us a message.

If you own an LLC, S-Corp, partnership, or sole proprietorship, the 20% QBI deduction just became permanent. Section 199...
25/07/2026

If you own an LLC, S-Corp, partnership, or sole proprietorship, the 20% QBI deduction just became permanent.

Section 199A was always due to sunset. It isn't anymore, which means this stops being a "claim it while you can" break and becomes something you plan around every single year.

What's changed for 2026:
✅ The 20% deduction is permanent, with no expiry date
📊 A wider phase-in range, so the deduction tapers more gently instead of falling off a cliff
💷 A brand-new $400 minimum deduction if you have at least $1,000 of QBI from a business you materially participate in

But here's what most owners get wrong: it all hinges on your taxable income:

👉 Below $403,500 (joint) or $201,750 (single) for 2026, none of the complicated rules apply. You get the full 20%. Doctor, lawyer, consultant doesn't matter.
👉 Above it, two tests bite: your W-2 wages and property, and whether you're a "specified service business." A high-earning consultant with no employees can lose the deduction entirely.

Which is why managing taxable income, retirement contributions, timing invoices, and your S-Corp salary is often worth far more than face value if you're near that line.

We built a free QBI estimator so you can see your zone and your likely deduction in about a minute. No signup 👇
🔗 https://zohairglobalaccountants.com/us-tax-updates/section-199a-is-permanent/

Getting fewer 1099s this year? Don't mistake that for a smaller tax bill. 🧾The reporting thresholds just changed again, ...
23/07/2026

Getting fewer 1099s this year? Don't mistake that for a smaller tax bill. 🧾

The reporting thresholds just changed again, and it catches freelancers, online sellers, and small business owners every time:

📱 1099-K is back to $20,000 AND 200 transactions. The $600 app-payment rule everyone dreaded is gone. Both conditions have to be met now, so $25,000 across 40 sales? No form. (Card payments are the exception; no minimum there.)

📄 1099-NEC jumps to $2,000. For the first time in ~70 years, the old $600 contractor-reporting trigger is rising to $2,000 for 2026 payments. Note the timing: the forms you file in early 2026 for the 2025 year still use $600.

But here's the part that trips people up: a higher threshold changes whether a FORM is issued, not whether the income is taxable. No 1099 does not mean no tax. If you earned it, you report it.

That's why your own records matter more than the forms in your mailbox.

We built a free 1099 form finder. Answer a couple of questions, and it tells you which form applies to your situation 👇
🔗 https://zohairglobalaccountants.com/us-tax-updates/the-1099-k-and-1099-nec-thresholds-changed-again/

Buying equipment for your business this year? You may be able to deduct 100% of it in year one. 🛠️The One Big Beautiful ...
22/07/2026

Buying equipment for your business this year? You may be able to deduct 100% of it in year one. 🛠️

The One Big Beautiful Bill brought back 100% bonus depreciation — and this time it's permanent — while Section 179 expensing climbs to $2.56M for 2026. For most equipment purchases, that means the entire cost comes off this year's taxable income instead of being spread over 5–7 years.

A quick example: buy $150,000 of equipment in the 35% bracket, and the full $150,000 is deductible in year one — roughly $52,500 back in federal tax. That cash stays in your business now, not a decade from now.

But here's the catch most people miss — the deadline isn't when you pay, it's when the asset is "placed in service." A machine still in its crate on December 31 doesn't count. It has to be installed, connected, and genuinely usable by year-end.

And faster isn't always smarter: in a low-income year, or if your tax rate is rising, spreading the deduction can actually save more. That's the part worth planning.

We built a free first-year write-off calculator — enter your equipment cost, bracket, and income, and see your estimated tax saving in seconds. No signup.

🔗 Try it here: https://zohairglobalaccountants.com/us-tax-updates/100-bonus-depreciation-and-the-2-5m-section-179/

Planning a big purchase before year-end? Let's make sure it's timed right.

The SALT cap just went from $10,000 to $40,000. Should you be itemizing again? If you stopped itemizing back in 2018 bec...
17/07/2026

The SALT cap just went from $10,000 to $40,000. Should you be itemizing again?

If you stopped itemizing back in 2018 because the $10,000 cap made it pointless — it's time to look again. Most people never rechecked.

But the headline number hides three catches:

📉 It shrinks fast. Above $500,000 of MAGI, you lose 30 cents of cap for every extra dollar of income. In the 35% bracket, that's an effective marginal rate of about 45.5%.
⏳ It's temporary. The cap runs 2025–2029, then drops back to $10,000 in 2030. Unlike the tax brackets and the 20% QBI deduction, this one was never made permanent.
🏢 Business owners can beat it entirely. Most states now offer a pass-through entity tax (PTET) election that sidesteps the personal cap — and the new law didn't touch it.

We built a free SALT calculator so you can see your own number in about 30 seconds — no signup, no email. Enter your income, state taxes, and mortgage interest, and it tells you whether itemizing now beats your standard deduction.

🔗 Try it here: https://zohairglobalaccountants.com/us-tax-updates/the-salt-deduction-just-jumped-to-40000/

Already filed your 2025 return without it? The higher cap applied retroactively — you may be able to amend.

Tipped or working overtime? The IRS now lets you deduct a big chunk of it. Under the One Big Beautiful Bill, two brand-n...
10/07/2026

Tipped or working overtime? The IRS now lets you deduct a big chunk of it.

Under the One Big Beautiful Bill, two brand-new federal deductions are in effect for tax years 2025 through 2028:

🧾 Up to $25,000 in qualified tips — per return
⏱️ Up to $12,500 in overtime pay ($25,000 if married filing jointly)
✅ You can claim them whether you itemize or take the standard deduction

A few things people get wrong: it's a deduction, not a free pass (Social Security & Medicare still apply), your job has to be on the IRS's list of 70+ tipped occupations, and only the FLSA-required "half" of your overtime counts.

The bottom line: if you earned tips or overtime in 2025, make sure your return actually captures this — and if you already filed without it, you may be able to amend.

We break down exactly who qualifies and how to claim it 👇
🔗 https://zohairglobalaccountants.com/us-tax-updates/no-tax-on-tips-and-overtime/

Not sure if you qualify? Send us a message.

The "One Big Beautiful Bill Act" is now law, and it's quietly reshaping your 2026 taxes and take-home pay. 🇺🇸The headlin...
01/07/2026

The "One Big Beautiful Bill Act" is now law, and it's quietly reshaping your 2026 taxes and take-home pay. 🇺🇸

The headlines have faded, but the changes are very much in effect. A few that matter right now:

✅ Locked in for good: the lower 2018 tax brackets, a bigger standard deduction, the 20% QBI deduction, and a $2,200 Child Tax Credit- this is your new baseline.
💵 In your paycheck today: new deductions for tips, overtime and car-loan interest, plus an extra $6,000 deduction for those 65+, all running through 2028.
🏢 For business owners: 100% bonus depreciation is back permanently, and Section 179 expensing climbs to roughly $2.56M for 2026. The timing of equipment purchases can seriously affect your tax bill.

The most common mistake? Treating every new break as permanent. Some are here to stay; others are on a 2028 clock. The real value is in planning around the difference.

We break it all down, plainly, in our latest blog 👇
🔗 https://zohairglobalaccountants.com/us-tax-updates/the-one-big-beautiful-bill-act/

Want to know exactly how it changes your numbers? Send us a message.

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