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  • 16 Jan 2020 9:12 AM | Lucas Lombardi (Administrator)

    La Cámara Argentina-Texas busca ser un vehículo para agilizar las oportunidades de negocios entre ambos puntos del continente. Llevarán una misión de empresarios a la OTC en Houston. "El propósito de desarrollar vínculos entre empresas privadas,nuestro esfuerzo es permanente en cualquier condición macroeconómica", señaló Ignacio Carnicero, presidente del capítulo neuquino de la cámara.

    Estrechar vínculos entre empresarios de Neuquén y de Texas es la misión del capítulo neuquino de la Cámara de Comercio Argentina-Texas. A nivel regional, los referentes son su presidente Ignacio Carnicero y su director Mariano Hasperué. La organización es global y abarca todos los sectores, pero el fuerte es la industria hidrocarburífera. El nexo Neuquén-Texas también se puede traducir como Vaca Muerta-Permian.

    "Nuestro capítulo neuquino trabaja intensamente con una impronta hidrocarburífera muy importante. La cámara tiene como propósito fomentar los negocios entre empresas de Texas y de Argentina en múltiples rubros y actividades", señaló Carnicero, que se desempeña como contador con su propio estudio en Neuquén capital, en diálogo con +e.

    En sintonía, Hasperué indicó que la entidad es un vehículo para generar condiciones ideales que permitan el intercambio económico. "Si fuera un país, el estado de Texas es la séptima economía mundial. Texas fue pionera en el desarrollo de los hidrocarburos no convencionales. Y actualmente en el mundo hay sólo dos desarrollos comerciales del shale: uno es Estados Unidos y otro es la Argentina a través de Vaca Muerta".

    "No sólo se presentan oportunidades en la industria energética, sino también en distintas áreas como pueden ser la salud con los centros médicos bastos en Texas, la industria aeroespacial y la informática porque la Argentina es un nodo de desarrollo muy importante y también la agricultura", apuntó Hasperué, quien además de representar a la cámara tiene como actividad profesional la de abogado.

    ¿Cómo vender oportunidades de negocio con los vaivenes de la macro argentina planchada y Vaca Muerta en un clima de tensión? "Nuestra entidad tiene el propósito de desarrollar vínculos entre empresas privadas, por lo que nuestro esfuerzo es permanente en cualquier condición macroeconómica", respondió Carnicero. "Al margen de la macro, la cámara sigue apostando al intercambio comercial y de conocimiento entre el estado de Texas y la Argentina. Lógicamente, las cuestiones de la macro impactan pero queremos fortalecer una cadena de valor para que los empresarios neuquinos encuentren nuevos mercados", añadió Hasperué.

    Este 2020, la cámara tendrá mucha actividad con dos mega encuentros importantes en una punta a la otra del continente. Primero, en la ciudad de Houston será la Offshore Technology Conference (OTC), del 4 al 7 de mayo. Después, Neuquén será sede de la Argentina Oil & Gas del 9 al 11 de septiembre. La entidad comercial trabaja en la región con el Centro Pyme-ADENEU para llevar empresarios neuquinos a Houston y luego empresarios texanos a Neuquén.

    "Este año nos proponemos un workshop previo a la OTC para ayudar a las empresas neuquinas a presentarse frente a empresas americanas y tener mayor éxito en lograr los negocios que se propongan", apuntó Carnicero. Ese workshop será a mediados de marzo.

    Nota por: David Mottura - motturad@lmneuquen.com.ar
    Mas Energía


  • 19 Dec 2019 12:51 PM | Lucas Lombardi (Administrator)

    ATCC gathered its members to celebrate the great accomplishments reached by during 2019:


    Participating in 25 events

    End of year celebration in Houston and Neuquen

    Launching Austin Chapter

    Trade Missions to Salta and Entre Rios

    Pre-OTC Cocktail

    Oil & Gas Seminar

    Networking events

    Women @ Work: Pure Energy

    and so many more...

    It was a special night to mingle with other members and to start setting the basis for 2020! The chamber is already planning enriching activities for its members.

    ATCC took the opportunity to thank its sponsors: YPF, Mayer Brown, King & Spalding, Techint, Pan American ENERGY, Abaco. Their contribution made possible the chamber to exist.

    Finally, a special mention to the General Consulate of Argentina in Houston.


  • 18 Dec 2019 5:06 PM | Lucas Lombardi (Administrator)

    The Expatriation Tax (Part Three)


    Covered expatriates face the prospect of being forced to pay tax in return for being allowed to escape the U.S. tax system’s worldwide tax net. The general principles are easy to understand:

    • Pay tax as you receive income. If the IRS can rely on tax withholding rules to assure full collection of income tax, the covered expatriate pays tax at a 30% rate on U.S. source income as it is received.
    • Pay tax on everything now. If the IRS cannot be assured of timely collection of tax at the source, the usual tax fiction of a deemed sale or deemed distribution (from an IRA, for instance) forces immediate recognition and taxation of unrealized income and capital gain while the individual is still a U.S. taxpayer.

    The IRC lays this out by identifying three categories of income for which special exit tax rules have been written. Everything else is subjected to a mark-to-market system that causes a deemed sale of assets at fair market value.

    Specified Tax-Deferred Accounts Specified tax-deferred accounts are things like IRAs or Health Savings Accounts: tax-advantaged creatures of congressional creation.

    If the covered expatriate has any of these accounts, he or she is deemed to have received a full distribution on the day before expatriation. Early distribution penalties are not applied.

    Deferred Compensation Deferred compensation means pensions as well as other deferred compensation arrangements. If the covered expatriate has any of these, expatriation will trigger tax liability.

    Some deferred compensation arrangements are taxed on a “pay as you go” arrangement. As the covered expatriate receives distributions, tax is withheld. These are “eligible” deferred compensation arrangements. “Eligible” deferred compensation plans are those where the payor is a U.S. person.

    There is a simple reason why the government is willing to collect 30% as benefits are paid. A U.S. plan administrator means that there is a U.S. withholding agent. If a withholding agent mistakenly does not withhold tax, it is personally liable to the IRS for the tax that should have been withheld, but was not. The government cannot lose: Tax will be collected from the taxpayer (if withholding is done correctly) or from the U.S. pension plan administrator (if tax withholding is done incorrectly).

    “Ineligible” deferred compensation arrangements are those where the payor is not a U.S. person. A foreign pension plan is a simple example of this. Now, the IRS cannot rely on a withholding agent to act, in effect, as a guarantor of tax payments.

    A foreign pension plan administrator, making a pension distribution to a foreign person (the covered expatriate) might not feel any particular compunction to satisfy an IRS request for tax withholding compliance. For ineligible deferred compensation arrangements, a covered expatriate is treated as having received a lump sum distribution on the day before expatriation equal to the present value of the accrued plan benefits.

    Covered expatriates who are beneficiaries of non-grantor trusts must pay 30% tax on the taxable portion of trust distributions they receive.

    Everything that falls outside of those three special categories will be taxed according to mark-to-market principles. All assets are deemed sold on the day before expatriation, at fair market value. Capital gain or loss is computed in the normal way. An exemption amount ($699,000 for expatriations in 2017; this amount is indexed for inflation) is applied, and any net capital gain above the exemption amount is taxed using the usual capital gain tax rates.

    Predictably, the exit tax rules have spawned special-purpose tax forms.

    • Form 8854. Form 8854 is the main tax form. This form is due on the normal income tax filing deadline for the year of expatriation. Both covered and noncovered expatriates file this form. It captures all of the information that the IRS needs to determine whether the taxpayer is a covered expatriate or not. For covered expatriates, it provides the details of the taxable income triggered by the event of expatriation, and where that income is reflected on the income tax return.
    • Form W-8CE. A special member of the W-8 family exists, just for covered expatriates. The covered expatriate gives this form to retirement plan administrators, pension and deferred compensation plan administrators, and trustees of nongrantor trusts where the covered expatriate is a beneficiary. This notifies the payor of taxable income of the recipient’s covered expatriate status, so the correct tax withholding can be applied. The recipient is also required to provide specified information to assist the covered expatriate’s calculation of the exit tax. For instance, an IRA custodian must report the value of an IRA on the day before expatriation, so the covered expatriate can treat that amount as a deemed distribution prior to expatriation.
    • Form 708. This form has not yet been published. Form 708 will be filed by recipients of gifts or bequests from a covered expatriate. The recipients pay tax at the highest gift tax rate on amounts received from covered expatriates. There are only a few exceptions. Proposed Regulations have been published to interpret and implement IRC section 2801, which imposes this tax.

    DISCLAIMER

    This communication is not intended to be tax advice and should not be treated as such. Readers should contact your tax professional to discuss your specific situation.

    DISCLAIMER 
    This communication is not intended to be tax advice and should not be treated as such. Readers should contact your tax professional to discuss your specific situation. 

    Oscar Eduardo Mary is a founding member of RCBM, an international tax and business consulting firm headquartered in Buenos Aires, Argentina and with a branch office in Carrollton, Texas. RCBM assists companies that want to operate in Argentina and / or United States. You may contact him at o.mary@rcbmgroup.com 


  • 18 Dec 2019 4:04 PM | Lucas Lombardi (Administrator)

    Building Toward Success


    As someone who came 11 years ago to the US to start a new life, Alejandro Juranovic knows what a challenge that can be. Today, having done well for himself, he likes nothing more than helping fellow Argentines who are embarking on the same journey.

    When I got here, I hardly knew anyone, so I had to learn a lot of things on my own. And I barely spoke English” he says. “Now I like to take the time to help others who are going through the same experience I did.”

    Like many newcomers to the US Juranovic arrived planning on doing one thing and ended up doing something entirely different. After completing his degree in Industrial Engineering in Argentina, he came to Houston to do a master’s degree in Geophysics and establish the US office for his father’s geophysical services company back in Buenos Aires.

    In an interview, Juranovic comes across as an energetic and outgoing person, so it’s not hard to imagine how he managed to begin networking and figuring out how to get a business off the ground in the US. He credits several people, including fellow ATCC member Alejandro Haiek, in giving him a hand in getting started.

    Coming from a country where the business is done based on family ties or long-term relationships, Juranovic acknowledges that he was initially wary about doing business with people he didn’t know well.

    In Argentina, I knew people I could trust. Here I had to look for them,” states. And with time, he found them, though he admits there were a few relationships that didn’t turn as well as he would have liked.

    By 2014, things were looking up. The family company, DataSeismic Geophysical Services, had gained a foothold in the US. With oil prices above $100 the company’s business – like many other companies in the Oil & Gas sector – was growing, but when oil prices nosedived at the end of 2014, business dried up.

    That’s when Juranovic and his wife, Solange Mariani, saw a new opportunity and decided to go in a different direction.

    One of the things I began noticing after I got here is that Houston is actually a pretty underdeveloped city, compared to a city like Buenos Aires,” Juranovic says, clarifying that by “underdeveloped” he means there is a lot of open lands to build on. “In Buenos Aires, it’s rare to find an empty lot, while here there are plenty.

    Juranovic also knew that back in Argentina, many people are looking for opportunities to lower their exposure to the country’s economic volatility by investing abroad, and for many Argentines, the best place to spend is in los ladrillos (the bricks), meaning real estate.

    Those two observations led the young couple to start a real estate company, J&A Developments, focused on building townhouses in Houston and obtaining financing from investors back in Argentina. In true Argentine fashion, their initial investors were family and close friends but have shown they can produce results their pool of investors has grown.

    Their latest project is a townhouse project with 24 units in the Third Ward part of Houston, just in front of Midtown. 

    After more than a decade in Houston, and having founded a successful business, Juranovic says, “sometimes you forget how difficult things were when you started out.” But through his efforts to help others who are now in the same position he was when he started out, he is reminded of how daunting the challenge can appear to newcomers.

    The key, he tells them, is “to build the kind of relationships that are there when you need them.

    Sound advice, to be sure, but talking to Juranovic is a good reminder that it takes more than good relationships to succeed. Perseverance, the capacity to spot opportunities, and the willingness to take the risk to pursue are perhaps even more critical.


  • 14 Nov 2019 1:40 PM | Lucas Lombardi (Administrator)


    North Texas District Export Council and Dallas – Ft. Worth International Airport organized the event LINKING TRADE FROM ASIA TO LATIN AMERICA for an overview and update on the airport.  Topics included air service, terminal F, government relations, and air cargo mainly focus on businesses between South America and Southeast Asia. Dallas - Fort Worth International Airport is one of the largest and busiest airports in the world, a world-class super-hub which drives regional, national and international commerce from a pivotal location.

    The event at DFW Airport Headquarters was opened by Jessica Gordon (Director, U.S. Commercial Service DFW) and Nate Muncaster (Chair, North Texas District Export Council) and Milton de la Paz (VP Airline Relations and Cargo Business) was the keynote speaker. Oscar Mary represented the Argentina-Texas Chamber of Commerce.


  • 28 Oct 2019 6:28 PM | Lucas Lombardi (Administrator)

    In 2010, e-commerce retail sales in the United States made up only 4.2% of all retail sales. However, by the last quarter of 2017, e-commerce sales made up 9.1% of all retail sales. In other words, at the end of 2017, these e-commerce sales totaled over $115 billion. E-commerce’s success does not appear to be a temporary phenomenon. It is projected that e-commerce’s retail growth will continue to expand going forward.


    Amazon has been a major player in the success of e-commerce. In 2010, Amazon’s revenue was found to be in an excess of $34 billion, and by 2017 the e-commerce giant’s revenue grew to $178 billion. Currently, Amazon owns 43% of all e-commerce purchases undoubitably dominating the space. Amazon alone accounts for nearly half of all e-commerce sales. However, other e-commerce retailers are also contributing to online sales. The success of e-commerce is directly tied to the growth of the industrial market.

    According to CBRE, E-commerce accounts for almost 9% of total retail sales in the U.S. today and has been growing nearly three times faster than brick-and-mortar sales since 2010. The impact of this growth on the supply chain is profound. A hallmark of e-commerce is superior service—a nearly infinite number of choices, fast delivery and flexible return options. This pressure on the supply chain has driven demand for industrial real estate to nearly unprecedented levels and has fundamentally changed the look of the modern warehouse.

    How much demand is coming from e-commerce users?

    It is commonly thought that an e-commerce supply chain requires up to three times more warehouse and logistics space than a traditional brick-and-mortar supply chain. Anecdotal evidence suggests that this is true, but a recent CBRE Research study found that for each incremental $1 billion growth in e-commerce sales, an additional 1.25 million sq. ft. of distribution space is needed to support this growth. Per CBRE, this suggests that of the 236 million sq. ft. that was absorbed in 2017, approximately 30% of it was attributable to e-commerce.

    Figure 1: 1.25 Million Sq. Ft. of Industrial Demand from each $1.0 Billion in E-commerce Sales

    Source: Forrester Research, CBRE Research, 2018.

    How is e-commerce affecting building design?

    CBRE research showed that demand for efficient logistics space that facilitates quick movement of goods to consumers has necessitated design of new warehouses that are larger in size and height. The average new warehouse in the U.S. increased by 108,665 sq. ft. (143%) in size and 3.7 feet in height when comparing high development activity periods in 2012-2017 and 2002-2007. Distribution markets that serve major population centers and have land for new warehouses saw building sizes increase the most, including Atlanta, the Inland Empire and Cincinnati. Rapidly growing e-commerce sales are the primary driver of this trend, and markets lacking sufficient modern logistics facilities have further expansion potential ahead to keep pace with this rising demand.

    Figure 2: U.S. Average New Warehouse Building Size

    Source: CBRE Research, CBRE Econometric Advisors, 2017.


    About the author – Houston Equity Partners LLC.


  • 28 Oct 2019 5:51 PM | Lucas Lombardi (Administrator)

    The Data Hype

    How many times since you woke up today have you heard the following words:

    • Big Data
    • ML or Machine Learning
    • AI or Artificial Intelligence
    • Algorithm
    • Data Science
    • Digital Revolution or Digitalization
    • Tranformation

    etc etc.

    Buzz words are labels

    In recent months, I have been very often puzzled with the dilemma: are these just "buzz words" or are we aware of the deeper implications of their meanings?

    Indeed, cloud-based computing power is allowing for a deeper understanding of the environment around us "disguised" through data signals. But can anything and everything be addressed through a combination of those words?

    To go deeper, I personally took on the task of wanting to learn more and be able to separate wheat from chaff.

    Keep learning to overcome the shadows of ignorance

    I embarked on my first online Specialization: Executive Data Management, offered by Johns Hopkins Bloomberg School of Public Health via the Coursera Platform.

    The intense course staged in 5 different units delivered by Proffs Peng Leek and Caffo, focused on deeply understanding how a data driven project should be developed. From choosing the right team members and organization layout to addressing real life cases such as the limits of tools to collect relevant data, we were finally exposed to a Zillow based project.

    This is only the first step of a process to really understand how to leverage data and drive true growth.

    Grow by exploring beyond the box

    Beside the tasks and assignments, by summarizing my takeaways I can project novel ways to engage.

    Online courses are great if you are really motivated

    • it personally became additive,
    • pushing me to stay up late
    • researching more, reading more
    • exposing my ignorance to the tests.

    The use of ML/AI in your discourse does not make it more interesting in my views

    • Not all the data is useful
    • do not rely on data to fill the voids of your vision....they will stay empty!
    • Share what you want to do with data more than the tools you will use.

    My ways of expressing data relative topics has drastically changed

    • Big data can become a liability more than a strength
    • Data without vision is fuzziness not intelligence
    • An algorithm is a tool that allows your teams to accomplish specific tasks.

    γνῶθι σεαυτόν (know thyself)

    As living beings we constantly generate data points which can describe our behaviors.

    As a matter of fact, we are the generators of those data sets.

    Being mindful of such power, we can study, investigate, learn and innovate without needing a buzz word to label us.

    By Giuseppe Liberati

    CEO Bridging Value

  • 28 Oct 2019 12:57 PM | Lucas Lombardi (Administrator)

    Making the Best of Experience


    Last year Eduardo Nuñez retired after more than a 30-year career at ExxonMobil preceded by a decade at IBM, but that doesn’t mean the former energy sector executive has any intention of just taking it easy in retirement. Instead, he has launched two new ventures, one of which is aimed at increasing the competitiveness of small and medium companies in developing economies.

    To start their new venture, Blue Wave, Nuñez and his co-founder Alma Del Toro, a former BP executive, will be taking their corporate experience and providing self-assessment and development services to small and medium Oil & Gas suppliers in Mexico. Blue Wave will kick off its activities in November with a workshop for 50 companies in Tabasco.

    it’s a win-win situation for the companies, the local governments, which want to promote economic development, and the IOCs (International Oil Companies),” states Nuñez.

    Whether fairly or not, IOCs have long been criticized for extracting natural resources from developing countries without making a real contribution to their economic development. Unfortunately, part of the problem is that it can be mission impossible for local suppliers to match the quality and standards of companies from the US and Western Europe, when the international requirements are not clearly stated in one single site.

    This is where Blue Wave wants to help. “These are companies that cannot afford the services of a consulting firm like Accenture,” says Nuñez. “We want to provide them with an affordable alternative.”

    For just over $1,200 per year, Blue Wave will provide companies with an assessment of their capabilities, a list of prioritized gaps and a mitigation plan. Training, best practices, tools and additional consulting will also be offered at affordable rates.

    It would be hard to find someone better suited than Nuñez to know what IOCs look for in their suppliers. Prior to his retirement in 2018, he served as ExxonMobil’s General Manager of Global Procurement, supervising a staff of 1,500. Previously he served as the company’s head of procurement for the Americas. He also held procurement positions in Tokyo and Brussels.

    Clearly proud of his accomplishments in ExxonMobil, and grateful for the growth opportunities the oil major offered as a company committed to inclusion and diversity, Nuñez believes there are five factors that make professional advancement possible. These are ethics, professionalism, a long-term commitment to the organization, being a team player and leadership.

    Despite his extensive procurement experience, Nuñez acknowledges that he faces new challenges with his start-up venture. “You have to do everything for yourself,” he says, from arranging meetings to putting together presentations to managing routine administrative matters. It’s a big change, but one he seems to be enjoying.

    To keep himself even more busy, Nuñez will assume the Presidency of ATCC in April 2020. Building on what ATCC has accomplished in its first three years will also be challenging, he says.

    The Chamber has accomplished a lot and that is thanks to all the work done by the people who founded it and others, all of whom did it on a voluntary basis. The Chamber has agreements with more than one hundred organizations. We have chapters in Neuquén, Buenos Aires, and Dallas.

    Another sign of the Chamber’s growth, he says, is the move toward a more formal process for planning and budgeting for the coming year. Like all start-up organizations working with limited resources and finances, he explains, the Chamber began operating on an ad hoc basis. That is changing, however, and in the fourth quarter of 2019 the organization will finalize and adopt a plan and budget for the 2020-21 period.

    Asked what he hopes to accomplish when he becomes President, Nuñez cites several goals, including strengthening the new chapter the Chamber is opening in Austin; continuing the Chambers expansion into new sectors like technology, health care and transportation and logistics; and building stronger relations with stakeholders.

    It was many years ago when Nuñez and wife, Adriana, left Argentina with their son, Santiago, and daughter, Maria. Adriana works as a math professor at the Lone Star College System and the children are grown now and have taken different paths in life. Santiago got his MBA at the Wharton Business School and is now working private equity in New York. Maria is wrapping up her master’s degree at Rice University and works as a teacher and social worker.

    That’s the way it is with children,” he says. “As much as they have in common, they often go in different directions.”

    A year after retiring from a long and accomplished corporate career, Eduardo Nuñez is taking a new direction, too.


    By Dan Krishock


  • 28 Oct 2019 12:37 PM | Lucas Lombardi (Administrator)
    The Expatriation Tax (Part Two)



    You are not subjected to the exit tax rules simply because you are a citizen or a long-term resident. You must do something to trigger the application of the exit tax: terminate your citizenship or long-term resident status.

    U.S. citizens can choose to give up citizenship, or have it taken away from them. Losing citizenship makes a (former) U.S. citizen an expatriate under the exit tax rules. Most people relinquish U.S. citizenship by renunciation. The process is straightforward: sign some documents, answer some questions, pay a fee, and make an oath in front of a U.S. consular official to voluntarily renounce your U.S. citizenship. Citizenship can be lost by methods other than formal renunciation. In a few instances, the government can take U.S. citizenship away from you. When the process is complete, the State Department issues a Certificate of Loss of Nationality to confirm that you are no longer a U.S. citizen.

    Green card holders are also affected by the exit tax rules. A green card holder must have been a lawful permanent resident in eight of the 15 years ending with the year of expatriation—in other words, the green card holder is a long-term resident (a defined term in the IRC). Only green card holders who are long-term residents are affected by the exit tax rules.

    Once long-term resident status is attained, there are two ways that a green card holder can trigger the exit tax rules. First, the green card holder can voluntarily abandon the visa status or the government might forcibly cancel the visa. This event causes the long-term resident to be an expatriate, subject to the exit tax rules. Visa status is voluntarily abandoned by filing Form I-407 with the USCIS.

    Long-Term Residents Make a Treaty Election Second, the long-term resident might trigger the exit tax rules by making a treaty election to be a nonresident, thereby ceasing to be a lawful permanent resident. The green card holder makes this election by filing a Form 1040NR for the year in question, with the treaty election on an attached Form 8833. The election, if made after the green card holder becomes a long-term resident, will cause the individual to be an expatriate.

    Are You a Covered Expatriate or Not?

    Once you have determined that you have expatriated (given up citizenship for citizens, abandoned visa status, or elected nonresident tax status for long-term residents), the next task is to figure out the consequences of that event. The exit tax rules will create two possible income tax consequences for citizens and long-term residents who expatriate: paperwork only or paperwork plus tax.

    Covered expatriates face the prospect of paperwork plus tax liability, while noncovered expatriates bear the paperwork burden only. U.S. persons who receive gifts or bequests from covered expatriates also suffer: They pay a tax when receiving a wealth transfer from a covered expatriate.

    “Covered expatriate” is a term of art, defined in the IRC. It means someone who is an expatriate (a citizen who has relinquished citizenship, or a long-term resident who has given up green card visa status or has made a treaty election to be a nonresident) and has failed (or satisfied, depending on your point of view) one of three tests.

    The three tests are designed to identify people who are rich (in the eyes of the IRC) or noncompliant with U.S. tax law. They are covered expatriates.

    Expatriates who are fully tax-compliant and of modest means (from the IRC’s point of view) are not covered expatriates. The IRC does not give these people a name, but for clarity’s sake they are informally referred to as “noncovered expatriates”.

    The first way to become a covered expatriate is to have net worth of $2,000,000 or more on the date of expatriation. The amount is not indexed for inflation. This is called the net worth test.

    The second way to become a covered expatriate is to have a high enough average net income tax liability for the five tax years before the year of expatriation. The threshold amount for expatriations in 2019 is $168,000, and it is indexed for inflation. This is the net tax liability test.

    The final way to become a covered expatriate is to be noncompliant with tax obligations for the five tax years before the expatriation year. Full compliance with Title 26 (the entire IRC) is required. You must certify full compliance under penalty of perjury, and—if audited—prove it. This is the certification test.

    There are two categories of expatriates for whom the net worth test and the net tax liability test will not apply:

    • Dual citizens of acquired U.S. citizenship and another citizenship at birth; and
    • People who expatriate before age 18 1/2.

    For those who qualify for one of the exceptions, personal wealth and prior years’ income tax liability will not cause the individuals to be covered expatriates. However, the taxpayers will still be required to satisfy the certification test, and failure to do so will make them covered expatriates.

    DISCLAIMER 
    This communication is not intended to be tax advice and should not be treated as such. Readers should contact your tax professional to discuss your specific situation. 

    Oscar Eduardo Mary is a founding member of RCBM, an international tax and business consulting firm headquartered in Buenos Aires, Argentina and with a branch office in Carrollton, Texas. RCBM assists companies that want to operate in Argentina and / or United States. You may contact him at o.mary@rcbmgroup.com 



  • 10 Oct 2019 11:47 AM | Lucas Lombardi (Administrator)

    Nobel prize in chemistry for work on lithium-ion batteries

    The man behind one of the most important inventions in modern technology won a Nobel Prize on Wednesday. And he just happens to be a Texan.

    John Goodenough, a professor at the University of Texas Cockrell School of Engineering in Austin, was awarded the Nobel Prize in chemistry for his work in developing lithium-ion batteries. At 97, Goodenough is the oldest Nobel laureate in the history of the award.

    The German-born engineering professor, who has taught at UT since 1986, was awarded the Nobel Prize along with British chemist M. Stanley Whittingham of Binghamton University in New York and Akira Yoshino of Meijo University in Japan.

    "Live to 97 (years old) and you can do anything," Goodenough said Wednesday in a statement. "I'm honored and humbled to win the Nobel Prize. I thank all my friends for the support and assistance throughout my life."

    Goodenough identified and developed the critical materials that provided the high-energy density needed to power portable electronics, initiating the wireless revolution, the University of Texas said in a statement. Today, Goodenough's work is put to use worldwide for mobile phones, power tools, laptops, tablets and other wireless devices.

    "Billions of people around the world benefit every day from John's innovations," said UT President Gregory L. Fenves. "In addition to being a world-class inventor, he's an outstanding teacher, mentor and researcher. We are grateful for John's three decades of contributions to UT Austin's mission."

    Goodenough began his career at the Massachusetts Institute of Technology in 1952, where he laid the groundwork for the development of random-access memory, or RAM, used in the digital computer. After leaving MIT, he worked as a professor and head of the Inorganic Chemistry Laboratory at the University of Oxford. It was there that he made his lithium-ion discovery. He retired from Oxford in 1986 to join UT as the Virginia H. Cockrell Centennial Chair of Engineering in the Cockrell School. He holds faculty positions in the Walker Department of Mechanical Engineering and the Department of Electrical Computer Engineering.

    Goodenough, who heard the news while traveling in Europe, spoke to reporters by phone from London, where he was receiving the Copley Medal from the Royal Society. Goodenough said he was "extremely happy" his work has been able to help communications throughout the world. When asked how he thinks the news will go over with his students and faculty at UT, Goodenough replied, "I hope they still keep me employed."

    Goodenough joins physicist Steven Weinberg as one of two current Nobel laureates at UT. Weinberg won the prize in 1979 for contributions to the theory of unified weak and electromagnetic interaction between elementary particles. Two other UT professors, both deceased, also won Nobel Prizes: Hermann J. Muller in 1946 and Ilya Prigogine in 1977.

    Goodenough will receive a medal, cash prize and diploma at a ceremony in Stockholm in December. He and his fellow laureates in chemistry will split the cash award of 9 million Swedish krona, or about $900,000, with Goodenough donating his portion to UT.

    The Nobel Prize is the last accolade for the chemist, who has received numerous national and international honors over his lifetime. Still, when asked what he is most proud of, Goodenough said, "all my friends."

    By Lara Korte

    Source: Austin American-Statesman

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ABOUT

The Argentina Texas Chamber of Commerce is the primary advocate of Argentina and Texas business communities and is dedicated to building economic prosperity for both Countries. The Chamber of Commerce is a Member-driven organization.

CONTACTS

5100 Westheimer Rd, Ste 200

Houston, TX 77056, United States

Phone:  +1 (713) 969-5036

Fax: +1 (713) 966-6125

info@argentinatexas.org


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