Understanding Joint Ownership And Estate Tax: Deep Dive Into The Rules

When it comes to estate planning, how you hold property with others can have significant tax implications after you have passed on. Internal Revenue Code Section 2040 governs how joint ownership of property with right of survivorship is treated for federal estate tax purposes. The rules can catch even the most astute investors off guard. … Continue reading Understanding Joint Ownership And Estate Tax: Deep Dive Into The Rules →

Foreign Stock Options: 6 Things American Expats Should Know

As more Americans take on international roles, stock options have become a key part of the expatriate executive’s compensation package, especially when working for foreign employers. These options offer exciting opportunities to benefit from a company’s growth, but they also come with complex U.S. tax implications that can catch the unwary off guard. Imagine you’re … Continue reading Foreign Stock Options: 6 Things American Expats Should Know →

MAY 13 WEBINAR 2 IRS CPE Navigating Foreign Accounts & FBAR: Avoiding Traps That Lead to Costly Penalties

Automatic Extended Due Date for FBARs is October 15. Many wealth advisors, tax pro’s and compliance professionals are taking advantage of this extended due date (no need to apply, it’s automatic) to save time for tax returns due soon. Perfect opportunity to attend my webinar May 1 2025. Learn from the best. My slides are … Continue reading MAY 13 WEBINAR 2 IRS CPE Navigating Foreign Accounts & FBAR: Avoiding Traps That Lead to Costly Penalties →

PODCAST! Crash Course Info! Renouncing US Citizenship / Relinquishing Green Card – Beware The Exit Tax and More

A very informative podcast - I would say it's a crash course on the US #expatriation regime including the recently issued final IRS regs on the Sec. 2801 transfer tax, lots of tax tips including gifting issues to get below USD 2 million threshold, what NOT TO DO if CBP wants you to sign I-407 … Continue reading PODCAST! Crash Course Info! Renouncing US Citizenship / Relinquishing Green Card – Beware The Exit Tax and More →

FBAR Due Date: Triggers And Key Compliance Rules For U.S. Taxpayers

As the April 15 tax filing deadline approaches, U.S. persons with foreign financial accounts must be aware of their obligation to file the Report of Foreign Bank and Financial Accounts, commonly called the “FBAR”. The filing deadline is April 15, the same due date as one’s U.S. income tax return, but there is an automatic … Continue reading FBAR Due Date: Triggers And Key Compliance Rules For U.S. Taxpayers →

Unfiled Tax Returns Can Lead To An IRS Action That Costs You Money

With tax filing season in full swing, it’s important to understand what might happen if you do not file a U.S. income tax return. The IRS can, and often will, file a “substitute” return for you and generally, it won’t be favorable. Taxpayers living and working abroad face greater risks with a SFR. The IRS … Continue reading Unfiled Tax Returns Can Lead To An IRS Action That Costs You Money →

Leaked Memo Includes Major Tax Reform And Impacts U.S. Persons Abroad

A recently leaked memorandum discussed by JD Supra, has revealed potential tax reform under discussion in the U.S. House of Representatives. These share some key elements with President Donald Trump’s tax reform proposals, reflecting a coordinated effort to implement significant change. The leaked information contains changes that could reshape the tax obligations of U.S. persons … Continue reading Leaked Memo Includes Major Tax Reform And Impacts U.S. Persons Abroad →

Giving Up Citizenship Or Green Card: Harsh Tax On Social Security

A portion of an individual’s U.S. Social Security retirement, survivors, or disability benefits may be subject to U.S. income tax, regardless if the individual is a U.S. or non-U.S. person. Before delving into the details about tax on Social Security, it is helpful to understand the different nomenclature when it comes to certain benefits. Social … Continue reading Giving Up Citizenship Or Green Card: Harsh Tax On Social Security →

Proposed Death Tax Repeal: Foreign Investors Win, Covered Expats Don’t

A new legislative effort, which started last year as House Bill 7035 was reintroduced in January 2025 by Representative Randy Feenstra, R-Iowa. The "Death Tax Repeal Act," seeks to repeal the U.S. estate tax (often called the Death Tax) and the generation-skipping transfer tax. If passed, the Death Tax Repeal Act would have far-reaching implications for wealthy … Continue reading Proposed Death Tax Repeal: Foreign Investors Win, Covered Expats Don’t →

40% Transfer Tax: IRS Final Say On Foreign Gifts, Bequests From “Covered Expatriates”

Seventeen years after Congress enacted IRC Section 2801, the IRS (finally) released final regulations implementing the law on January 10, 2025. It’s been a long wait. The regulations clarify (to a certain extent) the tax implications for U.S. persons receiving certain gifts and bequests from former U.S. citizens and long-term resident green card holders. At its … Continue reading 40% Transfer Tax: IRS Final Say On Foreign Gifts, Bequests From “Covered Expatriates” →