Expatriation: More than just a Fashionable Trend — Numbers Climb

The number of individuals ending their US status, or “expatriating” continues to rise unabated.  “Expatriates” as used in this context refers to citizens renouncing US citizenship or “long term residents” giving up a green card.  On October 28 the Treasury Department released the names of 732 individuals who “expatriated” during the third quarter of 2020. When … Continue reading Expatriation: More than just a Fashionable Trend — Numbers Climb

Mr. Biden’s Tax Plans – Serious Pain in Store for those Expatriating, Pain for Americans Abroad…. And Others!

Looking at Mr. Biden’s tax proposals and now faced with his win of the presidency, coupled with Democrat control of the House, Americans abroad are in for a rough time.  This is especially true for anyone considering giving up US citizenship or long term permanent residency (LTR).  Those thinking about expatriation must take immediate action … Continue reading Mr. Biden’s Tax Plans – Serious Pain in Store for those Expatriating, Pain for Americans Abroad…. And Others!

Expatriation – IRS Told to Get Tough and Enforce the Law

The Treasury Inspector General for Tax Administration (TIGTA) recently issued its report “More Enforcement and a Centralized Compliance Efforts Are Required for Expatriation Provisions”, (Reference Number: 2020-30-071, September 28,2020) telling the Internal Revenue Service (IRS) that it needs to do more to make sure that the rising number of US citizens and long term residents … Continue reading Expatriation – IRS Told to Get Tough and Enforce the Law

Divorcing the United States: Two Methods – Renunciation and Commission of an Expatriating Act with “Intent”

This post is a sequel to "Expatriation – Giving up US Citizenship – Will I be Banned from Re-entering the USA?" my earlier blog post analyzing the so-called "Reed Amendment".  As discussed in that post, since the statutory language of the Reed Amendment applies only to those who “officially renounce” United States citizenship it may be … Continue reading Divorcing the United States: Two Methods – Renunciation and Commission of an Expatriating Act with “Intent”

Expatriation Numbers Skyrocket! Giving up US Citizenship – Will I be Banned from Re-entering the USA?

Well, the numbers of individuals renouncing US citizenship is apparently reaching epic proportions.  It has been reported that 5,816 Americans gave up their citizenship in the first six months of 2020 and that this represents a 1,210% increase from the prior six months ending December 2019, when only 444 cases were recorded.  Most clients I … Continue reading Expatriation Numbers Skyrocket! Giving up US Citizenship – Will I be Banned from Re-entering the USA?

Getting a Green Card – Is it Really Worth It?

I recently spoke on the US tax issues faced by the holder of the green card.  To be or not to be such a holder? The podcasts (links below) may help you decide. The podcasts were made with John Richardson, a US and Canadian attorney.   John, who is based in Canada, has seen his fair … Continue reading Getting a Green Card – Is it Really Worth It?

Expatriated? But Failed to File Form 8854?  IRS Provides a Fix!

2020 looks promising in more ways than one. First, on a professional level I was delighted and proud to be named, for the 4th year running, to Forbes Top 100 Must Follow Tax Twitter Accounts for 2020. Please do encourage your friends and colleagues to follow me on Twitter and to subscribe to my US … Continue reading Expatriated? But Failed to File Form 8854?  IRS Provides a Fix!

Time to Review! Tax Issues for US Recipients of Gifts/Bequests from Foreigners

With Christmas having recently been on our doorstep, now is the time to review what tax consequences are in store for gift givers and their lucky recipients.  US tax filings might be required of a US individual who receives a gift (whether in cash or property of some kind - you know, a 5 carat … Continue reading Time to Review! Tax Issues for US Recipients of Gifts/Bequests from Foreigners

IRS “Relief Procedures for Certain Former Citizens” – Hey! What About Green Card Holders?

In September 2019, the Internal Revenue Service (IRS) announced new Relief Procedures for Certain Former Citizens that will enable certain individuals who relinquished (or are relinquishing) their US citizenship to come into compliance with their US tax and filing obligations. These lucky individuals will not have to pay the back taxes otherwise owed; nor will … Continue reading IRS “Relief Procedures for Certain Former Citizens” – Hey! What About Green Card Holders?

President Trump – Expatriating?

Well, if my dream last night has anything to do with reality, the world is in for a big shakeup.  In my dream, President Trump came to me for US tax advice on expatriation - that is giving up one's US citizenship (or, green card in the case of long term residents). What a bizarre … Continue reading President Trump – Expatriating?