Virginia La Torre Jeker, J.D. — US tax matters affecting international clients
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
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”
If you are a US citizen or green card holder thinking about keeping or giving up your US status, tax professional, tax advisor, immigration consultant, enrolled agent, certified public accountant, family office, wealth advisor or wealth planner you should definitely attend this webinar. If you cannot attend, other options to obtain the webinar are available … Continue reading WEBINAR Expatriation & U.S. Tax Implications: Navigating Green Card (LTR) & Citizenship Relinquishment with IRS Final Section 2801 Transfer Tax Updates
IRS literally just finalized the Code Section 2801 regulations on January 10. These long-awaited final regulations concern gifts and bequests received by a U.S. person from foreign persons who were former U.S. citizens or green card holders who qualified as "long term residents" and were "covered expatriates" at the time of giving up their U.S. … Continue reading BREAKING! Final IRC Section 2801 Regs Issued on Foreign Gifts or Bequests …. Buckle Up…. Rough Ride Ahead
Representative Darin LaHood just introduced on December 18 the Residence-Based Taxation for Americans Abroad Act, aiming to modernize the US tax system for Americans living overseas. This proposal seeks to shift from the current citizenship-based taxation—which taxes US citizens on their worldwide income regardless of residence—to a residency-based system. The existing US tax framework has … Continue reading Breaking! Residence-Based Taxation for Americans Abroad May Become Reality
Roger Ver, an early Bitcoin investor renowned as “Bitcoin Jesus” for his evangelism of cryptocurrency since 2011, now finds himself in a legal maelstrom. Ver, a controversial figure in the blockchain world, was arrested in April 2024 in Spain on U.S. criminal charges stemming from allegations of mail fraud, tax evasion, and filing false tax … Continue reading Bitcoin Jesus Challenges Constitutionality Of Expatriation “Exit Tax”
The new procedure for obtaining a Certificate of Loss of US Nationality (CLN) effective November 1, 2024, revolves around an updated Form DS-4079. This "redesigned" form now has tailored sections for different types of expatriating acts, reflecting a more specific and perhaps a more streamlined approach to processing renunciations and relinquishments. Briefly, US citizenship can … Continue reading Giving Up US Citizenship – The Path Gets More Complex As DS-4079, Now 18 Pages, Is Revamped
U.S. immigration law assumes that a person admitted to the United States as a lawful permanent resident (green card holder) will live there permanently. Remaining outside the United States for an extended period, may possibly result in a loss of LPR status. Long periods spent outside of America can result in problems upon re-entry at the … Continue reading Surrender Green Card At The Border: Form I-407, U.S. Tax Expatriation
The Report of Foreign Bank and Financial Accounts (FinCEN Form 114) commonly called the FBAR is a crucial reporting requirement for US persons (citizens, green card holders and those meeting the substantial presence test) with foreign financial accounts. With the deadline for the 2023 FBAR set for October 15, my Forbes article provides information to … Continue reading Need an FBAR Escape Hatch?
Navigating the intricacies of U.S. tax laws can be challenging, especially for green card holders living abroad. Green card holders have concerns that remaining outside the United States for too long may result in loss of the green card. One area that often causes confusion for green card holders is the “foreign earned income exclusion,” … Continue reading Green Card Holder Works Abroad: Tricky U.S. Tax And Immigration Issues
Virginia - US TAX TALK 