BREAKING! Final IRC Section 2801 Regs Issued on Foreign Gifts or Bequests …. Buckle Up…. Rough Ride Ahead

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 →

Breaking! Residence-Based Taxation for Americans Abroad May Become Reality

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 →

Cross-Border Transactions: Foreign Laws And U.S. Tax In A Borderless World

In today’s interconnected world, borders blur while regulations multiply. Families span continents, careers pivot across countries, and even currencies like Bitcoin redefine value. Meanwhile, the U.S. tax system casts an ever-wider net, taxing its citizens on worldwide income regardless of where they reside. Through measures like the Foreign Account Tax Compliance Act, the U.S. government … Continue reading Cross-Border Transactions: Foreign Laws And U.S. Tax In A Borderless World →

3 Ways To Safeguard Finances Of The Vulnerable, Yet Navigate U.S. Tax

My article copied below, first appeared on Forbes July 2, 2024 – link here. Scams have become increasingly more convincing, posing significant financial risk to vulnerable individuals, especially the elderly. Financial security arrangements should be implemented, but when global financial assets or multi-nationals are involved, the U.S. tax issues can get complicated and require extra diligence. … Continue reading 3 Ways To Safeguard Finances Of The Vulnerable, Yet Navigate U.S. Tax →

Foreign Spouse? Vexing U.S. Tax Issues For The American Half

My article copied below, first appeared on Forbes May 20, 2024 – link here. Follow me on Forbes - it's free and your gateway for easy to understand US international tax coverage. I’ve got 40 years of tax experience and am very careful with my blog posts to ensure accurate information is being provided. Just … Continue reading Foreign Spouse? Vexing U.S. Tax Issues For The American Half →

No U.S. Tax Honeymoon When Americans Marry Non-U.S. Citizens

My article copied below, first appeared on Forbes May 11, 2024 – link here. It provides some important tax tips for those in a US/non-US citizen mixed marriage! Follow me on Forbes for easy to understand US international tax coverage. I’d loved to be your “go-to” person when it comes to US tax issues impacting Americans … Continue reading No U.S. Tax Honeymoon When Americans Marry Non-U.S. Citizens →

U.S. Tax-Savvy Gifting By Foreigners To U.S. Persons

My article copied below, first appeared on Forbes May 11, 2024 - link here. Follow me on Forbes for easy to understand US international tax coverage. I'd loved to be your "go-to" person when it comes to US tax issues impacting Americans abroad or foreign persons with any US connection. The US always finds a … Continue reading U.S. Tax-Savvy Gifting By Foreigners To U.S. Persons →

BREAKING! Expatriation No Cure: Bitcoin Jesus Indicted & Arrested on Tax Fraud

Roger Ver, an early bitcoin investor (from approximately 2011) also known as “Bitcoin Jesus,” was just arrested in Spain based on US criminal charges. According to the indictment filed February 15, 2024 but recently unsealed, Ver has been charged with mail fraud, tax evasion, and filing false tax returns. Ver was a former US citizen who … Continue reading BREAKING! Expatriation No Cure: Bitcoin Jesus Indicted & Arrested on Tax Fraud →

Insights For Foreigners: Navigating The U.S. Tax Maze Before Residency

As some of my readers know, I am now a contributor writing on Forbes. My coverage area is US international tax law for overseas Americans and foreigners. My article is copied below. It first appeared on Forbes April 14, 2024 here. Don't miss out on my informative and easy-to-understand US tax content - Follow me … Continue reading Insights For Foreigners: Navigating The U.S. Tax Maze Before Residency →

How do Estate Tax Treaties Work? They Don’t if the Decedent is a US Citizen or Domiciliary

My recent blog posts here, here and here have been examining the US estate tax and its impact on foreign investors in the US. The posts explored estate tax basics, the concepts of “domicile”, ”situs” of assets, the troublesome Federal Transfer Certificate and the paltry estate tax exemption of USD60,000 given to non-US non-domiciliaries for … Continue reading How do Estate Tax Treaties Work? They Don’t if the Decedent is a US Citizen or Domiciliary →