Tag: Dubai US tax lawyer

Renouncing One’s US Citizenship: More Audits, Virtual Currency, CLN & Travel

COVID-19 restrictions have severely limited services at US embassies and consulates around the world. As a result, renouncing one’s US citizenship has become very difficult, and in many cases, just about impossible at the current time. This gives individuals more time to make sure they have properly planned for expatriation. It's a big step. I … Continue reading Renouncing One’s US Citizenship: More Audits, Virtual Currency, CLN & Travel →

Thinking of Moving Abroad? Here’s the Scoop with the Tax Girl and the Tax Lady

Looking to live under the Tuscan sun? Dreaming about Dubai?  The pandemic has had many people considering a move. Many are looking at a move abroad.  Kelly Phillips Erb, the @TaxGirl and I (@VLJeker , the @TaxLady_w_Style) had a great conversation about what it means from a tax and practical perspective for a US person … Continue reading Thinking of Moving Abroad? Here’s the Scoop with the Tax Girl and the Tax Lady →

What does Senator Warren’s Proposed Wealth Tax Mean for You?

The ‘‘Ultra-Millionaire Tax Act of 2021’’ (the “Act”) was proposed by Democratic Senators Elizabeth Warren and Bernie Sanders on March 1, 2021.  Like all other tax proposals I have seen in my over 35+ years of tax practice, once the bee is in the bonnet, legislation will inevitably, inexorably, eventually blossom and flourish.  The Act … Continue reading What does Senator Warren’s Proposed Wealth Tax Mean for You? →

Senator Warren’s Proposed Wealth Tax and the 40% Tax Hit on Expatriation

The ‘‘Ultra-Millionaire Tax Act of 2021’’ (the “Act”) was proposed by Democratic Senators Elizabeth Warren and Bernie Sanders on March 1 2021.  Like all other tax proposals I have seen in my over 35+ years of tax practice, once the bee is in the bonnet, legislation will inevitably, inexorably, eventually blossom and flourish.  The Act … Continue reading Senator Warren’s Proposed Wealth Tax and the 40% Tax Hit on Expatriation →

Dubai:  Combine your Renunciation with a Vacation  

UPDATE:  Sadly - the US Consulate in Dubai has just informed me that they cannot accept appointments for non-emergency services for non-UAE residents.  Expatriation is considered a non-emergency to them, although I feel sure the individual wishing to expatriate would disagree. I have requested the Consulate to update me if the situation changes.   Welcome … Continue reading Dubai:  Combine your Renunciation with a Vacation   →

Where Do You Live?  Understanding Foreign Housing Cost Amounts

The Internal Revenue Service (IRS) just issued Notice 2021-18.  This is the geographical list that spells out adjustments to the foreign housing exclusion available for many US persons living abroad. These limitations are made on the basis of geographic differences in housing costs relative to housing costs in the United States.  The ability to deduct … Continue reading Where Do You Live?  Understanding Foreign Housing Cost Amounts →

Third Party Reporting of Virtual Currency: Who’s Telling the IRS What?

Many of my readers are aware that I have written various blog posts about the US tax issues that surround virtual currency. Some have asked, (perhaps innocently, perhaps not), about so-called “third party reporting” of virtual currency to the Internal Revenue Service (IRS) .  For those who do not know what this means – it’s … Continue reading Third Party Reporting of Virtual Currency: Who’s Telling the IRS What? →

REMINDER: Wondering if You (or Your Clients) Need to File an FBAR or Have Been Preparing Them Correctly?

Please spread the word and share this news. I will be making FBAR matters simple in a cost-effective live online training session along with my colleague, Jimmy Sexton, LL.M. a fellow international tax expert. Whether you are preparing your own FBARs or those of your clients, the truth is that some FBAR situations are simple … Continue reading REMINDER: Wondering if You (or Your Clients) Need to File an FBAR or Have Been Preparing Them Correctly? →

Want Protection from Criminal Prosecution for Tax Noncompliance? IRS Provides Only One Way

As many will remember, the Offshore Voluntary Disclosure Program (OVDP) closed on September 28 2018 with the promise that the Internal Revenue Service (IRS) would issue new guidance on voluntary disclosures made after that date.  The guidance arrived on November 20 2018 in the form of a 5-page Memorandum (IRS Memorandum LB&I-09-1118-014) (“Memorandum”) by the … Continue reading Want Protection from Criminal Prosecution for Tax Noncompliance? IRS Provides Only One Way →