Virginia La Torre Jeker, J.D. — US tax matters affecting international clients
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?
Cybercrime and fraudulent activities continue to evolve and expand. Protecting taxpayers has become an increasingly complex challenge for both governmental authorities and those in the tax profession. Recognizing this, in mid-August the IRS spearheaded the formation of the Coalition Against Scam and Scheme Threats. CASST is an outgrowth of the Security Summit, a public-private initiative … Continue reading Americans Abroad, Tax Scams And IRS’ New Coalition To Combat Tax Fraud
A recent decision from the 11th Circuit in United States v. Isac Schwarzbaum brings a major development in FBAR (Foreign Bank Account Reporting) penalties and their relationship with the Eighth Amendment's Excessive Fines Clause. The court's holding that FBAR penalties are subject to this constitutional protection under the Excessive Fines Clause is significant, offering taxpayers … Continue reading 11th Circuit Holds FBAR Penalties Are Subject to the Excessive Fines Clause: A Significant Taxpayer Weapon
Many taxpayers, especially retirees living abroad, may find themselves in a situation in which their income is too low to meet the threshold for filing a U.S. tax return. Retirees who only receive Social Security income (or small amounts of other additional income), for example, often fall below the tax filing requirement. Understandably, many people … Continue reading Filing A U.S. Tax Return – Even When Not Required – A Very Smart Move
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
My article is copied in full below. It first appeared on Forbes July 24, 2024 – link here. You can follow me on Forbes for free. Imagine this: You have a pressing tax question and, like many, you turn to Google. Among the plethora of results, you spot information from the IRS, including its … Continue reading The Scary Truth About Navigating IRS Tax Guidance
My article copied below first appeared on Forbes July 12, 2024 – link here. You can follow me on Forbes for free. ~~~~~ The June 20, 2024 report by the Treasury Inspector General for Tax Administration came as a shock to many. The TIGTA report explained that to meet an audit quota set in 2020, … Continue reading IRS Increased Audits Of The Rich: A Flop In Finding Noncompliance
The Department of Justice and the IRS are champing at the bit to nail former defense contractor, Douglas Edelman, and his French wife Delphine Le Dain. They were charged with schemes to defraud the United States and evade taxes on more than $350 million using a complicated nominee arrangement. "Oh Mr. Taxman, I know it looks like my … Continue reading Mr. Taxman @IRS: Looks Like My Money, But It Really Isn’t…
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
Virginia - US TAX TALK 