PODCAST! Crash Course Info! Renouncing US Citizenship / Relinquishing Green Card – Beware The Exit Tax and More

A very informative podcast - I would say it's a crash course on the US #expatriation regime including the recently issued final IRS regs on the Sec. 2801 transfer tax, lots of tax tips including gifting issues to get below USD 2 million threshold, what NOT TO DO if CBP wants you to sign I-407 … Continue reading PODCAST! Crash Course Info! Renouncing US Citizenship / Relinquishing Green Card – Beware The Exit Tax and More →

40% Transfer Tax: IRS Final Say On Foreign Gifts, Bequests From “Covered Expatriates”

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” →

U.S. Estate Tax Treaties – Help For Foreigners But Not U.S. Citizens

Foreign investors with assets in the United States often encounter complex estate tax rules that can significantly impact taxation of their U.S. assets at death. If the individual is a non-resident, non-citizen of the U.S. (NRNC), the U.S. estate tax applies only to assets situated or deemed to be situated within the U.S. (for example, … Continue reading U.S. Estate Tax Treaties – Help For Foreigners But Not U.S. Citizens →

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 →

Surrender Green Card At The Border: Form I-407, U.S. Tax Expatriation

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 →

Need an FBAR Escape Hatch?

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? →

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 →

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 →