To pay the Repatriation tax under IRC Sec 965 and annual GILTI tax or to Expatriate under 877A/ 877, the conundrum…. America is one of the only countries in the world which taxes individuals based on citizenship rather than residency. Currently, one third of Americans are living overseas for the firstClick here for more
Archive for the ‘Expatriation’ Category.
A terrific read on the basics of Expatriation IRC Sec 877/ 877A- relinquishment of your US Green Card or Lawful Permanent Residence or US Citizenship, general matters to be aware of some tax planning ideas! The U.S. exit tax In 2008, Congress created a “mark-to-market” exit tax regime through Sec.Click here for more
A terrific read on what Expatriation is- relinquishment of your US Green Card or Lawful Permanent Residence or US Citizenship, determining if you are a Covered Expatriate, the resulting Exit Tax and the carve puts for Specified Tax-Deferred Accounts, Eligible and Ineligible Deferred Compensation and Interests in Nongrantor trusts. AvoidingClick here for more
WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Need to FileClick here for more
State Department Raises Citizenship Renunciation Fee 422 Percent from $450 to $2,350!!” Submitted by jwong on Wed, 01/14/2015 – 14:38 Federal Taxes With the demand of American expatriations showing no signs of slowing, the State Department has raised the fee for expatriation from $450 to $2,350, more than 20 times theClick here for more
By Emma Grasby More than 3,000 former U.S citizens chose to renounce their U.S citizenship within the last year, with the dramatic rise being mostly attributable to new tax laws that are set to go into effect this year. The total number of renunciations has soared more than 1000% in the pastClick here for more