An excellent explanation of the IRC Sec 877 and new Sec. 877A pertaining to Expatriation of both U.S. Citizens and Legal Permanent Residents (Green Card Holders) that are Long Term Residents, who is a covered expatriate, how the exit tax works, the annually indexed exclusion, the carve outs and the completion of Form 8854 Initial […]
Congratulations! You’re moving abroad and are embarking on a thrilling expat adventure. As excitement swirls and to-do lists lengthen, don’t let the logistics of your New York home fade into the background. Your property represents a significant asset, and ensuring a smooth and profitable sale, even from afar, requires careful planning. We understand the unique […]
Extra extra read all about it *****September 6, 2019****** The IRS has just released Relief Provisions – IR-2019-151- pertaining to certain US citizen individual (not estates, trusts, corporations, partnerships and other entities…) who have Expatriated (within the defn. of IRC Sec 877/877A) after March 18, 2010 and whose net worth was under 2 million and […]
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 first time, with the median age
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. 877A, enacted as part of […]
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. Avoiding the Exit Tax Every year, […]
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 File A filing requirement generally applies […]
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 the average in other high-income nations,
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 past 5 years, from just
