International Tax Reform December 2018 Updates FATCA - TTFI - GILTI

International Tax Reform December 2018 Updates FATCA - TTFI - GILTI

Tax Reform 1.0, aka the Tax Cuts and Jobs Act of 2017 has some very unpleasant surprises for those with income and assets overseas. The good news is there is a stand alone bi-partisan legislation that will be presented for Congress to vote on and for President Trump to sign into law that will allow Americans living overseas to "opt-out" of the US tax code by simply filing a certificate that they are in compliance foe the past three years and now live outside the US. If this is passed into law, the burdens of compliance for the US exapt will be greatly reduced. In this video, Advocate for Americans Overseas, Keith Redmond and Attorney John Richardson of citizenshipsolutions.ca join tax attorney Anthony E. Parent as they discuss the proposed laws, regulations and potential law suit that could greatly help those frustrated by a tax regime that seems rather out of control. In particular the three discuss - An end to Citizenship-Based taxation and replacing it with a true territorial tax system - Potential relief for The Transition Tax (Section 965) and Global Intangible Low Tax Income (GILTI) along with the Foreign Account Tax Compliance Act (FATCA). - The IRS's offshore disclosure program for those with criminal exposure. While the acronym has stayed the same as OVDP, it now stands for Offshore Voluntary Disclosure Practice instead he prior Offshore Voluntary Disclosure Program. The three agree that very few expats should ever be scared into an OVDP and if a disclosure program is needed, a Streamlined Disclosure is far for preferential. Ultimately what is needed right now from everyone concerned is unity. No matter your political affilication, the law needs to be changed. The law fails to raise revenue effectively and it is just morally wrong to tax people who are tax residents of outher countries. It is essential that everyone contact Congress and makes their voices be heard: Territorial Tax for Individuals must pass! Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com https://youtu.be/y9J_stB9OWE IRS Medic