July 2019 International Tax Update #FATCA #TFFAAA

July 2019 International Tax Update #FATCA #TFFAAA

Global Advocate for the American Overseas and Tax Attorney John Richardson join Anthony E. Parent to discuss the following important updates for any US expat concerned about tax compliance, tax reform, The Foreign Account Tax Compliance Act (FATCA), and the proposed Tax Fairness for Americans Abroad Act (TFFAAA) In this video we discuss: 1. Overall status of the TFFAAA bill: The bill is intact. The plan it to reintroduce it, with a Democrat sponsor. The good news is mot Democrat organization that represent Americans overseas are no on board with the bill. 2. GILTI/transition tax/TTFI updates: Enhanced Section 911 exclusions - the TFFAAA does not end citizenship based taxation, however it does greatly limit it and that is a great start. 3. The US Treasury got creative to limit GILTI taxes so that there is essential no GILTI due if taxpayers lives in country where tax rate is above 18.1%. 4. Form 3520-AForm 3520: tapxayers are leanrign the perils of over filing. Attorneys Richardson and Parent discuss why overfiling is a real bad idea. 5. Litigation updates: We discuss the Accidental Americans in France and other litigation and pushback in Europe along with updates from Canada. For help withyour international tax problem contact https://ift.tt/1RfwK1f Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 https://youtu.be/AOyM_9gCaVw IRS Medic