Tax consequences of an expired (or not) US Green Card: The Twilight Zone Edition

Tax consequences of an expired (or not) US Green Card: The Twilight Zone Edition

Did you know that it is possible for you NOT to have a legal right to enter the US yet still be treated as a US tax resident on your worldwide income? That's right, the IRS can impose taxes and penalties on you - even if you can not legally come into the United States. This is just one of the many absurdities that can result when your earn a US Green Card but are not aware of how all the laws work. In this podcast, Immigration/Tax lawyer John Richardson of citizenshipsolutions.ca and Keith Redmond of American Expatriates 2.0 on Facebook join host Anthony Parent as they discuss some of the most bizarre hypothetical: 1. When it make sense to expatriate for tax purpose 2. Meghan Merkle's and Prince Henry's likely escape from the exit tax trap 3. The 8 year decision point. 4. Other ways you may want to enter in the US aside from a Green Card - it might be the wrong thing 5. What to do if you are not in compliance or are worried about something else. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com https://youtu.be/bHXdm97I5JI IRS Medic

Can the IRS Exit Tax be retroactive? Does IRC Section 877A go back in time?

Can the IRS Exit Tax be retroactive? Does IRC Section 877A go back in time?

Prior to 2004 a Certificate of Loss of Nationality (CLN) was not needed to renounce ones US citizenship for tax purposes. In 2004, that all changed with a law, Section 877A which now requiresd a CLN There is considerable debate whether or not Section 877A is retroactive in cases where a CLN was not issued. If a the interpretation that 877A is retro-active that would mean many US citizens are missing years of tax returns and foreign reporting. An because they would still be considered US persons, they would need to file Form 8854 and expatriate correctly,y including paying an Exit Tax, if due. One of the top experts, if not the top expert on nationality issues and how they relate the the IRS is John Richardson, Esq. of citizenshipsolutions.ca. John joined host Anthony E. Parent, Esq. of Parent & Parent, LLP a top international tax firm located in Connecticut. With them is Keith Redmond, a global advocate for the American overseas, founder of American Expatriates 2.0 Facebook. The three discuss there conclusions on why 877A is likely NOT retroactive, but why few professionals are willing to say that and give more detail to an article John wrote in 2015 on this subject at Isaac Brock Society https://ift.tt/2E8zaUl Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269 6699 info@irsmedic.com https://ift.tt/1RfwK1f https://youtu.be/xfqRLjYMozQ IRS Medic

How to Renounce Your US Citizenship: A Quick Start Guide

How to Renounce Your US Citizenship: A Quick Start Guide

Other Links: Common Questions on Renouncing US Citizenship https://youtu.be/j-ldR0VncF0 Dedicated podcast on answering specific US and hypothetical questions https://ift.tt/2V8jm9p https://ift.tt/1pShFnD American Exptriates 2.0 on FaceBook Https:/www.irsmedic.com https://youtu.be/jPl2QGFsAl8 IRS Medic

Renouncing your US citizenship: Top Questions Answered.

Renouncing your US citizenship: Top Questions Answered.

Questions about renouncing your US citizenship. This video might answer some Joining attorney Anthony E. Parent are Keith Redmond, global advocate oft he America abroad and admin of American Expatriates 2.0 on Facebook, along with attorneys John Richardson of citizenshipsolutions.ca as they answer the most common questions people have about their relinquishing or renouncing their US citizenship FAQs includes: Can you actually renounce your US citizenship? Do you have to renounce your citizenship to become a US citizen? How long does it take to renounce your citizenship? Can you renouncing your US citizenship and still remain in the US? Get you get your citizenship back after renouncing? Can you get a green card after renouncing? Can you get a visa after renouncing? Is giving up a green card the same as renouncing? How do you renounce your citizenship? Does it matter when you made an act? What about taxes? What if you are not in tax compliance and renounce? = Is there a cheaper way to get into tax compliance? What if I don’t qualify for the Streamlined Disclosure Program? What about the US exit tax? If you are born with dual citizenship are you still subject to the exit tax? If you have questions, leave them below in the comments below! https://youtu.be/j-ldR0VncF0 IRS Medic

Share this US Expat Tax Survey far and wide!

Share this US Expat Tax Survey far and wide!

Laura's survey here: https://ift.tt/2UcWju6 Washington DC is full of people inoculated from the horrors of the Congress' laws. We NEED TO MAKE SURE EVERYONE IN DC KNOW THE REAL STORY! Share this incredible US Expat tax survey conducted by Laura Snyder on behalf of the Taxpayer Advocate with everyone you know, including your congressperson. We can't expect any positive changes until Washington actually understands and appreciates the impacts of their current laws. Too often the IRS bears the brunt of the blame. But the fact is, as guests John Richardson, Keith Redmond and Laura mention, often times it is the unelected government bureaucrat that is far more humane and reasonable than Congress. This seems like a failure of our Republic. A potential cure is to blast this survey and the others that support it to Congress all day and night until they finally get it through their thick heads that their dumb tax laws fail to raise revenue, waste resources of the IRS, and terrorize and diminish Americans everywhere. https://ift.tt/39eBDpV https://ift.tt/39eBhQi Thanks to attorney John Richardson of citizenshipsolutions.ca and Keith Redmond, global advocate for the American aboard, you can find him on Facebook at American Expatriates 2.0. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269 -6699 info@irsmedic.com https://youtu.be/v0RIPUCihEA IRS Medic

IRS Form W8-BEN-E discussed and explained

IRS Form W8-BEN-E discussed and explained

How do you fill out IRS Form W8- BEN-E. Even if you are familair with the US tax code, Form W8-BEN-E can challenge even experience tax professionals. In this video, Ryan Socash of KultAmerica discusses advice his tax team in Europe gave him about how to fill out IRS Form W8-BEN-E. Ryan looked at the instructions and thought his tax team made an error. So he and tax Attorney Anthony Parent thought ti would be great to analyse who was right while the two dicusss general questions about IRS Form BEN-E. And you probably can guess who was right (hint: he is a huge fan of our channel). Form W8-BEN-E is a critical tax document used by entities around the world which provide services to their American counterparts. Common reactions to this form include confusion, insecurity, and frustration. However, when handled by a professional Tax Attorney W8-BEN-E is not difficult or expensive to resolve. In this episode of Tax-line, Attorney Anthony parent breaks down the purpose for Form W-8-BEN-E, and offers insight on how to properly complete it with out opening new liabilities. https://youtu.be/mdowoMfeDb0 IRS Medic

IRS Form 3520 and 3520-A Penalty Relief Program: Can it work for your foreign retirement reporting?

IRS Form 3520 and 3520-A Penalty Relief Program: Can it work for your foreign retirement reporting?

Understand that the IRS can not be expected to know the IRS does. At the SAME EXACT TIME the IRS announces a penalty relief program, the IRS still sends out automatic computer generated Form 3520 and Form 3520-A for $10,000 a piece...in error. Even our clients have received these completely wrong penalty notices that we have forced the IRS to take back. But we wonder - does the average taxpayer or tax professional know when the IRS is wrong about Form 3520 or Form 3520-A? In this video, guests tax attorney John Richardson and citizenshipsolutions.ca and Keith Redmond of Americans Expatriates 2.0 join Anthony E. Parent, Esq. and the three discuss the new IRS Form 3520-A Form 3520 penalty relief program (a program the IRS wouldn't need so much if they stopped wrongfully assessing Form 3520 and Form 3520-A penalties) for US taxpayers who have foreign pensions overseas where they live as expats, or had pensions before they came to the US. The new program allows certain taxpayers from having to file an otherwise-required Form 3520 or Form 3520-A. But this only applies for foreign pension and pension like accounts - not for true foreign trusts or foundations. Also there are contribution limits yearly and total to be aware of. Additionally, taxpayers must be in compliance in order to use the program. For help with this program or how to reduce or eliminate your IRS penalty exposure follow the links to IRSMedic.com info@irsmedic.com Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 https://ift.tt/1RfwK1f https://youtu.be/HsAPBYQNF6o IRS Medic