International Tax Lunch: Expatriation?"The Tax Consequences Of Relinquishing U.S. Citizenship Or Green Card Status
U.S. citizens and green card holders are taxable on worldwide income. Terminating citizenship or resident status means Uncle Sam can no longer collect tax from them. Predictably, there are tax hurdles to surmount before being free of the U.S. tax system. Receive an introduction to the exit tax rules: who is caught by them? What are the paperwork requirements? Who must pay tax for the privilege of exiting the U.S. tax system?
- Who is a 'covered expatriate?'
- Pre-expatriation planning to eliminate covered expatriate status.
- Taxation of inheritances or gifts received from covered expatriates.
- Form 8854 preparation.
- Dual status income tax returns for the expatriation year.
- Identify people who can terminate U.S. citizenship or resident status without triggering the exit tax rules.
- For those who are affected by the exit tax rules, determine whether they must pay income tax when they expatriate.
- Identify the expatriation process for terminating citizenship or green card status.
- Know the pre-expatriation planning possibilities that can reduce or eliminate tax liability.
Lawyers and CPAs.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.