Everything You Need to Know: "Expatriation"- Giving up a Green Card (LTR) or US Citizenship 2 Credits
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Some of your clients are US citizens who may be thinking of giving up their citizenship. This number may be small, but many of your clients are green card holders.
How many green card holders truly understand what will happen to them if they hold the card for 8 “tax years” (that can be far less than 8 calendar years!) and then relinquish the card?
How many understand that merely because the card has “expired” for immigration purposes, the mere expiration does not let them off the hook for tax purposes?
Green card holders with expired cards remain liable for paying US tax as tax residents. In addition, those “expired” years count in determining if they have held the card long enough to be subject to the “expatriation” tax regime once the card is formally relinquished or administrative action is taken.
If the US citizen giving up citizenship, or the green card holder giving up the card is classified as a “covered expatriate” (CE), the expatriation regime applies. The regime will impose an “exit tax” on a deemed sale of the client’s worldwide assets. Additionally, a 40% transfer tax will be imposed on any US recipients of a gift or inheritance from the CE at any time in the future.
Understanding how to advise clients about the complex tax aspects of the US “expatriation” tax regimes can create a whole new line of business for tax advisors, enrolled agents, and return preparers seeking to expand their US tax practice.
Don’t lose potential big business opportunities because you do not fully understand the expatriation rules. The regimes should be understood by any client who is thinking of obtaining a green card or US citizenship, as well as by those thinking of relinquishing the card or citizenship.
Expatriation matters have grown in importance over the years as more and more individuals are divorcing from the United States. The IRS now has an audit campaign in place for individuals expatriating any time after June 2008. It is aggressively seeking unpaid exit tax and penalties. Now more than ever, tax professionals need to understand the expatriation rules and how to engage in constructive tax planning for clients to escape the harsh results. This CPE course provides all the information you need.
This CE/CPE Tax Course will provide an in-depth examination of the overall framework and rules surrounding the expatriation tax rules. This is one of the most complex and misunderstood areas in US international tax. The rules have changed several times over the years, adding to the complexity. My CPE course makes it easy and digestible.
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
With over 35 years of US tax and international experience, Virginia has been a member of the NYS Bar since 1984. Practicing US tax overseas since 1986, Virginia’s practice has focused on clients in Asia and the Middle East. She provides expert insight into tax planning and compliance for American expats and foreign persons having any US connections.
Virginia has an expertise in cross-border transactions and structuring, FATCA, regaining US tax compliance with previously unreported foreign income, assets or accounts, expatriation tax planning, and providing specialist advice for international families in numerous areas of US international tax. Working with tax and attorney colleagues across the globe, Virginia excels in solving cross-border and multi-jurisdictional tax matters and has developed a unique and sought-after specialty in analyzing the US tax consequences of transactions involving Sharia law and the use of UAE “foundations” in US tax planning.
Virginia’s tax advice is highly knowledgeable, reliable and solution-focused. Having assisted Asian and Middle Eastern families for decades, she appreciates the sensitive and special situations involved in multi-national families. Virginia has worked with international law and accounting firms (Deloitte), major banks (including HSBC), and trust companies. Early in her career she worked with the top-tier NY law firm, Willkie Farr & Gallagher.
Virginia is a Bloomberg tax author and an avid tax blogger for many years; her work is highly regarded and recognized internationally. Her Twitter Account @VLJeker has been listed in Forbes, Top 100 Must-Follow Tax Twitter Accounts and she is named by Bloomberg as a tax professional to follow on LinkedIn. Tax Notes International recognized Virginia as a preeminent US tax professional, profiling her international tax practice (here). Listen to a short podcast posted in Forbes to hear Virginia discuss how she established her tax practice abroad, the challenge of balancing family life with career, and recent international tax issues.
Virginia has been quoted in the New York Times, Newsweek and the Wall Street Journal and is regularly quoted in local news and publications. Virginia has a passion for US international tax and her contributions to the field are prolific: interviewed by CNN, local television appearances, regularly speaking at conferences and seminars, and publishing a vast array of scholarly works on US tax issues, some of which have been referenced by other attorneys or organizations both to the US courts and US Congress
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
DL
This webinar is critical for any advisor who is having a client contemplating leaving the US tax system by either renouncing their US citizenship or relinquishing their US Green Card. Virginia’s depth of knowledge, experience and expertise as laid out in this presentation will quickly dispel the myth that this is a DIY or amateur job, especially for HNW Americans. The fiscal damage that can be done in overpaying tax upon departure or laying a significant future tax burden on US heirs will make the cost of proper advice seem like a rounding error.
JO
Instructor very knowledgeable. Presentation excellent. Thank you.
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