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March 15, 2016 - Phil Hodgen

Why Social Security does not go on the Form 8854 balance sheet

Hello again from Phil. This is the bi-weekly Expatriation Only newsletter, in which we cover U.S. tax topics related to renunciation of U.S. citizenship or giving up your green card. You can stop getting this newsletter by clicking on the “Unsubscribe” link at the bottom of the email.

Why Social Security Isn’t an Asset

This week I am going to dive into the shallow pool of Tax Metaphysics and tell you why you do not put Social Security benefits on the Form 8854 balance sheet when computing your net worth.

I hope the answer aggravates you and (for those of you who can still vote in the United States elections) galvanizes your political views.... continue reading

Expatriation Tax and Trusts
March 1, 2016 - Phil Hodgen

Audits and the Certification Test

Hi from Phil, and welcome again to the Expatration newsletter. You signed up for the every-other-Tuesday delivery, but you can easily unsubscribe by clicking the link at the bottom of the email.

The Certification Test and Open Audits

This week’s question is about the certification test. One of the signature features of the exit tax laws is that when you renounce your citizenship you tell the government that you are up to date with your tax filings and tax payments for the previous five years.

Well, what happens if you renounce your citizenship while the IRS is in the middle of an audit on one of your tax returns?... continue reading

Expatriation Tax and Trusts
February 16, 2016 - Phil Hodgen

Canadian TFSAs and the Certification Test

Hi, it’s Phil again and we’re talking about Expatriation again. Every other Tuesday, it’s what we do. If you want to stop getting this email, just find the Unsubscribe link at the bottom of this email and you will stop receiving the emails.

This Week’s Question

This week’s email touches on the certification test and a question that a lot of Canadians have. It comes from reader D.K., who is an EA in Canada. After saying some nice things about the blog and the newsletter (blush) says:

I read the article about UK ISAs with interest. Canada has a similar vehicle called TFSAs (Tax Free Savings Accounts).

... continue reading
Americans Living Abroad Expatriation Tax and Trusts
February 6, 2016 - Phil Hodgen

Filing and Tax Payment Deadlines for Americans Abroad

Hello and welcome to this edition of the Friday Edition. You signed up for this, but you can easily stop it from coming by clicking the “unsubscribe” link at the bottom of the email.

This time you get a little summary of the Form 1040 filing deadlines for Americans abroad. The rules are unnecessarily precious and convoluted, so this is my attempt at providing a simple explanation. It is a happy by-product of my preparation for a webcast I will be doing for the California Society of Certified Public Accountants.

What is the filing deadline for an income tax return filed by a U.S.... continue reading

Americans Living Abroad Friday Edition Tax and Trusts
February 2, 2016 - Phil Hodgen

Noncovered Expatriates and Superannuations

Hi, it’s Phil with the bi-weekly Expatriation Only newsletter. You have this because you subscribed, but it is easy to stop getting this if you want. Just look for the “unsubscribe” link at the bottom of this email.

Superannuations, Noncovered Expatriations, and the Stealth Exit Tax

This week’s question came from new reader Z (her real name does not start with Z), who asked a question about her superannuation. Lightly edited, her question is:

My question relates to the treatment of my Australian self-managed super fund when I expatriate. It is treated as a Grantor Trust and I get taxed on the (paper) gains on its assets each year.

... continue reading
Americans Living Abroad Expatriation Tax and Trusts