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April 2017 International Tax Lunch

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April 14, 2017 - Rachel Allen

April 2017 International Tax Lunch

Reporting PFICs with Insufficient Data

What do you do when you need to report a PFIC but lack the necessary information to do so? This is a common scenario for PFICs held in foreign tax-deferred accounts that are not deferred in the US, or when a taxpayer has held a PFIC for many years and no longer has all of the records. This presentation will discuss what data is needed when completing Form 8621, what issues may arise as a result of not having complete data, and strategies for preparing Form 8621 with partial data.

Presenter: Debra Rudd

Materials: Dropbox

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March 13, 2017 - Rachel Allen

March 2017 International Tax Lunch

How to Report an Accumulation Distribution from a Foreign Nongrantor Trust

In this month’s International Tax Lunch, Phil will walk you through the preparation of an income tax return for a U.S. beneficiary of a foreign nongrantor trust. You will learn how how to identify a trust distribution, then how to prepare Form 3520 and Form 4970, and where the numbers go on the beneficiary’s Form 1040.

Presenter: Phil Hodgen
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February 10, 2017 - Rachel Allen

February 2017 International Tax Lunch

Using Foreign Corporations to Defer US Tax on your Foreign Consulting Income

Suppose you are a US citizen and the owner of a popular consulting business.  You have clients all over the world.  You provide consultations for a fee, and you sell recordings of your seminars and publications.  Is there any way you can leverage a foreign corporation to defer US tax on the income, so you have more resources to expand?  What are the costs of deferral?

Who: Haoshen Zhong
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January 16, 2017 - Rachel Allen

January 2017 International Tax Lunch

Foreign Mutual Funds and Form 8621 — the Default Rules in Depth

In this month’s tax lunch presentation, we will work through a real world scenario where a US person buys into a foreign mutual fund — which happens to be a PFIC — held in a foreign investment account. Over several years, he receives dividends (some of which are reinvested), some of his shares are redeemed to pay account fees, and finally, he sells all his shares in the PFIC.

We will cover the real calculations in detail, including running basis as the share holdings change over time, excess distributions, tax, and interest.... continue reading

December 12, 2016 - Rachel Allen

December 2016 International Tax Lunch

Estate Taxation and Expatriation

Presenter: Phil Hodgen

Everyone focuses on the income tax consequences of renouncing U.S. citizenship or giving up a green card. Am I a covered expatriate? Will I have to pay an exit tax?

Income tax and covered expatriate status is only part of the problem.

Many expatriates – covered or not – will continue to own U.S. assets after renouncing citizenship or abandoning their green cards. Real estate. U.S. stock, bonds, and mutual funds. Retirement accounts. These assets can create a U.S. estate tax problem.

If you will own U.S. assets after you expatriate, listen in as Phil describes the tax rules, your exposure to estate tax risk, and what you can do about these risks – both before and after expatriation.... continue reading