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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?
Presenter: Phil Hodgen
Materials: Dropbox
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A dual-status return reports income for part of the year as a resident and part of the year as a nonresident. Learn how to identify the transition date; how income, exemptions, deductions and credits work on dual-status returns; how the foreign earned income exclusion
can be applied; and how to prepare a dual-status return.
Presenter: William Shiraga
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When a U.S. person owns interest in a foreign corporation or has some other relation with a foreign corporation, he may need to file an information return (Form 5471). Learn the conditions under which Form 5471 is required, its attribution rules and what is required.
Presenter: Debra Rudd
Materials: Dropbox
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When someone terminates their US citizenship or permanent residency, they may be subject to the expatriation rules. There are three tests that a taxpayer must meet to qualify as a “non-covered” expatriate. This presentation covers what must be done to meet the certification test, which asks if all tax obligations have been met for the five years prior to the year of expatriation.
Presenter: Debra Rudd
Materials: Dropbox
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Many countries have community property laws. When a U.S. citizen is living abroad and married to a nonresident alien, how do you decide how to apply community property rules to prepare and file a tax return for the U.S. citizen spouse?
Presenter: Phil Hodgen
Materials: Dropbox
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