March 16, 2015 - Phil Hodgen

Webinar for Noncovered Expatriates

Program Agenda

This is the tentative program agenda. I am preparing the materials and the presentation now.

Part 1. Introduction/Overview

  • Introduction

Part 2. The Certification Test

A. Overview – Certification Test

  • The only test that matters to you (net worth and net tax liability are not a problem by definition)

B. How you become a covered expatriate

  • The law, Form 8854 – what is required?
  • The Code and the question on Form 8854.
  • The hard questions – small errors, big errors, etc. – what are the risks?

C. How to prevent covered expatriate status

  • Which years matter?
  • What to look for in those years?
  • What to leave alone
  • What to fix
  • How to fix it
  • When to fix it
  • No Social Security Number?

Part 4. Dual Status Tax Returns

A. Basic requirement to file

  • Filing requirement for year of termination of resident/citizen status.
  • What about low income people otherwise exempt from filing?
  • Should you file a dual status tax return or a full-year resident status return?

B. What happens if you don’t file, or you’re late

C. Technical details

  • How to allocate income to before/after expatriation date
  • Paperwork for the citizen/resident portion of the year (Form 1040 as a statement)
  • How to flow numbers from your Form 1040 Statement to the Form 1040NR
  • Paperwork for the portion of the year after expatriation
  • Tax computation for the noncitizen/nonresident portion of the year
  • Treaties for the nonresident/noncitizen portion of the year
  • Other stuff – personal exemptions, standard deductions, dependents, etc.

Part 5. Retirement Plans After Expatriation

A. How are the distributions taxed

  • Default rules
  • Treaty rules

B. Using treaties to reduce U.S. tax

  • How it works
  • The paperwork

C. Withholding at source

  • How it works
  • Form W-8BEN
  • Form 1040NR

Part 6. Life After Expatriation

A. Social Security, Medicare

  • How it is taxed
  • Paperwork
  • Treaties
  • Medical treatment paid for by Uncle Sam

B. U.S. real estate

  • Income taxation of rent
  • Estate taxation
  • Capital gains tax on sale

C. Estate planning for U.S. assets

  • Real estate
  • Stock market investments

D. Travel to the U.S.

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