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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.