The Tax Planning for Expatriation from the United States by Richard S. Lehman

Tax planning is a must for all Americans who are planning to make the transition.

An “Expatriate” means any U.S. citizen who relinquishes his or her citizenship. It also includes any long term resident of the United States who ceases to be a lawful permanent resident of the United States (Green Card). This is limited to an individual who is a green cardholder for a minimum of 8 taxable years during the period of 15 taxable years that end and include the long term residents’ expatriation date.

The taxation of Americans and long term green card holders who expatriate from the United States has gone through many changes over the years.

The latest version of these changes with tax expatriating Americans on their accumulated un-taxed wealth prior to their leaving the United States, along with their earned income that has not been paid and will be paid in the future.

In addition, the United States tax laws will tax expatriating Americans at draconian rates, for Americans that die owning United States wealth and that make significant gifts after they have given up their United States citizenship.

 

Proper Expatriation involves numbers crunching and, in many cases, the cost of the exit and/or inheritance taxes now or later will be less than a lifetime of the various taxes suffered as a U.S. citizen.

In many cases, the expatriation inclined person would do well to take the plunge now rather than wait for Congress to further tinker with the rules, which history teaches is only a matter of time.

– Richard S. Lehman, United States Tax Attorney

The new I.R.S. changes to Offshore Bank And Foreign Asset Disclosure Programs is explained by United States Tax Attorney, Richard S. Lehman

This is an extremely important and valuable I.R.S. Program. It allows almost every American who has been afraid to step forward and disclose their foreign assets to the U.S. taxing authorities to do so with minimized penalties on unpaid taxes and unfiled information returns.

Purpose of the streamlined procedures: The streamlined filing compliance procedures are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part. The streamlined procedures are designed to provide to taxpayers in such situations:

(1) a streamlined procedure for filing amended or delinquent returns and (2) terms for resolving their tax and penalty obligations. These procedures will be available for an indefinite period until otherwise announced. This means that just as the Internal Revenue Service has suddenly announced this highly beneficial “settlement tool”, the Internal Revenue Service can withdraw the program. Eligible taxpayers need to act quickly.

Richard S. Lehman, Esq.

6018 S.W. 18th Street, Suite C-1
Boca Raton, FL 33433
Tel: 561-368-1113
Fax: 561-368-1349
Skype: LehmanTaxLaw
Email: rlehman@lehmantaxlaw.com
Website: LehmanTaxLaw.com