Missing the Happy in Your Holidays? – Dual Citizen Responsibilities Got You Feeling like the Grinch Who Stole Christmas?
On December 17, 2018 at 12:00pm (Eastern Time), join us for a free webinar with U.S. tax attorney Alexey Manasuev, LL.M. (Int’l Tax), NYU, TEP, and U.S. tax accountant Brandon Vucen, CPA, CA, CPA (IL), MST, who will discuss the decision-making process regarding renouncing your U.S. citizenship. If you were hoping for a gift this year from the IRS, after last year’s Tax Cuts and Jobs Act…it is not likely.
If you, like many U.S. expats (U.S. citizens and Green card holders living outside the United States) are becoming more frustrated, confused, or overwhelmed with the burden that U.S. citizenship may entail when you are living outside the United States, you may have considered renouncing your U.S. citizenship. With the restrictions on your freedom to make financial decisions or undertaking transactions without carefully reviewing potential U.S. tax implications, the thought of possibly renouncing your U.S. citizenship may have crossed your mind, maybe more than once.
If you believe that renouncing your U.S. citizenship will simplify your life, now just might be the right time to investigate and research your options. We are here as U.S. tax professionals to assist you in exploring your options. Deciding to renounce your U.S. citizenship should never be made based solely on tax considerations. After all, taxes can be managed. However, high annual compliance costs that come with filing tax returns and reporting in two countries, constantly having to research, read and verify the news and legislation in two countries and the inability to make certain investments because you just do not know what it will cost you in taxes are often the issues that push both your patience and financial budget over the edge.
If you want to put the happy back in your holidays and you are asking yourself if you need to maintain two citizenships, then spend an informative hour with us. The reason why U.S. citizenship gets the spotlight is because the United States taxes its citizens and residents on a worldwide basis, not solely on physical residency. Even with the availability of a foreign tax credit (“FTC”), which is less and less available, U.S. expats are often paying extra tax and, in some cases, are subject to double taxation. All of this on top of the tax preparation and filing costs is not looking like a gift at all.
To help you decide if you are ready to make this decision, or to find out what is the best way to maintain your dual citizenship, remain tax compliant and keep the Grinch out of your pockets join us and take advantage of our research and knowledge. This webinar will outline key issues for you to consider.
Specific topics we will discuss:
• Important factors to be considered in making the decision to terminate your U.S. person status;
• Are you a U.S. citizen? Are you a U.S. person?
• Overview of the renunciation / Green card abandonment process;
• Key U.S. immigration law considerations;
• Key U.S. tax considerations;
• Options to become tax-compliant;
• Practical tips and considerations, as well as traps for the unwary;
To learn more, register and gain the knowledge you need to understand the issues when considering renouncing your U.S. citizenship.
We hope you join us!
Very truly yours,
U.S. TAX IQ Team