On June 24th we hosted Part II of our webinar on citizenship-based tax in the US & beyond!
Our first edition of this webinar was so successful that we’ve decided to run a second part to fully answer all of your questions.
On Monday, June 24th at 12:00 pm BST we hosted Part II of our webinar on issues pertaining to citizenship-based taxation in the US and beyond.
Only the USA (and Eritrea) works with a citizenship-based method of taxation. All other countries in the world use residency—what is known as territorial taxation—to determine the individuals and companies that will be subject to local taxation.
Hence, the US is the sole country in the world that levies taxes on its citizens and residents even if they are living or working abroad.
This webinar tackled all those questions that weren’t answered during our first edition on June 3rd.
Submit Your Questions
Here are the questions that were left unanswered last time around and that our panelists focused on during this webinar:
- What are the prospects of other countries adopting citizenship-based taxation?
- Is citizenship-based taxation equivalent to taxation without representation or “modern serfdom”?
- What about FATCA reciprocity? Should other countries continue to comply with FATCA when the US is not providing reciprocal data? Are there other legal avenues to challenge FATCA? Why aren’t other countries pushing back?
- Is the US the world’s biggest tax haven?
- Should the IRS and the US government do more to help non-resident citizens fulfil their obligations under US law? Print tax forms and instructions in more languages? Re-open IRS desks at consulates? Make it easier for expats to open financial accounts?
- Why is the FBAR limit stuck in the 1970s when everything else (including penalties) has been indexed for inflation?
- Why has the renunciation fee jumped to $2350 just when more Americans abroad are being forced to renounce?
- Why has the married filing separate threshold dropped to $5?
- How are US citizens abroad supposed to save for their retirement?
Do you have any other final follow-up questions on citizenship-based taxation and any of the challenges it poses?
John Richardson is a Toronto, Canada based lawyer.
He provides advice and assistance for US citizens and Green card holders who do not reside in the United States. He specializes in US citizenship relinquishment, Green Card expatriation and assisting US persons with their compliance obligations. You can contact him on his website www.citizenshipsolutions.ca.
Dr. Karen Alpert,
University of Queensland Business School,
Dr. Karen Alpert lectures Finance at the University of Queensland Business School in Australia. Dr. Alpert’s qualifications include a PhD in Finance (University of Queensland), Masters in Tax (University of Southern California) and MBA (University of California, Berkeley). Her research explores the impact of taxation and government regulation on financial decision-making.
Leonard specializes in complex areas of US international tax compliance and reporting. He has held senior and managerial positions in large accounting firms and is currently the CEO and founder of Leonard Tuber USA Tax Services Ltd. He is recognized in the industry as an expert in complex areas of revenue recognition unique to US citizens conducting business overseas. Leonard frequently lectures on areas of US taxation and voluntary disclosure programs. He is highly sought after by fellow tax practitioners for advice on emerging issues. Leonard earned his B.S. in Accounting from the University of Akron in Ohio and is admitted to practice before the Internal Revenue Service as an Enrolled Agent.
International Tax Help,
Larry Stern is a US CPA practicing in Israel for the last 9 years and Partner in a mid-size Israeli CPA firm. His firm provides both US and Israeli tax consulting and compliance work (tax returns, audit) for individuals, companies, partnerships, non-profit organizations and more.
Larry has over 20 years of experience in the field of international tax with over 12 years of experience at Big 4 firms in the US and Israel.
For individuals, Larry specializes in taxation for dual citizens (ongoing filing requirements and tax planning, accompaniment through the process of giving up citizenship, etc.); international relocations; executive compensation (stock options, RSUs) and its international complications; overseas investments by non-US persons, and; retirement planning (US and foreign pension withdrawals, US social security, etc.). He is also a Certified Acceptance Agent (CAA) for the IRS and can assist non-US persons in obtaining ITINs.