Accidental Americans: Remedying Noncompliance, IRS Streamlined Procedures, Relinquishing a Green Card, Exit Tax
Recording of a 110-minute CPE webinar with Q&A
This webinar will explain which former U.S. residents, with no or insignificant ties to the U.S., may be subject to U.S. tax and information return reporting requirements. Our panel of foreign tax experts will discuss required filing and reporting requirements, using IRS' streamlined procedures to become compliant, and terminating U.S. residency status for citizens and green card holders for advisers working with multinational taxpayers.
- Who are Accidental Americans?
- Filing obligations
- Income tax
- Estate and gift tax
- Information returns
- IRS streamlined procedures
- Renouncing or retaining citizenship
- Relinquishing green card status
- Exit tax
- Form 8854, Initial and Annual Expatriation Statement
- Covered expatriates
- Relief Procedures for Certain Former Citizens
The panel will cover these and other critical issues:
- Which penalties can be abated by using the IRS streamlined procedures?
- What forms and returns are Accidental Americans likely required to file?
- What methods are available for green card holders to sever ties with the U.S.?
- How is the exit tax calculated and who is a covered expatriate?
Patrick J. McCormick, J.D., LL.M.
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.Close
Katelynn Minott, CPA
CEO, Managing CPA
Ms. Minott is an expert in US taxation issues for Americans abroad, working with clients in 200 countries. She has... | Read More
Ms. Minott is an expert in US taxation issues for Americans abroad, working with clients in 200 countries. She has experience in individual taxation, retirement of US taxpayers abroad, foreign corporate & partnership disclosures (5471, 8865), passive foreign investment companies (8621), foreign trusts (3520), US tax treaties and totalization agreements.Close