Form 8854 Exit Tax Calculations and Reporting and IRS Relief Procedures for Certain Former Citizens
Determining Covered Expatriate Status Under Section 877A, Navigating the Mark-to-Market Tax, and Expatriation Planning
Note: CLE credit is not offered on this program
A live 110-minute CPE webinar with interactive Q&A
This course will provide tax advisers and compliance professionals with a practical guide to the basic calculations and reporting requirements for U.S. taxpayers and exiting green card holders. The panel will discuss the rules of Section 877A, determining whether a taxpayer is a covered expatriate, and strategies for mitigating the impact of expatriation rules.
Outline
- Expatriation overview
- Who is affected by expatriation laws? Who cares?
- Expatriation event and expatriation date
- Expatriation events for U.S. citizens
- Expatriation events for long-term residents
- Are you a covered expatriate?
- Income taxation of covered expatriates
- Specified tax-deferred accounts
- Deferred compensation
- Distributions from non-grantor trusts
- Mark-to-market gain/loss recognition
- Transfer taxation for friends and relatives of covered expatriates
- Planning for expatriation
- IRS program for delinquent Form 8854 filings
Benefits
The panel will review these and other key issues:
- Which taxpayers are subject to Section 877A and must file Form 8854
- How to calculate the mark-to-market tax and what assets it applies to
- Transfer tax for family members of covered expatriates
- The types of deferred compensation subject to the exit tax
- Strategies for mitigating the impact of the expatriation rules under Section 877A
Faculty
Benedict Francis
Director, Global Mobility Services
KPMG
Mr. Francis has over 20 years of experience consulting on the tax and payroll issues associated with inbound and... | Read More
Mr. Francis has over 20 years of experience consulting on the tax and payroll issues associated with inbound and outbound international assignments. As a member of the GMS group at Washington National Tax, he provides tax technical support to the U.S. GMS practice, develops and delivers national training for the GMS practice, and writes and reviews articles for internal and external publication. Mr. Francis has provided consultation and advice across a wide range of industries and issues.
CloseJohn T. Seery
Managing Director, Washington National Tax, Global Mobility Services
KPMG
Mr. Seery is a Managing Director with KPMG’s Washington National Tax – Global Mobility Services (GMS)... | Read More
Mr. Seery is a Managing Director with KPMG’s Washington National Tax – Global Mobility Services (GMS) group. His team’s focus is cross-border individual income tax issues - they assist companies in managing their global workforce, and provide tax compliance and consulting services to foreign nationals working in the United States and U.S. persons working overseas.
CloseCPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event.
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