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Individual U.S. taxpayers who do not live in the U.S. are given many significant benefits. Amongst these valuable benefits is the ability to exclude certain earned income from U.S. taxation, credits for taxes paid to foreign governments, and a longer time to both file and pay taxes. However, owning assets and investments outside the U.S. carries additional reporting requirements. There are significant penalties associated with failing to properly comply with requirements. This course will introduce the special exclusions, credits, and filing requirements applicable to individual taxpayers living outside the U.S. The course will address how new tax law and regulatory updates and clarifications arising from the TCJA impact individual overseas U.S. taxpayers.
Learning Objectives
- Identify special definitions
- Identify foreign earned income exclusion and foreign tax credit
- Determine other U.S. expatriate considerations
- Recall CFC taxation, GILTI, and §962 elections
- Identify taxpayer information reporting requirements
Roger Healy
Hibernian Financial Planning, LLC
Principal
Working with Expats, like myself, I’ve found that we are not most advisers typical clients. Most clients do not have multi-currency requirements, family in foreign jurisdictions, little to no experience with US taxation (and reporting requirements), or a need to consider international schooling or maintaining foreign assets. While our planning needs are similar, education, large purchases, retirement, tax planning, our road to achieving these goals can be very different. Feel free to contact me and we’ll see if we can work together to achieve your goals. We are happy working with international advisers and have a network of advisers if you need a specialist in an area we don’t cover directly.
Hibernian Financial Planning, LLC was founded to meet the needs of the many Expats living here in the US who are tired of conflicted financial advisors with hundreds of clients who can’t take the time to understand their unique situation.
Additionally, in full compliance with the local law in their country of residence, Hibernian Financial is proud to serve US taxpayers living outside of the US.
Many Expats have rich complex lives and need someone who understands that complexity and who can help them figure out how to best navigate a complex and foreign financial system. Hibernian Financial is that firm.
With over 25 years of serving individuals, couples and families from all over the world and helping US taxpayers manage their complex global affairs, I hope we can meet to discuss your needs an how I can best help you. Please feel free to contact me if you have any questions. I’m always happy to meet new people and learn about their situation. We can meet in person or via Skype, Google Hangouts, Zoom, etc.
About Our Presenter
We are fiduciary and fee-only. We will act in your best interests. Note while certain products we recommend will charge you fees these we do not receive any part of those fees. We will work with you to help you understand the costs of your choices. We have no account minimums, we will provide financial planning services without requiring you to have assets for us to manage.
We encourage those with savings in their 401k or other corporate or government retirement accounts to contact us for advice. Your assets are probably already in a very good structure with low administration costs and privileged legal status.
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