PREP Podcaster - ”Success Favours The PREPared Mind”
News:News Commentary
November 29, 2021 - Participants Include:
Virginia La Torre Jeker - @VLJeker
John Richardson - @Expatriationlaw
Two Solitudes = U.S. State Department and U.S. Treasury
Virginia and I continue our podcasts in which we clarify myths and misconceptions about renouncing US citizenship. This podcast emphasizes the difference between the immigration/nationality aspects of renunciation vs. the tax aspects of renunciation.
Although tax compliance is NOT required to renounce US citizenship, renunciation without tax compliance does have tax consequences.
This podcast focuses on more areas of misunderstanding and confusion ...
Renouncing US citizenship triggers issues under each of:
1. The Immigration and Nationality Act under 349(a); and
2. The Internal Revenue Code under sections under 7701(a)(50), 877A and 877, 2801
To put it simply: There are a lot of moving parts.
In this podcast Virginia La Torre Jeker and John Richardson continue our discussion including:
Immigration/Nationality Issues:
- is tax compliance required to be allowed to renounce US citizenship?
- what are the legal requirements to renounce US citizenship?
- is a second citizenship required in order to renounce?
Tax Issues:
- what is a covered expatriate?
- what does it mean to be subject to the US 877A expatriation tax?
- how are different kinds of assets treated for the purposes of expatriation?
- pensions vs. property ...
- ways of avoiding covered expatriate status (gifts, pre-renunciation sales, etc.)
- what about post-renunciation gifts from covered expatriates to US citizens?
- Relief Procedures For Former Citizens
Previous podcasts with Virginia include:
How Does Renunciation Of US Citizenship Affect Entitlement To US Social Security Payments?
Is It True That Renouncing US Citizenship Will Result In Being Barred From The United States?
Mi’Azhikwan: First Nation Status As Citizenship - Losing And Gaining Citizenship
Latin American Opportunities: Whether Retiring Or Seeking A Digital Nomad Visa
Checking In With Coach Coutts: Leave The Calories To US!”
The Mouse That Roared - Belgium Rules FATCA IGA Violates Europe’s GDPR
Oral Argument: Association Of Accidental Americans - Hearing May 3, 2023
Coach Coutts - What Is Cortisol And Why Is It Important? Leave The Cortisol To US!
@MiAzhikwan - On The 41st Anniversary Of The Canadian Charter Of Rights
When It Comes To Penalties: Some Penalties Are ”Assessable” And Some Are Not And Why It Matters
Coach Coutts -The Drama Triangle: Leave The Drama To US
Checking In With Coach Coutts - ”Leave The Fitness To US”
Attn: Canadians (and other non ”US Persons”) Who Own US Property: What You Need To Know About FIRPTA - Don’t Sell Without This Knowledge!!
Jimmy Sexton Interview: Unique Expatriation Issues With John Richardson
FATCA, Foreign Information Returns And The IRS Statute Of Limitations For Americans Abroad
Meet @JeffSteiner A Member of @DemsAbroad Who Supports: Residence-based Taxation And FATCA Repeal For Americans Abroad
Non-citizens Should Be Able To Leave The United States Without Having A Certificate Of Tax Compliance (Shouldn’t They?)
Renouncing US Citizenship Doesn’t Mean You Lose Your Identity As A Citizen: You Just Become A ”Retired Citizen”
”Once Upon A Time” A Couple Who Were UK Nationals, Living In Belgium, Owned US Stock
Congressman Brian Higgins Addresses Canada’s Underused Housing Tax -March 7, 2023
Keeping Up With @Amy_From_Sydney - Update: The 2023 Struggle Against US Citizenship Tax Continues
Mr. FBAR And The Future Of US Citizenship Abroad - Greg Smith Reflects On 25 Years Of Living Overseas
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