Breaking News! Build Back Better Confirms The Need For Pure Residence-based Tax!

December 20, 2021 - Participants include:

John Richardson - @Expatriationlaw

Jimi Gosart - Vice-President Republicans Overseas

In this episode we discuss a a proposed amendment to the Build Back Better bill which would disproportionately impact Americans abroad. The specific provision was a proposal to end the one carry year carry back of foreign tax credits allowed under Internal Revenue Code 904.

If passed this force Americans abroad to be more conscious of their US tax situation. When it comes to Americans abroad and US citizenship-based taxation Americans abroad should:

Think about CBT early! Think about CBT often! Think about CBT in relation to every aspect of their lives! And keep records of what they think about!

 

Thanks to Financial Times Reporter Emma Agyemang  for this article!

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US bill threatens ‘double taxation for American expats in UK’

Carry back provision would be scrapped under measures considered by the Senate

 

Emma Agyemang 

DECEMBER 17 2021

"UK-based Americans face cash flow headaches and possible double taxation due to a expatriate tax change proposed by the Biden administration Tax experts warned that the plan could eliminate the ability to offset tax paid in the UK against US liabilities on the same income. Measures being considered by the US Senate plan to abolish a carry back provision used when American expats have paid more tax abroad than they owe in the US. If UK tax is paid in the calendar year immediately following when the income is reported in the US, current rules allow for a backwards adjustment."

 

You can read the complete article here ...

https://www.ft.com/content/4c6d002d-5486-478d-88cf-83ff3847531d