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Discussion about current events, culture, independent candidates, business, education, travel, death and taxes, global mobility, citizenship and residence by investment options, Americans abroad, FATCA, CRS, U.S. citizenship renunciation, Green Card abandonment, citizenship taxation, PFIC, GILTI, foreign trusts, I-407 and more ...
Monday Dec 19, 2022
Monday Dec 19, 2022
December 19, 2022 - Participants include:
Nancy Grouni - ObjectiveFinancialPartners.com
John Richardson - @ExpatriationLaw
The days of a defined benefit pension are long gone. All people must take responsibility for their financial futures. Yet, many aren't aware of this obligation. Of those who are aware, "many people don't even know where to start". Ms. Grouni provides "oversight" and acts as a quarterback to oversee all "the moving parts."
As always, US citizenship is a complicating factor.
As a person who gives advice on a fee-based basis, Nancy Grouni is not "one in a million" but is one of approximately 150 people serving the population of Canada.
You will enjoy this podcast!
Sunday Dec 18, 2022
Sunday Dec 18, 2022
December 18, 2022 - Participants include:
Tim Smyth - @Tpsmyth01
John Richardson - @Expatriationlaw
This spells trouble!!
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The text of the treaty document can be found at: https://home.treasury.gov/system/files/131/Treaty-Croatia-12-7-2022.pdf
Of particular note in Treasury’s announcement is:
“The Treasury Department is pleased to conclude this new tax treaty with Croatia. It is the first comprehensive tax treaty that the United States has signed in over ten years and reflects our current tax treaty policies and is a milestone in the Treasury’s efforts to expand the U.S. tax treaty network. We appreciate the collaboration Croatia showed throughout the negotiations,” said Lily Batchelder, Assistant Secretary (Tax Policy).
The new tax treaty closely follows the U.S. Model income tax treaty.
Treasury’s announcement focuses on the mutually beneficial aspects of the US Croatia tax treaty. Notably Treasury’s announcement fails to comment on the inclusion of the enhanced “saving clause” which is identical to the following provisions in the US Croatia tax treaty.
4. Except to the extent provided in paragraph 5 of this Article, this Convention shall not affect the taxation by a Contracting State of its residents (as determined under Article 4 (Resident)) and its citizens. Notwithstanding the other provisions of this Convention, a former citizen or former long-term resident of a Contracting State may be taxed in accordance with the laws of that Contracting State.
5. The provisions of paragraph 4 of this Article shall not affect:
a) the benefits conferred by a Contracting State under paragraph 3 of Article 7 (Business Profits), paragraph 2 of Article 9 (Associated Enterprises), paragraph 7 of Article 13 (Gains), subparagraph (b) of paragraph 1, paragraphs 2, 3 and 6 of Article 17 (Pensions, Social Security, Annuities, Alimony and Child Support), paragraph 3 of Article 18 (Contributions to Pension Funds), and Articles 23 (Relief From Double Taxation), 24 (Non-Discrimination) and 25 (Mutual Agreement Procedure); and
b) the benefits conferred by a Contracting State under paragraph 1 of Article 18 (Contributions to Pension Funds), and Articles 19 (Government Service), 20 (Students and Trainees) and 27 (Members of Diplomatic Missions and Consular Posts), upon individuals who are neither citizens of, nor have been admitted for permanent residence in, that Contracting State.
This represents a significant expansion of the “saving clause” to allow the US to impose US taxation NOT only on its” residents (as determined under Article 4 (Resident)) and its citizens” but also on “a former citizen or former long-term resident” which may are permitted to be subjected to any relevant future provisions of the Internal Revenue Code.
From the perspective of Croatia, the “saving clause” found in Paragraph 4 of Article 1 means:
4. Except to the extent provided in paragraph 5 of this Article, this Treaty shall not affect the taxation by the United States of its residents (as determined under Article 4 (Resident)) and residents of Croatia who happen to be US citizens. Notwithstanding the other provisions of this Convention, a former US citizen or former long-term US Green Card holder who is a resident of Croatia may be taxed by the United States according to the Internal Revenue Code.
Wednesday Dec 14, 2022
Wednesday Dec 14, 2022
December 8, 2022 - Participants Include:
Anthony Parent - @IRSMedic
Keith Redmond - @Keith__Redmond
John Richardson - @ExpatriationLaw
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In 1996 Dodge began selling the "Dodge Stratus" which replaced the "Dodge Spirit" in the Dodge product line. In 1996 I saw a brilliant piece of marketing for the "first generation" Stratus. It read:
"You're not losing a sports car. You're gaining two doors."
I have been frequently reminded of this ad when I discuss renunciation with people who feel they must renounce US citizenship to escape the burdens (financial, psychological and emotional) of the US regulatory tax, form and penalty regime.
The tweet that was the impetus for this podcast is here.
https://twitter.com/ExpatriationLaw/status/1600814678485368834
Listen to this podcast. Do you agree?
Friday Dec 09, 2022
Friday Dec 09, 2022
December 9, 2022 - Participants include:
David Coutts - @RealCoachCoutts
John Richardson - @Expatriationlaw
The basic message:
"Boys react and men respond ..."
Earlier podcasts with Coach Coutts include:
Coutts At 37, So You Want To Be A Personal Trainer
Sunday Dec 04, 2022
Sunday Dec 04, 2022
Podcast 1- November 12, 2022:
Podcast 2 - December 4, 2022:
Americans who live abroad are renouncing their United States citizenship in large numbers. What part does the current fairness or unfairness of the United States Tax code play in this? What do U. S. citizens need to consider regarding the renunciation of their citizenship? What are "accidental Americans" and how are they treated under the rules of taxation by the U.S. I talked with Keith Redmond and John Richardson to gain clarity on these issues, and I'm happy to share them with you!
Get part 1 of my THE AMERICAN WAY? series here: https://www.podbean.com/ew/pb-epb7d-1309179
or on any podcast platform or on my YouTube channel here: https://www.youtube.com/@cominhomewithjohnalan9103/videos
John Richardson and Keith Redmond are co-founders of https://seatnow.org/
John RICHARDSON can be contacted at www.citizenshipsolutions.ca and citizenshipsolutions@proton.me
Keith Redmond can be reached at https://www.facebook.com/groups/AmericanExpatriates and US_Overseas_Advocate@outlook.com
MY AUDIOBOOK SUBSCRIPTION IS NOW AVAILABLE! Get into it HERE
* If you'd like to support The Comin' Home Podcast With John Alan, you can do that at one of the links here: https://patron.podbean.com/JohnAlan
https://www.buymeacoffee.com/johnalanpod
Go check out my new comic strip "Loyal Oak" at https://johnalanpod.com/loyal-oak-the-comicstrip/
You can find my music here: https://open.spotify.com/artist/5F4Jgrwy2fMa54webx5yzk?si=TTCDdVjdQCSf4GsRM7UyZg
More info and my blog are here at https://johnalanpod.com/
#CominHomeWithJohnAlan
#Taxation
#AmericansAbroad
Sunday Nov 20, 2022
Sunday Nov 20, 2022
November 20. 2022 - Participants Include
Andrew Grossman - @AndyGr
John Richardson - @Expatriationlaw
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I am always grateful for the opportunity to catch up with Andrew Grossman who is a UK based former US Foreign Service Officer. Mr. Grossman has compiled the best research in the area of FATCA and FBAR which is available here:
https://www.nyulawglobal.org/globalex/Fatca_Citizenship_Based_Taxation1.html
Previous interviews with Mr. Grossman 2014 and 2016 may be found on Youtube:
https://www.youtube.com/watch?v=X1Avi8QJygQ&t=1s
https://www.youtube.com/watch?v=MhMBmz8gt0Y&t=4s
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Our discussion today included:
- phantom capital gains
- the consequences of Brexit
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Here is the phantom capital gains provision of the Internal Revenue Code:
https://www.law.cornell.edu/uscode/text/26/988
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).
Monday Nov 14, 2022
Monday Nov 14, 2022
November 14, 2022 - Participants include:
Craig Swartz - @ForSwartz
John Richardson - @Independents
I first interviewed Craig Swartz on October 25, 2022 when he was the Democratic candidate for Ohio 5.
He has a varied and interested background. He is also a supporter of ending citizenship taxation and transitioning to residence-based taxation.
In this update we discuss the "deficit" in the democratic process and how candidates are out of touch with the voters.
Thanks to Craig for another great discussion!
Monday Nov 14, 2022
Monday Nov 14, 2022
November 14, 2022 - Participants include:
John Richardson - @Expatriationlaw
Jimmy Sexton - @JimmySextonLLM
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To retain or renounce ...
There are many reasons to renounce US citizenship. There are also many reasons to retain US citizenship.
This podcast was motivated by a tweet that asked the question:
https://twitter.com/AccidentallyUSC/status/1591880260861448192
"What reasons are there against renunciation, other than you think you’ll one day move to the US? #fatca #taxtwitter"
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Jimmy and John suggest a number of different considerations when thinking about this question ...
Sunday Nov 13, 2022
Sunday Nov 13, 2022
Issues: Foreign Trusts - Failure To File Form 3520 and 3520A
The facts from the ruling:
21-51064
08-11-2022
Daphne Jeanette Rost, Executor of the Estate of John H. Rebold, Plaintiff-Appellant, v. United States of America, the Internal Revenue Service, Defendant-Appellee.
Appeal from the United States District Court for the Western District of Texas USDC No. 1:19-CV-607
Before SMITH, DUNCAN, and OLDHAM, Circuit Judges.
STUART KYLE DUNCAN, CIRCUIT JUDGE
In 2005, John Rebold formed the Enelre Foundation as a Stiftung under the laws of Liechtenstein. Stiftung is a German word meaning, roughly, "foundation" or "endowment." Enelre's purpose is to provide education and general support for Rebold and his children. Rebold transferred $3 million to Enelre's bank accounts. He later learned the IRS would consider Enelre a "foreign trust," triggering certain reporting requirements. Rebold belatedly filed the reports, and the IRS assessed penalties. Rebold paid the penalties and then filed this refund action. The district court granted summary judgment for the government. We affirm."
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The decision was released on August 11, 2022. An application for a rehearing was filed on September 26, 2022 and denied on October 11, 2022.
(The oral arguments from July 6, 2022 can also be heard on youtube.)
The full text of the judgement ruling against Ms. Host is available at:
https://casetext.com/case/rost-v-united-states-2
Saturday Nov 12, 2022
Saturday Nov 12, 2022
Crossposted with Johnalanpod.Podbean.com
_______________________________________
This is part 1 of a conversation with Keith Redmond and John Richardson about the fairness or unfairness of the United States government's tax law which taxes Americans who live overseas. Many of these Americans have no assets in the United States, no residence in the United States, and live permanently overseas. Is it fair that these Americans must live under the U.S. tax code?
John and Keith are co-founders of https://seatnow.org/
John RICHARDSON can be contacted at www.citizenshipsolutions.ca and citizenshipsolutions@proton.me
Keith Redmond can be contacted at https://www.facebook.com/groups/AmericanExpatriates and US_Overseas_Advocate@outlook.com
MY AUDIOBOOK SUBSCRIPTION IS NOW AVAILABLE! Get into it HERE
* If you'd like to support The Comin' Home Podcast With John Alan, you can do that at one of the links here: https://patron.podbean.com/JohnAlan
https://www.buymeacoffee.com/johnalanpod
Go check out my new comic strip "Loyal Oak" at https://johnalanpod.com/loyal-oak-the-comicstrip/
You can find my music here: https://open.spotify.com/artist/5F4Jgrwy2fMa54webx5yzk?si=TTCDdVjdQCSf4GsRM7UyZg
More info and my blog are here at https://johnalanpod.com/
#CominHomeWithJohnAlan
