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Friday, 26 July 2024 00:00

Gary and Brian head into the recording studio for the FICPA. They will present their seminar: "Understanding Expatriation and Exit Tax"

Gary and Brian head into the recording studio for the FICPA. They will present their seminar: "Understanding Expatriation and Exit Tax"
Florida Institute of Certified Public Accountants (FICPA)
Gary and Brian head into the recording studio with the FICPA to present their seminar: "Understanding Expatriation and Exit Tax." In this seminar, we explore the income tax consequences of expatriation for U.S. citizens, permanent residents, and their assets. We discuss the development and unravel the intricacies of the deemed sale rules. Attendees will learn effective strategies for minimizing tax and ensuring tax compliance.

This seminar will be released on July 26, 2024.

Wednesday, July 10th @ 10 AM ET
Visit the FICPA website for more information.
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Thursday, 16 May 2024 00:00

Gary and Brian explore expatriation tax rules for residents, assets, and tax reduction, in their seminar: "How to Avoid Exit Tax When Returning Home: The Resident Foreign National and Worldwide U.S. Income Tax" via Live National Webinar

Gary and Brian explore expatriation tax rules for residents, assets, and tax reduction, in their seminar: "How to Avoid Exit Tax When Returning Home: The Resident Foreign National and Worldwide U.S. Income Tax" via Live National Webinar
How to Avoid Exit Tax When Returning Home: The Resident Foreign National and Worldwide U.S. Income Tax
Resident foreign nationals face potential taxation upon permanent exit from the U.S. In this seminar, we explore the income tax consequences of expatriation by permanent residents (and U.S. citizens), and their assets. We discuss the nuances of the deemed sale rules, examining their evolution and implications. Attendees will learn effective strategies for reducing tax and ensuring compliance.

Thursday, May 16th @ 12 Noon ET
Register for this LIVE (no cost) seminar.
Published in Press Releases
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Wednesday, 01 February 2023 11:12

Expatriation from the United States Part 1: The Exit Tax

Expatriation from the United States Part 1: The Exit Tax

Article Written for:  TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants) 

The U.S. imposes an Expatriation Tax on U.S. citizens who abandon citizenship and on or long-term U.S. residents (non-citizens) who surrender their green card. The expatriation tax consists of the Exit Tax and the Inheritance Tax.  This article explains the Exit Tax.

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Sunday, 29 January 2023 19:00

Estate and Gift Tax Rules for Noncitizens

Estate and Gift Tax Rules for Noncitizens

Article Written for:  the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants 

Although CPA practices commonly handle federal estate and gift tax matters, very few CPAs counsel nonresident noncitizens exposed to these taxes. This blog provides an overview of the international side of U.S. estate and gift taxes.

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Monday, 22 August 2022 17:12

Take a Close Look at LLCs when Asset Protection Planning

Take a Close Look at LLCs when Asset Protection Planning

Article Written for:  the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants 

Limited liability companies (LLCs) insulate owners from “inside” business liabilities, similar to corporations, but, unlike corporate stock, member equity held in a protective LLC generally may not be reached. Also, an “outside” creditor of an LLC member cannot acquire voting equity in a protective LLC, nor reach LLC assets. Claims on LLC interests are generally limited to a charging lien. These asset protection measures are just a few of the reasons LLCs have largely become the business entity of choice.

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Thursday, 01 December 2022 08:13

Tax Reporting of Foreign Assets

Tax Reporting of Foreign Assets

Article Written for:  TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants) 

U.S. citizens and residents are subject to a number of IRS reporting requirements regarding assets held outside the U.S. Foreign situs assets and interests in offshore trusts significantly complicate tax reporting. Several such filing requirements are outlined below.

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Saturday, 01 October 2022 17:20

Testamentary Transfers to Non-Citizen Spouses

Testamentary Transfers to Non-Citizen Spouses

Article Written for:  TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants)

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Monday, 01 August 2022 10:42

The Status of LLCs in Asset Protection Planning

The Status of LLCs in Asset Protection Planning

Article Written for:  TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants)

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Sunday, 26 June 2022 20:00

Careful with Asset Protection Transfers: Courts May View Them as Fraudulent

Careful with Asset Protection Transfers: Courts May View Them as Fraudulent

Article Written for:  the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants 
An effective asset protection plan must be implemented before any foreseeable clams, as existing debts and anticipated liabilities are not avoidable. Reactionary transfers (made to avoid a present or future creditor) are reversible.

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Wednesday, 08 June 2022 20:00

Using the Foreign Corporation to Avoid Estate Tax

Using the Foreign Corporation to Avoid Estate Tax

Article Written for:  the MassCPA's Massachusetts Society of CPAs 
All U.S. situs assets held by a non-resident non-citizen (NRNC), both tangible and intangible, unless falling within a limited exemption, are subject to the U.S. estate tax. Those same assets held in a foreign corporation are excluded from estate tax.

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Forster Boughman & Lefkowitz

Our mission is to serve as a resource for complex domestic and international business transactions, tax, health law, asset protection, and related litigation.

Our firm is an approachable and economic alternative to large national and international law firms.  Se habla español.



 

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