Expatriation: Top Ten International Tax Topics
Learn about the complex US tax system and the impact of worldwide taxation. Discover why people are expatriating and the rules that apply. #taxation
What you’ll learn
- Discover how / why the US taxes based on citizenship, not simply residency.
- Explore the impact / burden of worldwide taxation.
- Discover why and how people are expatriating
- Recognize precisely whom the rules impact.
- Discover the deemed taxable transaction upon expatriating and recognize the tax calculation.
The US might have the most complex international taxation and information disclosure rules in the world. The US is the only industrialized country that taxes its citizens on worldwide income. The Internal Revenue Service (IRS) has been aggressively enforcing the intricate income andinformation reporting / financial disclosure rules, leading to such items as the Offshore Voluntary Disclosure Program (OVDP) and Streamlined Foreign / Domestic Offshore Procedures. As an example, many people simply don’t know they must disclose the existence of foreign bank accounts, even if someone is a US citizen but hasn’t lived in the US for several years (or ever).
Because of the tax system, more people than ever have been renouncing citizenship and abandoning Green Cards. Based on specific laws passed by Congress, renouncing citizenship is a taxable transaction, and so is abandoning a Green Card in certain situations.
This course discusses the specific US rules on expatriating. It also discusses the general rules for US persons transferred to foreign companies, including practical implications of the transfer and the impact on global after-tax cash flow.
This course is brought to you by Illumeo. Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job. Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination. Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.
Who this course is for:
- Anyone interested in Finance, Accounting, Tax and related fields.
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