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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 and information 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. 

Learning Objectives

  • 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.
Last updated/reviewed: February 09, 2018

6 Reviews (14 ratings)Reviews

5
Member's Profile
Well presented. Though the topic is a bit dry, the instructor used enthusiasm and great examples to keep the presentation interesting.
5
Member's Profile
Your enthusiasm and energy in teaching this topic made it much more interesting and more easily to keep my attention on the lesson.
4
Anonymous Author
Great overview. However, the instructor has a very low voice, which sometimes makes it hard to hear what he was saying.
5
Member's Profile
instructor hit the highlights and important areas of the international tax topic.
5
Member's Profile
summary was concise and limited to just need to know info
5
Anonymous Author
Great overview!

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  00:38Introduction to Expatriation: Top Ten International Tax Topics
  9:25Topics 10 & 9
  8:58Topic 8 Know US Citizens' Tax and Reporting Obligations
  3:26Topic 7 My Reaction
  9:31Topics 6 & 5
  3:18Topic 4 Your Expatriation Date is Important
  4:54Topics 3 & 2
  2:30Topic 1 The Fun Doesn't Stop Just Because You Expatriated. What else is Important?
CONTINUOUS PLAY
  42:42Expatriation: Top Ten International Tax Topics
SUPPORTING MATERIALS
  PDFSlides: Expatriation: Top Ten International Tax Topics for people renouncing US citizenship or transferred
  PDFExpatriation: Top Ten International Tax Topics for people renouncing US citizenship or transferred Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM