Apr 26, 2023
Episode 18 - International Tax Strategies and Forms provides insights for any US taxpayer with offshore interests, and any international person or expat with US interests. Jan begins the conversation with an interesting observation: "I think the perception is that Americans don't realize that once they leave our shores and they move to another country or they obtain residency in another country, that they have foreign reporting issues (to the IRS). I think sometimes the term foreign reporting is interpreted to mean it's not me because I'm an American citizen, when in fact if you are an American citizen outside of the states or you have foreign holdings, real estate, bank accounts, et cetera, outside of the United States, (filing an IRS tax return) does apply to you. And most people are quite surprised by that."
The episode goes on to discuss various foreign investments, entities and real estate ownership as well as oft used IRS tax forms such as the 5471, 8858, FBAR (Form 114) and 8938. Jan goes on to explain the importance of transactional planning as it relates to international and US tax exposure with two simple goals: minimize tax exposure while protecting and preserving the associated assets.