Good morning and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I am an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I am welcoming you from Santa Monica, California. Yesterday, I had a very interesting conversation and that conversation, gave me an idea of a whole series of vlogs about steps you should be taking if you are thinking about moving to live outside of the United States. When you leave the United States, you need to take into consideration three very important topics:
First: the loss of a new host nation; what will be your new compliance requirements?
Second: you need to take steps to end your current state tax residency; for example if you live in California, you are a tax resident of California. So what are the steps you should be taking to end it? It’s very important because you may find yourself in a very strange situation where your state will still tax your worldwide income even though you don’t live in that state.
Finally, and most importantly, you need to understand the US international tax requirements that will apply to you once you move outside of the United States.
These are the topics I will be exploring in the coming days.
Thank you for watching, until the next time.
http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png00adminhttp://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.pngadmin2024-03-28 22:08:222024-03-28 22:08:23Moving Outside of the US: Main Tax Considerations | International Tax Lawyer & Attorney
Hello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I am an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I am continuing my series of vlogs from Santa Monica, California. If you recall, in a previous vlog, I raise the issue of US citizens moving to live outside of the United States. It seems like a good topic to pick, while in California. I’ve raised three main issues that should be considered by anyone who’s leaving the United States.
Local tax compliance
Ending state tax residency
US international tax compliance
I addressed the first two issues in previous vlogs and today I’d like to begin addressing the third one. We’ll start with the income tax considerations. When you move outside of the United States, as long as you are a US citizen, you are considered to be a tax resident of the United States no matter to which country you move. Even if you move to North Korea, you still will be a tax resident of the United States.
What does it mean for you? It means that you have the obligation to continue to file US tax returns and to report your worldwide income on the tax returns.
We will continue discussing this topic in more detail in the follow-up vlogs.
Thank you for watching, until the next time.
http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png00adminhttp://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.pngadmin2024-03-28 20:58:052024-03-28 22:14:55US Tax Residency & Living Outside the US | International Tax Lawyer & Attorney Santa Monica CA Blog
Hello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I am an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, we are continuing our series of vlogs from Beverly Hills, California and today I’d like to talk to you about FBAR compliance and particular where an obligation to file an FBAR was known to the taxpayer but the taxpayer has not acted on it. Is the taxpayer’s inaction in and of itself sufficient to automatically prove early non-compliance was willful and the answer is no, automatically no. We have to look at all facts and circumstances but is this a negative fact? Absolutely. The passage of time between the time when the taxpayer learned about the existence of FBAR and when he took action is a very important consideration, not only for the reasonable cause purposes, but also for non-willfulness purposes.
If you would like to learn more about FBAR compliance, in particular the issue of willfulness vs. non-willfulness, in the context of FBAR non-compliance, call me at (952) 500-8159 or you can email me at: [email protected]
Thank you very much and until the next time.
http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png00adminhttp://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.pngadmin2024-03-28 17:27:332024-03-28 21:09:27Knowledge of FBAR Existence & Willfulness | FBAR Lawyer Beverly Hills Los Angeles California
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Moving Outside of the US: Main Tax Considerations | International Tax Lawyer & Attorney
/in International tax attorney & lawyer Video /by adminGood morning and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I am an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I am welcoming you from Santa Monica, California. Yesterday, I had a very interesting conversation and that conversation, gave me an idea of a whole series of vlogs about steps you should be taking if you are thinking about moving to live outside of the United States. When you leave the United States, you need to take into consideration three very important topics:
First: the loss of a new host nation; what will be your new compliance requirements?
Second: you need to take steps to end your current state tax residency; for example if you live in California, you are a tax resident of California. So what are the steps you should be taking to end it? It’s very important because you may find yourself in a very strange situation where your state will still tax your worldwide income even though you don’t live in that state.
Finally, and most importantly, you need to understand the US international tax requirements that will apply to you once you move outside of the United States.
These are the topics I will be exploring in the coming days.
Thank you for watching, until the next time.
US Tax Residency & Living Outside the US | International Tax Lawyer & Attorney Santa Monica CA Blog
/in International tax attorney & lawyer Video /by adminHello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I am an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I am continuing my series of vlogs from Santa Monica, California. If you recall, in a previous vlog, I raise the issue of US citizens moving to live outside of the United States. It seems like a good topic to pick, while in California. I’ve raised three main issues that should be considered by anyone who’s leaving the United States.
I addressed the first two issues in previous vlogs and today I’d like to begin addressing the third one. We’ll start with the income tax considerations. When you move outside of the United States, as long as you are a US citizen, you are considered to be a tax resident of the United States no matter to which country you move. Even if you move to North Korea, you still will be a tax resident of the United States.
What does it mean for you? It means that you have the obligation to continue to file US tax returns and to report your worldwide income on the tax returns.
We will continue discussing this topic in more detail in the follow-up vlogs.
Thank you for watching, until the next time.
Knowledge of FBAR Existence & Willfulness | FBAR Lawyer Beverly Hills Los Angeles California
/in International tax attorney & lawyer Video /by adminHello, and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I am an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, we are continuing our series of vlogs from Beverly Hills, California and today I’d like to talk to you about FBAR compliance and particular where an obligation to file an FBAR was known to the taxpayer but the taxpayer has not acted on it. Is the taxpayer’s inaction in and of itself sufficient to automatically prove early non-compliance was willful and the answer is no, automatically no. We have to look at all facts and circumstances but is this a negative fact? Absolutely. The passage of time between the time when the taxpayer learned about the existence of FBAR and when he took action is a very important consideration, not only for the reasonable cause purposes, but also for non-willfulness purposes.
If you would like to learn more about FBAR compliance, in particular the issue of willfulness vs. non-willfulness, in the context of FBAR non-compliance, call me at (952) 500-8159 or you can email me at: [email protected]
Thank you very much and until the next time.