It is estimated there are 7 million U.S. citizens living outside the United States. Some of these people don’t know that the U.S. may consider them to be citizens. The vast majority of these Americans abroad (according to U.S. law), are required to pay taxes and complete information reporting forms to the United States. Although “citizenship-based” taxation has existed for years, what is new is the enforcement.

The U.S. has enacted FATCA (“Foreign Account Tax Compliance Act”) and has signed IGA’s (Intergovernmental Agreements) in many European countries including Ireland, the UK, France, Germany, and Switzerland. Financial institutions across the globe will be required to identify accounts of “US Persons.” Starting July 1, 2014, financial institutions will begin to determine what accounts are “reportable accounts.” Information regarding those accounts will be passed on to the tax agencies of each country, who will in turn, pass this information on to the IRS. These seminars will include discussion and analysis of the IRS “relaxed opportunities” for people to come into compliance and will focus on:

Citizenship Issues:

• Are you a US citizen?

• Are you still a US citizen?

• Are your children US citizens?

• What is an Accidental American?

Tax Issues:

• Filing US tax returns

• What is involved?

• Filing information returns (FBAR, 8938, 3520A & 3520, 5471, 8621 etc)

• Reasonable cause (avoiding penalties)

Financial Planning Issues:

• Treatment of tax-deferred savings plans

• Treatment of Mutual Funds (PFICs)

Privacy Issues:

• What might FATCA mean for me?

Border Issues:

• Will FATCA make it harder for me to cross the border?

Does it make sense to give up US citizenship?

• Relinquishment

• Renouncing

Presenter: John Richardson, B.A., L.L.B., J.D., is a Toronto lawyer and a member of the Ontario Bar.
CitizenshipSolutions.ca

When: DUBLIN Tues, Aug. 12/BELFAST Wed., Aug. 20

Where: TBA

Admission: €15(Dublin)/£15(Belfast) cash payable at the door (to cover costs).

Information presented is NOT intended or offered as legal or accounting advice specific to your situation.