cross posted from citizenshipsolutions by John Richardson
Great presentation! Lawyer Monte Silver explains how the @USTransitionTax is very much like the 2011 #OVDI program! Do you remember: "This is your last best chance to come into compliance!" Well, April 15 is your last best chance! https://t.co/9oPikRay4D
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 15, 2018
Attorney Monte Silver has organized a worldwide petition to prevent the application of the “transition tax” and GILTI to “tax residents” of other countries. Please support him by participating. You will find his petition and further information here:
And now, back to our regularly scheduled programming.
This is the fourth in my series of posts about the Sec. 965 Transition Tax and whether/how it applies to the small business corporations owned by tax paying residents of other countries (who may also have U.S. citizenship). These small business corporations are in no way “foreign”. They are certainly “local” to the resident of another country who just happens to have the misfortune of being a U.S. citizen.
The first three posts were:
Last night I was discussing the “transition tax” with an “individual” who is impacted by the tax AND is a Homeland American. He is a “tax resident” of ONLY the United States. For Homeland Americans who are subject to ONLY the U.S. tax system the “transition tax” is NOT a bad thing. For “non-residents” it is a terrible thing, which may destroy their retirements. The reason is that “nonresidents” are subject to both U.S. taxation and taxation in their countries of residence. The “transition tax” is an extremely egregious example of the terrible effects of the U.S. practice of imposing “worldwide taxation” on the residents of other countries. I hope that “the transition tax” will be the “straw that breaks the Camel’s back” and ends the U.S. practice of imposing taxation on people who don’t live in the United States.
After the discussion, I summarized our conversation in the following letter to him. Here is the letter.