Pre-Immigration Tax Planning: What You Need to Know in 2015 & Beyond
The United States is one of few countries that taxes its citizens and residents based upon their worldwide income. The United States also taxes non-residents on income derived from the within; including income from a U.S. trade or business and income from certain investments in U.S. property.
In a two hour, LIVE Webcast, our panel of key thought leaders and practitioners assembled by The Knowledge Group will provide an overview and discussion of the taxation regulations and discuss the latest developments you need to know in Pre-Immigration Tax Planning for 2015 and beyond. Join us to hear some of the country’s leading attorneys and skilled tax professionals provide advice regarding federal tax policies, regulations, and requirements for residence applicants.
Some of the major topics that will be covered in this course are:
- Pre-Immigration Tax Planning: An Overview
- U.S. Federal Government Major Taxes
- U.S. Income Tax Resident vs. U.S. Income Tax Immigrant
- Estate and Gift Tax
- Pre-Immigration Considerations
- Foreign Tax Credit
- Possible Sanctions for Non-Compliance
Rich Williams, Senior Managing Attorney
- Information Reporting Requirements, 3520
- Form 8938
- Specific type of investments – like real estate
- Ex-pat rules if planning to leave the US
Tony Panebianco, Director of Family Wealth Strategies
Grassi & Co.
- What is the purpose of coming to the US? ( business, student, possibly for future political reasons)
- How long does the client plan to stay in the US (temporarily-how long? Or permanently?)
- Determining what type of visa to obtain, or apply for green card.
- Determining when they will become a US tax resident.
- Determine if there will be a change of domicile to the US for US estate purposes.
- To get a better tax picture, I ask for:
- List of worldwide assets
- Real estate
- Ownership of companies, including operating agreements to determine US tax treatment as it relates to the now-US shareholder.
- List of income sources
- Copies of investment/fund/ brokerage statements to determine if there are any underlying investments that might be considered Passive Foreign Investment Companies.
- How will the individual/family live (i.e. from what income/cash sources), and how or when do they plan to receive the funds?
- List of worldwide assets
- Educate the client on the various areas of US compliance as a US taxpayer
- Income tax on worldwide income, with foreign tax credit.
- Additional state income tax compliance.
- Tax rates on levels of income and types of income.
- ACA health insurance requirements. (May be taken by another speaker)
- Variety of informational disclosure forms that carry severe penalties for not filing
- Form 5471
- Form 8865
- Form 3520
- Form 3520-A
- Form 8621
- The compliance discussion usually causes the client to think about any assets they want out of the US compliance system.
- If the client plans to maintain some kind of presence or relationship with their home country (i.e. travel, family still there, plans to ultimately return), set up planning techniques with their home country tax advisors.
Kenneth E. Ahl, Partner
Archer & Greiner, P.C.
Overview on what pre-immigrant needs to consider
Income tax rules and those applying to dual status folks coming to US (for first year returns)
- Determine if there were prior stays in the US. When, how long, type of visa.
- Identify any existing investments or real estate holdings in the US.
- Was there any history of prior US tax filings?
- Identify the citizenship and visa status of accompanying family members.
- Discussion of the complexities of the first US tax return, dual status returns, need for id numbers for dependents, the election to be subject to US income tax for full year.
- The importance of tax treaty benefits, if applicable.
Peter Stratos, President
Stratos & Associates
- Social security coverage/exemption
- Creditable foreign income and taxes
- Where are they going to live, for state issues
- Structuring pre-immigration income/compensation
- Addressing pre-immigration retirement plans
- Selling home in foreign country vs renting and for how long
- Pre-immigration gifting (and compare post immigration gifting to U.S. and non U.S. persons)
Michael Ripp, Partner
Giordani Swanger Ripp Phillips LLP
- Pre-Immigration Trusts
- U.S. Tax Terminology Applicable to Trusts
- Classification as a Grantor Trust – U.S. Grantor
- Classification as a Grantor Trust – Foreign Grantor
- Classification as a Grantor Trust – Foreign Grantor that Immigrates to U.S.
- Classification as a Grantor Trust – Someone Other than the Grantor as “Owner”
- U.S. Tax Consequences of Grantor Trust Status
- Classification as a Non-Grantor Trust
Who Should Attend:
- Tax Attorneys
- Tax Litigators
- Tax Preparers and Practitioners
- Tax Advisers
- Tax Executives and Directors
- Tax Consultants
- Other Related/Interested Professionals and Organizations
Rich Williams is a member of Dentons' US Tax practice. Rich has experience in a wide range of US federal income tax matters, including domestic and international mergers, acquisitions and dispositions; public and private financings; and both cross-border and general strategic tax planning. Rich is a member of the Tax Section of the New York State Bar Association, the International Tax Institute, and the Foreign Activities of US Taxpayers Committee of the American Bar Association's Tax Section. LL.M., Taxation, New York University, School of Law; J.D., Indiana University Maurer School of Law; BSBA, Washington University In St Louis.
Rich Williams is a member of Dentons' US Tax practice. Rich has experience in a wide range of US federal …
Tony Panebianco, CPA, TEP is the Director of Family Wealth Strategies at Grassi & Co. Tony works closely with wealthy entrepreneurs and executives, including their family members, trusts, partnerships and closely-held corporations, both domestically and internationally. Tony leads our Family Office and Concierge Services division, providing a range of bill-pay services, tax and accounting advice, financial statements, and estate and insurance monitoring for individuals and their family members.
Tony provides his clients with accounting, tax compliance, financial analysis, record-keeping, and bill-paying services, as well as tax minimization strategies, and traditional preparation of income and gift tax. Tony also assists multi-national families with U.S. pre-immigration planning and foreign trust calculations. Additionally, Tony provides tax and consulting services for U.S. beneficiaries of foreign trusts, U.S. citizens living abroad, and foreign nationals establishing a U.S. presence. Tony helps families design and administer sophisticated estate planning strategies, continuing to oversee the estate plan with updates as needed.
Tony graduated from St. Johns University with a B.S. in Accounting and is a member of the AICPA, NYSSCPA, and the prestigious international Society of Trust and Estate Practitioners (STEP).
Tony Panebianco, CPA, TEP is the Director of Family Wealth Strategies at Grassi & Co. Tony works closely with wealthy …
Michael H. Ripp, Jr. represents high net worth individuals and family offices in the design, implementation, and administration of domestic and international trust, investment, and life insurance structures, including the tax planning and compliance aspects of such structures. He advises non-U.S. individuals regarding the tax and legal issues involved in pre-immigration planning, temporary residency, and planning for gifts to their U.S.-resident families, both during lifetime and at death. A significant portion of his practice involves advice regarding mechanisms for deploying leverage in the acquisition or monetization of assets, including real estate. Mr. Ripp’s practice also includes counseling fiduciaries with respect to the administration of trusts and estates, and he is Board Certified in Estate Planning and Probate by the Texas Board of Legal Specialization. Mr. Ripp is listed in Best Lawyers in America© 2015 for Trusts & Estates, as selected by Woodward White, Inc., and is a Fellow of the Texas Bar Foundation.
Michael H. Ripp, Jr. represents high net worth individuals and family offices in the design, implementation, and administration of domestic …
Mr. Ahl's practice concentrates in the area of taxation and includes business and individual tax planning, estate planning, trust and estate administration and tax litigation. He represents numerous clients in matters involving international taxation, including tax planning for non-resident aliens, dual citizens, green card holders and U.S. citizens residing abroad. He has extensive experience in U.S. tax issues involving foreign estates and trusts, and the use of tax treaties to avoid the double taxation of income and death taxes. He frequently works with immigration lawyers to plan for the tax issues of non U.S. citizen clients both coming to and exiting from the United States. He is very experienced in dealing with the special tax needs of U.S. citizens and green card holders residing abroad. He has counseled numerous taxpayers on Offshore Account Voluntary Disclosure Initiatives.
Mr. Ahl's law career started with positions at the Department of State and at the National Office of the Internal Revenue Service, where he obtained a broad range of experience in international and tax issues. At the State Department, he determined issues of citizenship and dual nationality. At the IRS, he issued rulings and technical opinions dealing with numerous tax issues, including tax treaties, capital gains and sales and exchanges of property. He has an in-depth knowledge of the Internal Revenue Code and its regulations as well as in matters of state and local taxation. He has extensive experience in practicing before the IRS including the audit, appeal and collection process. He is a graduate of the University of Virginia Law School and is admitted to practice law in Pennsylvania, Virginia and The District of Columbia.
Mr. Ahl's practice concentrates in the area of taxation and includes business and individual tax planning, estate planning, trust and …
Peter Stratos is the president and founder of Stratos & Associates, PLLC, a tax advisory firm specializing in international tax for both individual and corporate taxes. Peter’s primary expertise in international tax are in the areas of foreign tax credit planning, residency issues, state and local issues for international and multinational businesses, expats and inpats, pre-immigration planning, compensation planning, treaty positions, entity selection, organizational structuring and withholding issues.
Peter is a speaker for the AICPA, state societies, and other organizations on various international tax topics. He has also self-published a book titled “Introduction to International Tax for Individuals” and written a “Guide to Doing Business in the U.S.” published through Orbitax, along with several articles and issue papers covering various international tax topics. He was recognized on multiple occasions by the Virginia Society of Certified Public Accountants and Virginia Business Magazine as a “Super CPA” in corporate taxation.
Peter Stratos is the president and founder of Stratos & Associates, PLLC, a tax advisory firm specializing in international tax …
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Dentons is a global law firm driven to provide clients a competitive edge in an increasingly complex and interconnected world. A top 20 firm on the Acritas 2014 Global Elite Brand Index, Dentons is committed to challenging the status quo in delivering consistent and uncompromising quality in new and inventive ways. Dentons was formed by the combination of international law firm Salans LLP, Canadian law firm Fraser Milner Casgrain LLP (FMC) and international law firm SNR Denton. Dentons' clients now benefit from approximately 2,600 lawyers and professionals in more than 75 locations spanning 50-plus countries across Africa, Asia Pacific, Canada, Central Asia, Europe, the Middle East, Russia, CIS and the Caucasus, the UK, and the US. The Firm serves the local, regional and global needs of a broad spectrum of clients, including private and public corporations; governments and government agencies; small businesses and start-ups; entrepreneurs; and individuals.
About Grassi & Co.
Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology, and business consulting services. Grassi & Co. has offices in Manhattan, Long Island and Rockland County, NY as well as Milan, Italy. Grassi & Co. has been ranked among the Top 100 largest firms in the U.S. by both INSIDE Public Accounting and Accounting Today, the Top 20 largest firms in the New York Metropolitan area by Crain’s New York Business and the Top 10 largest firms on Long Island by Long Island Business News. Grassi & Co. specializes in professional services for the Construction, Architecture & Engineering, Financial Services, Manufacturing & Distribution, Retail, Technology, Media & Telecommunication, Transportation, Not-for-Profit, and Healthcare industries, among others.
About Giordani Swanger Ripp Phillips LLP
Giordani, Swanger, Ripp & Phillips, LLP (GSRP) is a boutique law firm based in Austin, Texas with a national and international reputation as premier providers of domestic and international estate and tax planning, business planning, charitable planning, insurance planning (with a special focus on private placement life insurance), and other non-litigation matters to high net worth individuals and closely held businesses from around the world.
About Archer & Greiner, P.C.
Archer & Greiner is a full service, regional law firm with a reputation for providing the highest quality, result-driven legal services to corporate and individual clients. One of the largest law firms in the Delaware Valley and among the five largest in New Jersey, Archer & Greiner serves businesses and individuals throughout the region and in an increasing number of other states and jurisdictions. With a network of regional offices from Philadelphia to New Jersey, the firm has more than 175 lawyers practicing in all major legal disciplines including corporate, labor, commercial litigation, family, real estate, and many more.
About Stratos & Associates
Stratos & Associates PLLC provides strategic international tax and business advisory services. We deliver a made-to-fit level of service to our select clientele of individuals, international companies and domestic businesses of all sizes. We create customized solutions based solely on each client's situation and needs. Our goal is to provide proactive planning and advice in order to minimize your overall tax burden whether international or domestic. We serve clients located in any jurisdiction through our offices in Virginia and Shanghai, China with Chinese, Russian, and Turkish language capabilities.