Insights and Solutions Into The Problem Of US Citizenship Or Holding A Green Card

PREP Podcaster - ”Success Favours The PREPared Mind”

April 18, 2024 - Participants include:

Darren Coleman - Coleman Wealth

John Richardson - @Expatriationlaw

This podcast is crossposted from Darren Coleman's Two Way Traffic podcast. The original podcast and description is here:

"Canadians who return to the country after working south of the border may face “punitive” exit taxes from the U.S. and it doesn’t matter if their leaving is due to a divorce, illness or something else.
Darren’s guest is John Richardson of Citizenship Solutions, a Toronto-based lawyer who was born in the U.S. and has lived most of his life in Canada. His practice is largely devoted to assisting Americans who live outside the U.S. John says Americans living in Canada are often treated “unjustly” by the IRS.
“As far as the U.S. is concerned, there are two principles at play,” he says. “First, one never leaves the land of the free for free. Second, everything in the U.S. is taxable.” Darren and John discuss a wide range of issues – everything from potential troubles for Green Card holders to compliance matters when dealing with two countries that have very different tax regimes to immigration problems."

https://twowaytraffic.transistor.fm/episodes/leaving-las-vegas-or-anywhere-else-in-the-us-exit-taxes-and-the-price-of-leaving-america

AI generated description:

"In this insightful episode of "Two-Way Traffic", Darren Coleman engages with renowned cross-border attorney John Richardson of CitizenshipSolutions.ca, in a comprehensive and enlightening discussion around the legal, taxation, and financial complexities associated with living and holding wealth across the U.S and Canadian borders.

The conversation brings into sharp focus the hefty regulations and penalties American citizens and green-card holders are subjected to, regardless of their physical presence in the U.S territory. Richardson talks extensively about the seemingly maze-like tax landscapes which often lead to inadvertent non-compliance with the U.S tax laws.

Adding more depth to this complex scenario, Richardson emphasizes the importance of professional guidance for understanding individual situations and mitigating the emotional distress associated with unfamiliar tax landscapes. The dialogue concludes with a look at the alternatives available for those looking to untangle their U.S. affiliations and reduce the risk of potential penalties.

Featuring an in-depth exploration of treaty residency provisions, potential tax liabilities and punitive exit taxes, this conversation serves as a valuable guide for understanding and navigating the intricacies of U.S taxation laws and their potential repercussions, especially for Green Card holders moving back to Canada. Our expert panel's reflections on the 'closer connection rule' and ‘tax treaty tiebreak provisions’ offer practical insights for individuals trying to navigate their tax obligations.

Rich with real-life experiences, tips and essential cautionary insights, this podcast's ending note underlines the importance of specialized tax advisory in managing cross-border financial matters. This episode of 'Two-Way Traffic' serves as an engaging and informative guide into the intricate world of cross-border finance, giving listeners a deeper appreciation of tax laws and estate management, and insight into next steps towards strategic financial planning."