Special Tax Problems
Many of our clients that travel between the US and France experience Special Tax Problems.
We are prepared to assist you with:
- U.S. beneficiaries of foreign trusts
- Renunciation of U.S. citizenship or Green
Card status
There are several areas of the U.S. tax
laws that require special attention.
One of them is the area of U.S. beneficiaries
of foreign trusts. Often, what appears to be a U.S. trust may
under IRS definitions be a foreign trust for tax purposes.
If you are in that category, we can explain the rules as they
pertain to you, help you with concomitant tax reporting and advise
how, if possible, this rarely advantageous situation can be changed.
Since 1996, the U.S. tax law imposes special
rules on U.S. citizens who renounce their U.S. citizenship and
on certain categories of U.S. residents who renounce their resident
status. While limited, there are certain steps that can be done
to perhaps minimize the harsh tax impact of these statuses. As
with most tax matters, advance action is more effective than
action taken after the tax-defining steps have been made.
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