Full @SenateFinance Hearing
Early Impressions of the New Tax Law
Date: Tuesday, April 24, 2018 Time: 02:30 PM Location: 215 Dirksen Senate Office Building https://t.co/02uCGBB3FS – My letter about @USTransitionTax @OrrinHatch on behalf of #Americansabroad https://t.co/hicUktgXHH pic.twitter.com/QHVMDkf8q4— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) May 5, 2018
This is the eleventh in my series of posts about the Sec. 965 Transition Tax and whether/how it applies to the small business corporations owned by taxpaying 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 ten posts in my “transition tax” series were:
Part 3: Responding to the Sec. 965 “transition tax”: They hate you for (and want) your pensions!
Part 6: Responding to the Sec. 965 “transition tax”: A “reprieve” until June 15, 2018
Part 9: Responding to the Sec. 965 “transition tax”: From the “Pax Americana” to the “Tax Americana”
Part 10: Responding to the Sec. 965 “transition tax”: Individuals subject to U.S. state tax jurisdiction, the response of New York State – It’s about “reasonable cause”!
Introduction – The purpose of this post is …
Awareness of the how the “Transition Tax” is affecting residents of other countries is beginning to grow. For example, see the following editorial in the Halifax Chroncile Herald:
Halifax @ChronicleHerald understands that USA is attempting 2 confiscate individual Canadian pensions by using IRC Sec. 965 @USTransitionTax – CDN Finance Minister @Bill_Morneau must respond! Could include @Canadiansabroad @CanadiansInUSA @CDNSnowbirds https://t.co/lhdc1ydb5o
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) May 5, 2018
On April 24, 2018, the Senate Finance Committee held a hearing called “Full Committee HearingEarly Impressions of the New Tax Law“. A video of the hearing is referenced in the following tweet:
April 24, 2018: Senate Finance Committee Hearing – "Early Impressions Of The New Tax Law" – watch it here. You will see that NO reference is made to the tremendous problems caused to #Americansabroad and no reference to the @USTransitionTax at all! https://t.co/tHGULzAQPU
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) May 5, 2018
Written submissions from the public were invited.
This post includes the letter that I sent to the Senate Finance Committee describing the possible impact of the Sec. 965 “Transition Tax” on Americans abroad in general and Canadian residents in particular. Feel free to forward this post to anybody you like.
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