The Returning American | The Tax Consequences of Coming Home to the USA

For help with an international tax issue visit:
https://www.irsmedic.com


Americans overseas may return to the United States for various reasons, including family issues or concerns, a desire to reconnect with their roots or culture, better job opportunities, dissatisfaction with their experiences abroad, or changes in personal circumstances. The COVID-19 pandemic might also have influenced some to return to the U.S. for better healthcare or safety measures, along with political or social factors (like a raging war) in the country of residence could lead to repatriation.

Some may return to the US, as like an abusive parent, the complexities and burdens of filing U.S. taxes from abroad, as well as the reporting requirements for foreign bank accounts bering them back home.

But what are the tax consequences when you have asserts overseas. Why if you weren't in tax compliance all these years and are worried what will happen to you when you of through customs in New York, Miami, LA, well any point of entry? Will you be allowed in?

In this video, tax attorney Anthony Parent and host of the IRSMedic podcast interviews long time guest John Richardson of CitizenshipSolutions.ca along with Keith Redmond, advocate for and consulate to the American overseas on the reasons why Americans return the the US and why some Americans who have never been in th US are coming for the first time along with the tax challenges they fact such as:

Being out of compliance for a long time
The uncertainty of what they need to do to comply
Challenges of having assets and income overseas (even when overseas is actually Canada)

Join us for a lively discussion as we highlight the problems of citizenship based taxation.