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Retiring Abroad: A Tax Guide for Advisors and Their Clients

Are your clients planning to retire abroad? Before they do, prepare them for the additional and, often, surprising U.

S. tax reporting complexities which accompany overseas living. Retirees considering a life abroad don't often imagine the tax-related problems they might encounter when opening bank accounts, making charitable gifts or receiving retirement payments overseas. Even seemingly simple things like part-time employment, purchasing life insurance or investing in a mutual fund-type product can trigger complicated tax consequences. This topic will help advisors understand how to advise their retiree clients on staying compliant with U.S. tax policies and avoiding potential IRS penalties while living the good life overseas.

Runtime: 91 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Reporting Income and Deductions to IRS

  • Marital Status - Foreign Spouse and the 6013(g) Election
  • Dependency Exemptions - Exempt Individuals Located Outside the United States

Reporting Unrealized Gains and Income From Foreign Investments

  • Foreign Mutual Funds (PFICs)
  • Foreign Retirement and Insurance Plans

Avoidance of Double Taxation

  • Foreign Tax Credit
  • Earned Income Exclusion
  • Tax Treaties

Reporting Ownership and/or Signature Authority Over Foreign Financial Assets

  • Foreign Bank Account Reports (FBARs)
  • Form 8938: Statement of Specified Foreign Financial Assets

Reporting Ownership Over Foreign Corporations, Partnerships and Trusts

  • Foreign Corporations - Form 5471
  • Foreign Partnerships - Form 8865
  • Foreign Trusts - Form 3520

Penalty Avoidance and Mitigation

  • Streamlined Voluntary Disclosure Programs
  • Other Programs That Completely Avoid Penalties
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Morris N. Robinson, Esq., CPA, LL.M.

Morris N. Robinson, Esq., CPA, LL.M.

M. Robinson & Company, P.C.

  • Founder of M. Robinson & Company, P.C., Tax Law Specialists, a tax firm located in Boston's financial district since 2005
  • Experienced tax lawyer and certified public accountant with more than 30 years of tax law practice
  • Focuses his practice on federal, international, and multistate taxation of businesses and individuals; this includes tax planning for the sale of businesses and resolving highly complex tax issues under the Offshore Voluntary Disclosure Program
  • Frequent speaker in front of local and national audiences on topics ranging from family-oriented tax planning to the tax and legal issues facing retirees living overseas
  • Written numerous publications including “State Voluntary Disclosure Programs: An Overview,” Tax Analysts, State Tax Notes (January 18, 2016) and “Use State Voluntary Disclosure When Complying with Expanded Nexus,” Tax Analysts, State Tax Notes (February 29, 2016)
  • Member of the American Academy of Attorney-Certified Public Accountants (president, New England Chapter), Boston Bar Association (Federal Tax Committee), and Massachusetts Society of Certified Public Accountants (State and Federal Tax Committees)
  • J.D. and LL.M degrees, Boston University School of Law; B.S. degree, Babson College
  • Can be contacted at 617-428-0055, [email protected], on LinkedIn®: https://www.linkedin.com/in/morrisrobinson, or on Twitter®: @MRobinsonCo
Patricia Weisgerber, Esq., LL.M.

Patricia Weisgerber, Esq., LL.M.

M. Robinson & Company, P.C.

  • Attorney at M. Robinson & Company, P.C., Tax Law Specialists
  • Practice focus includes federal, state and international tax law emphasizing on FATCA, FBAR and IRS voluntary disclosure programs, preparation of international tax returns, international tax audits, international tax consultation and other tax and legal issues affecting globally-mobile tax-payers
  • Experience with small business state tax audits, state domicile audits and IRS domestic voluntary disclosure programs as well as other tax controversy matters
  • Guest speaker on reporting foreign assets, foreign retirement planning, charitable planning and change of domicile issues
  • Blog contributor to The Massachusetts Tax Alert® on international tax, retirement, philanthropy and other tax controversy and legal issues
  • Member: American Bar Association, Tax Section; Boston Bar Association International Law Committee; Trusts and Estates Consortium of Boston (Philanthropy Committee Chair)
  • J.D. degree, Suffolk University Law School; LL.M. degree, Boston University School of Law; B.S. degree, St. Bonaventure University
  • Can be contacted at 617-428-0043 or [email protected]
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Product ID: 397270
Published 2016
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