The Resource IRS guidance adds body to the HEART Act's new tax regime for expatriates

IRS guidance adds body to the HEART Act's new tax regime for expatriates

Label
IRS guidance adds body to the HEART Act's new tax regime for expatriates
Title
IRS guidance adds body to the HEART Act's new tax regime for expatriates
Creator
Subject
Language
eng
Summary
With respect to the new US exit tax regime, the Internal Revenue Service (IRS) issued broad guidance on the income tax responsibilities of expatriates who, on or after 17 June 2008, relinquish citizenship or give up their green cards. This article describes the new forms that expatriates must file for the year including the date of expatriation (and, possibly, subsequent years) as well as certain technical issues regarding the application of the mark-to-market tax regime and the treatment of certain types of deferred compensation items. The authors conclude that the IRS guidance provides much-needed and, in some respects, taxpayer-favourable clarification of the new US exit tax regime, and are anxiously awaiting guidance with respect to still outstanding estate and gift tax issues
Citation source
In: Canadian tax journal = Revue fiscale canadienne. - Toronto. - Vol. 58 (2010), no. 2 ; p. 447-458
http://library.link/vocab/creatorName
  • Brody, E.S
  • Binder, J.K
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • expatriate
  • exit tax
Label
IRS guidance adds body to the HEART Act's new tax regime for expatriates
Instantiates
Publication
Label
IRS guidance adds body to the HEART Act's new tax regime for expatriates
Publication

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