Tag: non-resident

Giving Up U.S. Citizenship – Estate and Gift Tax Traps

By Sanford Millar of MillarLaw A Professional Corporation On Monday, September 14, 2015

It may be a commone misunderstanding that a U.S. citizen or permanent resident (Green Card holder) can give up their citizenship or surrender their Green Card and  then as a non-U.S. taxpayer make gifts or pass their estate to U.S. taxpayers free of estate and gift tax.  The IRS recognized this loophole and has proposed … Continue reading Giving Up U.S. Citizenship – Estate and Gift Tax Traps

When do non-U.S. citizens pay income tax and report foreign financial accounts?

By of MillarLaw A Professional Corporation On Sunday, January 11, 2015

In a series of Frequently Asked Questions releases December 31, 2014, The Congressional Research Service provides some guidance on when non-U.S. citizens may be subject to U.S. income taxes. The report states as follows: “Non-citizens who may be subject to U.S. income taxes include legal permanent residents who are authorized to live and work in … Continue reading When do non-U.S. citizens pay income tax and report foreign financial accounts?