As goes the number of “Controlled Foreign Corporations“, so goes the size of the U.S. tax base. The “messaging” was that the United States was moving to a system of “Territorial Taxation” for corporations. The reality is that the TCJA has actually increased the number of “non-U.S. corporations” that the United States claims to be […]
In general – Good News For American Entrepreneurs Abroad … On Friday June 14, 2019 US Treasury proposed in Notice 2019-12436 that any foreign income earned by Controlled Foreign Corporations be (subject to election) excluded from the definition of GILTI income. This will be particularly welcome to Americans living outside the United States, who are […]
Introduction I have previously written about the “Worldwide trend of attacking the use of corporations as a way to reduce or defer taxation for individuals“. This is a continuation of this discussion. The purpose of this post is, primarily to focus on the proposed changes, to the taxation of passive income earned by Canadian Controlled […]
Update November 9, 2017 Today Chairman Brady concluded the “Mark Up” period of his proposed tax legislation. The “Mark Up” period contained NO move to “territorial taxation” for individuals. It did increase increase the “proposed confiscation” of the retained earnings of certain Canadian Controlled Private Corporation, from 12% to 14%. Renunciations to increase!: Brady (managers's […]
Introduction – The war against corporations and the shareholders of those corporations Corporations as entities that are separate from their shareholder/owners As every law students knows, a corporation is a legal entity that is separate from its owner. As a legal entity that is separate from its owner, a corporation is capable of holding assets, […]
Well look here, Biden proposes to double the #GILTI tax with no apparent exemption for small business. This is a declaration of war on the tax base of other countries (and of course #Americansabroad). https://t.co/uYjLB5ovFg pic.twitter.com/0Ewbc7ydHK — John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 25, 2020 Introduction Proposal of @JoeBiden to raise […]
What Happened Excellent! Congratulations to @MonteSilver1 for successfully resisting the US Treasury attempts to end his Section 965 @USTransitionTax lawsuit. Onward! Upward! Happy Holidays to US Person small business owners. Decision here: https://t.co/X81ShD2oap pic.twitter.com/rCqXILLm6x — John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) December 24, 2019 The judgment is here. To see judgement, go […]
Before moving to the post, if you believe that Americans abroad are being treated unjustly by the United States Government: Join me on May 17, 2019 for a discussion of U.S. “citizenship-based taxation” as follows: "What Is The Future Of Citizenship-Based Taxation?" Prof. William Byrnes (Texas A&M Law), Prof. Edward Zelinsky (Cardozo Law), John Richardson […]
On March 4, 2019 as described by Helen Burggraf at American Expat Finance: My comment included: Also welcoming the news of the changes in the tax treatment of Americans’ overseas small businesses was John Richardson, a Toronto-based lawyer at CtizenshipSolutions.ca, who specializes in assisting Americans abroad with their tax and citizenship issues. The Treasury, Richardson […]
The first thirteen posts in my “transition tax” series were: Part 1: Responding to The Section 965 “transition tax”: “Resistance is futile” but “Compliance is impossible” Part 2: Responding to The Section 965 “transition tax”: Is “resistance futile”? The possible use of the Canada U.S. tax treaty to defeat the “transition tax” Part 3: Responding […]