Where Form 8854 Purposes 2023-2024

Are you thinking of giving up your US passport or green card or moving to the US and applying for a green card? If so, there are many things you need to consider. Hi, I'm Patrick Evans, founder of US tax practice. I'm a U.S. certified public accountant based in Switzerland, servicing clients here and in the rest of Europe. I'm in the business of helping fellow US taxpayers with their tax compliance and planning. Deciding to give up your US citizenship or green card is a huge decision and can't be taken lightly. Giving up US citizenship means giving up US rights as well. This includes restricted travel to the US and no support from US agencies. That's why it's important to expatriate correctly, so you aren't subject to large penalties and considered a covered expatriate. A covered expatriate is someone who is wealthy, has paid a lot in federal income taxes in the past, or hasn't been tax compliant in the previous five years. Usually, expatriation requires that you file tax returns for the previous five years before expatriation and pay all outstanding tax liabilities. But if you're planning on moving to the US or have been granted a green card, you need to be aware of when you need to start filing your taxes and what options you have if you aren't planning on moving to the US immediately. This is especially important in the first year you officially enter the US tax system, so you aren't paying taxes unnecessarily. Generally speaking, you're considered a US taxpayer the moment you arrive in the US with a valid green card. However, it's possible to take advantage of tax treaty options if you aren't planning on moving to the US immediately or aren't currently living in the US. You can look to us for...