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Dubai Club's US Taxes Presentation

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To help AWA Dubai members have a better understanding of the latest US tax issues regarding filing and reporting obligations,  (Click HERE and HERE for more information),  the FAWCO Committee invited Virginia La Torre Jeker, a US tax lawyer, to speak on April 6.  Twenty members and guests learned about the latest developments that affect Americans overseas.

Ms. Jeker's talk  focused on US tax issues relevant to Americans overseas including tax consequences that result when one obtains a green card or US citizenship, those that result when trying to give them up; the newly enacted US Gift and Estate tax rules,   some tax issues affecting dual national couples, the latest developments and draconian penalties under the Foreign Bank Account Reporting (“FBAR”) rules, the IRS Offshore Voluntary Disclosure Initiative and the most recent tax laws enacted by the Obama administration to stem the use of offshore accounts and structures to hide income.

OVERVIEW OF PRESENTATION: Latest US Tax Developments of Interest to Overseas Americans

  • US Income Tax, Estate Tax, Gift Tax, Reporting Requirements
  • Foreign Accounts and Foreign Bank Account Reporting rules (FBAR)
  • What is the Offshore Voluntary Disclosure Initiative (OVDI)?

1. Latest Developments  / IRS Enforcement actions

  • Expatriation – giving up US citizenship or long-term permanent residency

1. US Income, Gift and Estate Tax consequences for “covered expatriates” (e.g., Exit Tax)

2. Possible Planning

  • Most recent US tax legislation aimed at halting offshore abuse
Members were unpleasantly surprised to find out how these new laws and regulations will impact them, but they were grateful for the opportunity to learn more, thanks to the AWA Dubai FAWCO Committee.
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