Your client could give up his or her green card or US citizenship. But this is a big decision—and one that should be carefully planned from both tax and immigration perspectives. On the tax side, we can help you file specific forms in order to end the tax obligations. Remember, it’s not enough for your client to give up US citizenship or a green card. Instead, your client must certify to the IRS that the last five years of tax returns are accurate and have been filed with the IRS. In addition, your client may be subject to an “Exit Tax” on his or her net worth.
We can help you by:
Explaining the tax impacts of giving up US citizenship or a green card
Reviewing prior filings for accuracy
Assisting with tax planning to reduce the Exit Tax
Preparing proper filings and calculations for the Exit Tax
Explaining the US tax filing requirements for the years after your client gives up US citizenship