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Laurence E. 'Larry'. Larry's 2016 U.S. Tax Guide 'Supplement' for U.S. Expats, Green Card Holders and Non-Resident Aliens in User Friendly English
Who the hell is Larry Lipsher (and why is he doing this)?
For the seventh time….. My not so infamous, semi-annotated Table of Contents
The introduction – for the seventh time I’m doing an introduction to a tax book
What is income?
Your expat 2016 U.S. tax calendar:
Tax rules applying to you, the expatriate U.S. tax filer
Scenario # 1: You are moving from the U.S. to some strange, exotic land
Tax home
The Bona Fide Residence Test
Scenario # 2: The expat who’s been overseas for years……
The Foreign Housing Exclusion
The Foreign Tax Credit
My Frequently asked questions by expats section....!
The Form 1040-NR ‘Section’
F(u)BAR & FinCEN114
What must be included on your FinCEN114:
Going online to efile FinCEN114
…..And let us not forget those grand, glorious, awfully humungous F(u)BAR penalties!
FATCA
O.K., you ask: how's the IRS going to enforce all of this? Well, I answer: I have absolutely no idea and frankly, I do not think the IRS has any realistic idea, either!
Is FATCA constitutional?
Tax forms that the overseas U.S. tax filer needs to know about
Form 1040, Schedule B, Interest and Dividends…..and Part III
FinCEN114
Night and day
What is a 'Controlled Foreign Corporation'? What is Sub-Part F Income? What does it mean to you?????
Form 14653 – hip hip hurray – the last form in this section!! - http://www.irs.gov/pub/irs-pdf/f8858sm.pdf. Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore Procedures
A brief refresher about capital gains and losses
Penalties, penalties....and more penalties
Schedule B of Form 1040 and the FinCEN114, F(u)BAR penalties
Other forms, other penalties....
A few words about interest:
The Statute of Limitations and how to double it or worse!
Streamlined Procedures
June 18, 2014 – a very welcomed Streamlined Change!
Eligibility
What you’ve got to do:
And now, some comments about Form 14653:
So you are planning to move back to the U.S
Planning ahead - some 'lifestyle' choices will have to be made!
Expatriation, as an alternative you might seriously want to consider….
NINE ESSAYS FROM A TRANS-PACIFIC ROCK N TAX MAN
Finally!
The Los Angeles Years
Bob Dylan (to me, was an acquired taste) and The Band
The Quest for Deep Purple
Life as a Sheep Farmer – the northern California years
Freddie and Mick and their Respective Back-Up Bands
Living in the PR of C – a Quarter Century of the Ultimate Mid-Life Crisis
Evolution – the Dead End…..or the Dawn of the Dead?
Life in China for a quarter of a century – the second half….
The sort of stuff one writes upon completion of a 7th book – my End Notes….
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Laurence E. 'Larry' Lipsher is an American CPA who has been doing U.S. tax returns for the past 49 years. Imagine, 49 years as a bean counter - how dreadfully boring! While he proudly states that over the past four-plus decades on the job, he has yet to develop serious brain damage from a life of tax work, those around him seriously wonder. Lipsher has worked in Asia for a quarter of a century, living for 25 of those years, since 1990, in China - he changed from being just a bean counter to, literally and figuratively being a rice counter , too, because CPA in Mandarin, really means rice counter!
Lipsher, a past president of the American Chamber of Commerce of South China, was, for twelve years writer of the Asian Tax Review for Worldwide Tax Daily of Tax Analysts, Washington, DC. He has been featured on CCTV (China Central Television) World Wide Watch, the most widely viewed evening television news program in the world. He has appeared frequently on CNN , Wall Street Journal television, Reuters TV and CNBC. Lipsher specializes in tax issues involving jurisdictions throughout Asia as well as U.S. tax matters – particularly as they apply to U.S. tax filers living and working outside of the United States. Lipsher has lived in the Pearl River Delta capital city of Guangzhou since 1994. He is one of only a very few foreigners ever to have been given a business license to practice as a certified public accountant in the People's Republic of China. He is the only non-Chinese writer ever to have articles (two of them) translated and published in the China Accountant, the official monthly publication of the Chinese Institute of Certified Public Accountants. Lipsher has also been writing monthly articles about international tax matters for TaxIndiaInternational.com. All in all Lipsher has written over 300 tax articles since his very first article appeared in the AICPA Journal of Accountancy in 1979.
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In ending the introduction to that 2011 edition, I wrote about Form 8938 and its introduction on the sly by the IRS during Thanksgiving week, when it would be least likely to attract any attention. This is year six for that form. Six consecutive years of form revisions and we are still without adequate instructions. That form, the 8938, is now supposedly error-free. If you believe that, then there is a bridge in Brooklyn I’d like to sell you – at a real bargain price!
I ended my 2012 introduction to this book with a notification issued by Merrill Lynch:
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