013: Deciphering International Tax Law with Jenny Lin

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By Kirsten Howe and Kirsten Howe: Attorney. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Absolute Trust Talk welcomes Walnut Creek international tax law expert Jenny Lin to the show. Lin has been practicing tax law since obtaining her juris doctor degree in 2000 from U.C. Berkeley and is one of approximately 400 attorneys certified as a tax specialist by the State Bar of California Board of Legal Specialization.

In this episode, Kirsten and Jenny dive into the complexity that is foreign taxes, focusing on the importance of seeking out the proper help when it comes to cross-border tax planning to avoid some of the steep penalties that can come from not filing correctly. Kirsten and Jenny also discuss international estate planning for foreign individuals with U.S. beneficiaries and U.S. individuals with foreign assets.

Big Three From Episode #013:

  1. If you find out you’re noncompliant somehow, seek out international tax attorney help – don’t wait!
  2. Evaluate your situation
  3. Don’t panic

Time-stamped Show Notes:

3:25 – There are lots of forms that need to be filed in regards to having foreign assets and income, but this one by far has the biggest penalty.

4:10 – Kirsten and Jenny discuss willfulness penalties and what the IRS looks for when looking into someone’s foreign assets.

7:03 – Jenny talks about three compliance programs that allow people to file the proper paperwork and come into compliance.

10:52 – Jenny shares what foreign assets, such as life insurance are treated differently in foreign countries compared to the U.S.

12:55 – A foreign parent or family member needs to watch out for this when gifting someone in the U.S.

17:12 – What steps should a U.S. citizen with a foreign asset take in terms of the estate planning process?

22:05 – What do spouses – one who is foreign and one who is not – need to think about in terms of future planning?

24:22 – Kirsten and Jenny discuss how one asset might have more than one reporting requirement.

Episode #013 Freebie:

International tax is a very focused area and oftentimes people have a misunderstanding about what the requirements are. We even find that some tax practitioners miss some important conditions as well. Absolute Trust Talk guest Jenny Lin shares eye-opening insights about international taxes in this episode, and now she’s sharing even more. If you find yourself in international tax trouble, or just want to know if you’re keeping up, then Jenny’s list of common IRS forms you need to file and her guide to come into compliance are precisely what you’ve been looking for. Click here to download the Information Return & Compliance Options guide now!

46 episodes