Parent & Parent Advisors | IRSMedic – Page 5 – Parent & Parent Advisory

FATCA Repeal Updates: What Americans Abroad Need to Know

Introduction: Understanding FATCA and Its Impact on Americans Abroad The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, has fundamentally reshaped the financial landscape for Americans living abroad. As part of efforts to combat tax evasion, FATCA requires foreign financial institutions (FFIs) to report accounts held by U.S. citizens to the Internal Revenue Service […]

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US Taxation of Foreign Pensions: What You Need to Know

Introduction to US Taxation of Foreign Pensions When we discuss foreign pensions in the context of U.S. taxation, the rules can quickly become complex due to the intersection of international tax laws and domestic regulations. As U.S. taxpayers, whether we are citizens, green card holders, or residents, our worldwide income is subject to U.S. taxation.

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Overcoming Emotional Barriers to Renunciation of U.S. Citizenship

Introduction: Understanding the Emotional Complexity of Renouncing U.S. Citizenship Renouncing U.S. citizenship is not merely a legal or procedural step; it represents a deeply personal and often emotional decision tied to one’s identity, values, and sense of belonging. We must recognize that this decision intersects with profound feelings of patriotism, familial connections, and cultural identity.

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Debunking US Tax Compliance Myths for Americans Abroad

Introduction: Understanding Tax Compliance for U.S. Expats When it comes to tax compliance, clarity becomes a crucial factor for U.S. citizens living abroad. As U.S. expats, we are often surprised to learn that our tax obligations do not end simply because we reside outside the country. The U.S. operates on a citizenship-based taxation system, which

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6 Powerful Strategies for GILTI Tax Mitigation in 2023

Introduction to GILTI Tax and Its Impact on U.S. Businesses The Global Intangible Low-Taxed Income (GILTI) tax, introduced by the Tax Cuts and Jobs Act (TCJA) in 2017, imposes a significant regulatory burden on U.S. businesses with multinational operations. We face this tax as part of efforts aimed at curbing profit shifting to low-tax jurisdictions

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Is the tax premise to Happy Gilmore plausible?

Introduction: The Intersection of Comedy and Tax Realities in Happy Gilmore In Happy Gilmore, a classic comedy that blends sports, humor, and underdog determination, the central plot hinges on a financial dilemma with real-world legal undercurrents: the looming foreclosure of Happy’s grandmother’s house due to unpaid taxes. As an audience, we are immediately drawn into

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David G. Parent, Esq. – Founding partner of Parent & Parent LLP

Introduction to David G. Parent, Esq. David G. Parent, Esq. is a distinguished attorney and the founding partner of Parent & Parent LLP, a premier law firm specializing in the areas of tax law, estate planning, and asset protection. With a career spanning decades, he has established himself as a highly respected figure in legal

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