U.S. Tax IQ Assists U.S. Citizens in Pro-Active U.S. Citizenship Renunciation Process

OAKVILLE, Ont., Dec. 11, 2018 /PRNewswire-PRWeb/ -- Alex Manasuev, U.S. international tax attorney (NY, DC; FLC in Ontario) and Brandon Vucen, CPA (Ontario, Illinois), Principals of Oakville-based U.S. Tax IQ, have announced additional resources available to U.S. citizens and Green card holders living outside the United States to guide them through the U.S. citizenship renunciation or Green card abandonment process.

The resources available aid those looking to renounce their U.S. citizenship. Often times, inability to give-up one's U.S. citizenship comes down to factors including, but not limited to finances, emotional ramifications (strong affinity toward the United States, parting with family, for example), legal issues, and lack of understanding in correlation to the process itself.

The number of Americans renouncing their citizenship has reached more than 5,000 in both 2016 and 2017. 2016, in particular, hit a record high with 5,411 individuals renouncing their U.S. citizenship; nearly 1,000 more than the previous year. In the first three quarters of 2018, 3,259 individuals gave up their U.S. citizenship (this number also includes certain Green card holders who abandoned their Green cards).

U.S. Tax IQ is delighted to announce a series of free webinars and Guide to Worry-Free Renunciation of U.S. Citizenship (available as of January 7, 2019) to assist U.S. citizens and Green card holders in determining if renouncing their U.S. citizenship or abandoning their Green card is the right financial and emotional decision for their lifestyle and to provide them with a step-by-step guide to effectively manage the tax expatriation process.

Renouncing one's U.S. citizenship is a costly and complex process. Therefore, having everything in order is key to making an informed decision on the matter. Guide to Worry-Free Renunciation of U.S. Citizenship includes extensive details relevant to the whole process; from initial consideration to the legalities of renouncing one's U.S. citizenship. The Guide crafted by U.S. Tax IQ outlines key components of renunciation, prior to, during, and after the process, including what one should do in the event they do not possess a second citizenship, how to file a final U.S. income tax return, how to effectively manage U.S. exit tax exposure, and what should be the lifelong results of renouncing U.S. citizenship.

"The decision to renounce one's U.S. citizenship should not be based on tax concerns, even though there are important tax factors to consider, including the exit tax under IRC Section 877A," said Alex Manasuev. "For some, who are U.S. citizens by choice, this decision is highly emotional; for others, who may have ended up with U.S. citizenship without ties to America, it is a matter of simplifying their lives."

"For dual Canadian/U.S. citizens, this decision can also be driven in many cases by a desire to stop worrying about every step they make – U.S. citizenship may be a burden for them in that it restricts their freedoms, such as freedom of choice when it comes to making certain investments or undertaking various transactions."

U.S. citizens choose not to invest in certain investments due to loss of tax benefits otherwise available to Canadian residents, the potential for double taxation, and complex tax filing and disclosure requirements. The annual tax return preparation fees, especially for business owners, and in particular doctors and dentists who usually operate through a corporation, in view of Subpart F anti-deferral regime, Passive Foreign Investment Company (PFIC) anti-deferral regime, the transition tax under IRC Section 965, as well as Global Intangible Low Taxed Income (GILTI) tax under IRC Section 951A, are among the factors that make many U.S. citizens and Green card holders consider renouncing their U.S. citizenship or abandoning their Green card.

Services offered by U.S. Tax IQ include U.S. tax planning, structuring, and compliance with pre- and post-transaction support, such as due diligence and implementation. Alex Manasuev holds a Foreign Legal Consultant permit in Ontario, Canada. In addition to being a Principal with U.S. Tax IQ, he also works out of his law office as a solo practitioner. This unique attorney/accountant combination allows U.S. Tax IQ and Alex's law practice to have a competitive edge in the marketplace and provides clients with confidence that they have support from qualified U.S. tax advisors, as well as possible protection from penalties. Alex is able to offer attorney-client privilege to ensure full confidentiality for his clients and to provide them with selective U.S. legal services on an as-needed basis through his law office.

About U.S. Tax IQ

U.S. Tax IQ is a boutique tax firm with offices in Oakville, Toronto (Canada) and Washington, DC, and McLean, VA (USA). They specialize in working with small to medium- size businesses, professional athletes, and U.S. citizens and Green card holders residing in Canada and outside the United States. U.S. Tax IQ offers U.S. tax and international tax planning, consulting and compliance services to ensure proper structuring and compliance for cross-border tax matters, among other tax-specific services necessary in today's world. Principal Alex Manasuev is a U.S. international tax attorney (NY, DC; FLC in Ontario) and Principal Brandon Vucen is a CPA, CA (Ontario) and CPA (Illinois). They offer a range of services from consulting to tax return preparation for both individuals and businesses, estate and gift tax planning, and cross-border planning and investment tax advice.

Media contact:

Alex Manasuev
550 Speers Road, Suite 1A
Oakville, ON, L6K 2G3, Canada
905 338-9100
Email: [email protected]
Website: https://www.ustaxlaw.ca/.

SOURCE U.S. Tax IQ

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