In this episode of ABCast Episode 16 – Real Life Scenarios Part 1 Janathan Allen discusses genuine real life scenarios providing examples of challenges our clients have faced when Allen Barron has been able to provide valuable services to solve our client’s problems and fix integrated legal, tax and accounting issues both domestically and internationally.
The podcast begins with issues relating to an estate plan or trust (or lack of one). What happens when you pass away without a trust or will? What is funding a trust and why is this so important? When might it not be a good idea to put something into a trust? Jan reviews the high cost of probate and how an effective estate planning and trust strategy saves substantial time, money and hassle.
The conversation in ABCast Episode 16 – Real Life Scenarios Part 1 turns to domestic tax planning, international tax planning and transactional planning. We discuss a few examples of how international tax planning has helped to restructure our client’s strategy to reduce taxation and increase profits. Jan discusses the substantial difference between how investments and income are taxed abroad versus here in the United States and how Europe’s method of reporting investment income actually results in almost doubling an American investor’s taxation due to PFIC calculations. The conversation turns to FBAR reporting, Crypto investments and other associated vehicles.
As ABCast Episode 16 – Real Life Scenarios Part 1 nears its conclusion, Jan discusses the concepts of “willful” versus “non-willful” behavior on the part of a US taxpayer and how to come into compliance easily and efficiently if you have failed to report offshore accounts or activity. The conversation includes a discussion on the protections of the attorney-client privilege and why it is almost never in the interests of a US taxpayer to speak directly to the IRS.
Listen to ABCast Episode 16 – Real Life Scenarios Part 1 and we hope you enjoy learning more about the important issues associated with reducing the time, cost and taxes associated with business, estate planning and trusts as well as domestic and international taxation and transactional planning. We invite you to meet with Janathan Allen and the experienced team at Allen Barron by contacting Allen Barron, or call 866-631-3470 to schedule a free consultation.
Read a Transcript of Episode 16 – Real Life Scenarios Part 1