24 THE QUEENS COURIER • MAY 17, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
Exiting the U.S Tax System
Attorney At Law
25-59 Steinway Street
Astoria, NY 11103
718-278-3900
WINNER
BEST ATTORNEY
AND
BEST PERSONAL INJURY
ATTORNEY
Call Now & End Your Tax Nightmare!
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Co-Author of the
best selling book
“Breaking the Tax Code”
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Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
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BY JOHN SAVIGNANO, CPA
Having planned and
executed an entry into
the U.S. tax system, a
(formally) non-U.S. tax
person may have become
a U.S. tax resident or citizen,
by virtue of having
acquired a green card
or citizenship. However,
former non-U.S. taxpayers
may wish to become
non-U.S. once again and
should have an exit strategy
in mind to mitigate
unexpected and potentially
costly tax consequences
upon departure
from the United States.
The U.S. Exit Tax
In 2008, Congress created
a “mark-to-market”
exit tax regime. This
generally imposes a tax
on expatriates by providing
that all property
of a covered expatriate
is treated as sold
on the day before the
expatriation date at its
fair market value. Any
gain arising from the
deemed sale constitutes
income to the extent the
gain exceeds an inflation
indexed threshold
income amount, which
was $713,000 for 2018,
for the tax year of the
deemed sale.
John Savignano is a
partner with Savignano
Accountants & Advisors
located at 47-46 Vernon
Blvd., Second Floor, in
Long Island City. If you
have any questions or
require additional information,
please call John
at 718-707-0955.
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