The sections of this book:
* The introduction - a delightful way to ease on into what your tax system is like,
including a description of who does not have to file a tax return (and by definition, if you
are not eligible for this classification - like most of us - then you do have to file a tax
return!). This section also serves to introduce the brand new Form 8938!
* What is income - at least what the IRS considers income and which categories you fall
under in having to classify your income. For all intents and purposes, this is a good
‘executive summary’ of what the U.S. tax system is like.
* The ‘final’ U.S. tax act of 2010 – The tax relief Act of 2011…! The end of the working
year in Washington, DC for those 535 U.S. Senators and Members of Congress was 17
December 2010. On that date, Congress passed and the President signed the last tax act
of 2010, only to begin again, squabbling over what our tax system should change to, early
in 2011. This section omits the pork belly legislation. This section omits things that
simply do not apply to the American tax filer residing outside of the U.S.: the expat or
green card holder.
* The Alternative Minimum Tax - the dreaded AMT. All my accounting friends
starting taking wagers over whether I could actually write an intelligible explanation of the
AMT. Well, here it is, folks - you be the judge!
* So you’ve become an expat - this is it - the real ‘nuts and bolts’ of why you’ve
probably purchased this book. This section contains the things you need to know to
take advantage of the various and sundry exclusion laws - the ones you truly want to take
advantage of!!
* F(u)BAR & FATCA - the new rules, the new laws.....OUCH! By the way, I take sole
responsibility for adding that ‘u’ between the F and the B for FBAR.....Let’s face it, you
cannot pronounce the two letters FB together – you need a vowel!....and that fubar
acronym is truly fitting and proper for these newly enforced regulations!!!
Laurence LipsherCPA - People Republic of China SpecialistLaurence E. 'Larry' Lipsher is an American CPA who has specialized in taxation in Asia for 23 of the 42 years he has been working within the accounting profession. Lipsher has lived in China since 1990. A past president of the American Chamber of Commerce of South China, he is an author of the bi-weekly Asian Tax Review for U.S. based Tax Analysts and has been featured on CCTV, CNN and CNBC. He has worked with a long list of businesses, professional athletes, rock stars and just plain folks on tax issues in nine jurisdictions of Asia as well as the United States. Lipsher is one of only a very few foreigners to have been licensed to practice as an accountant in the People's Republic of China.
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