US Tax Discussion on Foreign Trusts, FIRPTA, & Exit Tax with Phil Hodgen

The Essential Tax Podcast with Mishkin Santa, Episode 15 In this episode of The Essential Tax Podcast, Mishkin Santa speaks with Phil Hodgen, Attorney & Principal at Hodgen Law. Phil provides international (cross border) tax planning for multi-national families and service corporations. Tune in for these key takeaways: - The complexities of FIRPTA and the U.S. exit tax - FIRPTA imposes a 15% withholding tax on the sale of U.S. real property by non-residents, with challenges around obtaining timely 8288B waivers - Effect of the U.S. exit tax on individuals giving up their U.S. citizenship or long-term residency, triggering a mark-to-market tax on worldwide assets - Strategies for managing FIRPTA and the exit tax - Phil’s ongoing work with CalCPA on international tax education and compliance Learn more about Phil Hodgen: - Visit PHil’s website: https://hodgen.com - Email: [email protected] Further resources: - CalCPA International Tax Lunch Series 2024: https://store.calcpa.org/catalog/activity/international-tax-lunch-series-2024---126312 - FIRPTA - IRC 897: https://www.law.cornell.edu/uscode/text/26/897 - Wolf Group FIRPTA: https://thewolfgroup.com/videos/firpta-tax-withholding-challenges-on-the-sale-of-u-s-real-estate-by-g-4s-other-nonresidents - US Exit Tax – IRC 877A:  https://www.law.cornell.edu/uscode/text/26/877A - Wolf Group Exit Tax: https://thewolfgroup.com/videos/us-exit-tax-what-you-need-to-know *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast:  * https://www.youtube.com/@TheWolfGroupPC  * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944  * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa:  * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta  * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc  * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa