The International Money Café Show

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The International Money Cafe

58 episodes

1 week ago

Foreign-born US citizens, green card holders (immigrants) in the US, and foreign nationals on temporary nonimmigrant US visas, have unique financial & US tax compliance challenges as they straddle their multi-country footprint.

US expats living abroad have somewhat similar challenges from having to deal with US taxes and foreign obligations.

In "The International Money Café Podcast" Jane Mepham, CFP®, and Manasa Nadig, EA, address these unique challenges over a cup of Coffee/Chai in addition to talking about life in the US.

Join them as they filter out the noise on cross-border taxes, finances, and life in the US, and save you hours combing the internet for information relevant to your situation.

Jane & Manasa being foreign-born, are able to address these issues from a very personal and relatable point of view every other week, as they walk the same journey and pursue their own version of the American dream.

The views and opinions are those of the speakers, and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

All content for The International Money Café Show is the property of The International Money Cafe and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Episodes (20/58)

The International Money Café Show

Ep 56: Financial Planning Challenges In The Cross-border Space

I was a guest on the Smarter Planner Podcast hosted by Belle. The conversation was so engaging that, with her permission, we're sharing it with you, our audience.

In this guest episode, Belle Osvath, CFP, and I discuss the financial challenges immigrants and foreign nationals on work visas face in the U.S., including navigating different financial systems, tax implications, and retirement planning.

I share insights on the importance of early financial education for immigrants and the need for collaboration among financial advisors.

The conversation also touches on the impact of recent policy changes on immigrants.

Takeaways

Financial planning for immigrants requires understanding their cultural backgrounds.
Many immigrants and planners are unaware of the complexities of the U.S. financial system.
Early financial education can greatly benefit immigrants before they arrive in the U.S.
Collaboration among financial advisors is crucial for effective cross-border planning.
ax implications can vary significantly based on the client's home country.
Retirement accounts in the U.S. may not align with foreign tax codes.
Policy changes can create anxiety and uncertainty for immigrant clients - be prepared to deal with it.

Chapters

00:00 Understanding the Immigrant Financial Landscape
06:02 Navigating Financial Planning for Non-Immigrants
12:04 Cross-Border Financial Challenges
17:52 Retirement Planning and Tax Implications
23:49 The Impact of Policy Changes on Immigrants
25:59 The International Money Cafe Podcast

Episode Links and Resources

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The IM Café Finance / Tax Roastery (Store) Is Live

Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
Show more...

1 week ago

27 minutes

The International Money Café Show

Ep 55: What Is English For "Is It A PFIC Or Not?"

In this conversation, we discuss the complexities of Passive Foreign Investment Companies (PFICs) and their implications for U.S. tax residents with overseas investments.

We explain what PFICs are, the tax burdens associated with them, and provide practical steps for identifying whether a foreign fund qualifies as a PFIC.

The discussion emphasizes the importance of consulting tax professionals and understanding the tax implications of foreign investments.

Takeaways

PFIC stands for Passive Foreign Investment Company.
PFICs are legally permissible for investment, but they come with tax burdens.
Growth in foreign mutual funds is taxed at income tax rates.
IRS Form 8621 can take up to 25 hours to complete.
Foreign mutual funds and retirement accounts can be PFICs.
Three ways of identifying if a foreign fund is a PFIC or not.

Chapters

00:00 Understanding PFICs: The Basics
02:59 The Tax Implications of PFICs
05:28 Identifying PFICs: Practical Steps

Episode Links and Resources

3 weeks ago

8 minutes

The International Money Café Show

Ep 54: Challenges of "Temporary Permanence"- Life in The U.S. on a Work Visa change

In this conversation, we explore the unique challenges faced by individuals living and working in the U.S. on work visas, with a particular focus on the complexities of leaving the U.S. while ensuring that their financial, legal, and personal interests are protected.

We discuss various strategies for managing financial obligations, ensuring legal compliance, protecting assets, and addressing family considerations, emphasizing the importance of careful planning and adaptation in navigating this transitional phase.

Ultimately, we introduce a unique resource that we have created to support you on your journey. The Complete US Departure Checklist For Those On Work Visas

Takeaways

Leaving on a work visa presents unique challenges.
Tax obligations can be complex for those with international ties.
Leaving the U.S. requires careful planning to protect interests.
Understanding retirement account options is essential when leaving
Legal compliance is necessary to avoid future complications.
Asset protection strategies are vital for real estate and investments.
Family considerations are key.
Effective timeline management is crucial for a seamless transition.
Building a meaningful life can be achieved anywhere, despite the challenges it presents.

Chapters

00:00 Navigating Life on a Work Visa
04:56 Challenges of Leaving the U.S. on a Work Visa
10:09 Financial Exit Strategies
15:11 Legal and Administrative Considerations
19:35 Asset Protection and Estate Planning

Episode Links and Resources

1 month ago

19 minutes

The International Money Café Show

Ep 53: What Is English For "Life Insurance?"
In this episode, we delve into the concept of life insurance, particularly in a cross-border context.
We discuss the two main types of life insurance: term and permanent, and when foreign nationals might need them.
We emphasize the importance of life insurance for expatriates and foreign nationals, particularly in terms of providing financial support to families and managing estate taxes.
We discuss two use cases for the different types of life insurance for foreign-born families.

Takeaways
Life insurance is a contract between the insured and the insurance company.
Term life insurance provides coverage for a specific period.
Permanent life insurance includes a cash value component.
The primary purpose of life insurance is to provide income replacement for dependents.
Choosing the right insurance company is crucial for cross-border policies.
Estate taxes can be significantly higher for non-residents. Life insurance can help cover estate taxes for beneficiaries.
Customizing life insurance policies is essential for individual needs.
Chapters
00:00 Understanding Life Insurance in a Cross-Border Context
02:59 Types of Life Insurance: Term vs Permanent
05:47 Who Needs Life Insurance and Why?

Episode Links & Resources

Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
Ep 08: What Is English For "Domicile?"
Do I Need A Trust, Especially On A Work Visa?
Ep 42: What Is English For "Gift And Estate Taxes?"

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The IM Café Finance / Tax Roastery (Store) Is Live

Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Show more...
1 month ago
8 minutes

The International Money Café Show

Ep 52: L-1 Visa - 3 Must-Know Tips For Foreign Execs Moving to the U.S.
We discuss the top three essential financial and tax considerations for foreign executives relocating to the US on an L-1 visa.

We start by defining the different types of L1 visas.

We also cover the implications of US income tax filing, considering the substantial presence test for tax residency, compliance with foreign financial assets, and estate and gift tax considerations.

We emphasize the importance of pre-immigration planning and working with cross-border tax professionals.

Takeaways
L1 visas are for foreign executives and managers.
US tax residents must declare worldwide income.
Timing your arrival affects tax obligations.
Pre-immigration tax planning is crucial.
Foreign financial assets must be reported.
Non-compliance with asset reporting incurs penalties.
Estate and gift tax implications are significant.
Work with professionals on both sides of the border.

Chapters
00:00 Understanding the L1 Visa and Its Implications
02:47 US Income Tax Filing and Compliance for L1 Visa Holders
06:07 Managing Foreign Financial Assets and Compliance
09:00 Estate and Gift Tax Considerations for High Net Worth Individuals

Episode Links & Resources

EP 09: Work Visas And Investing In The US
Ep 04: What Is The Substantial Presence Test
Ep 32: What Is English For "Job Loss On A Work Visa"

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The IM Café Finance / Tax Roastery (Store) Is Live

Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
2 months ago
16 minutes

The International Money Café Show

Ep 51: What Is English For "Tax Treaty"?
We delve into the complexities of tax treaties, their implications for individuals and businesses, and the importance of understanding saving clauses and various types of tax agreements.

We highlight how tax treaties can help mitigate double taxation and the necessity of professional guidance in navigating these agreements.

Understanding tax treaties is crucial for financial planning. Court cases can inform the interpretation of tax treaties. Professional help is recommended for navigating tax treaties. Tax treaties can vary significantly from one country to another.

Key Takeaways

A tax treaty is a bilateral agreement to avoid double taxation.
Tax treaties determine which country has the right to tax income.
Saving clauses in treaties may not benefit taxpayers.
Approximately 70 countries have income tax treaties with the US.
Estate tax treaties can significantly impact taxation on assets.
Totalization agreements prevent double social security taxation.

Chapters
00:00 Understanding Tax Treaties
03:12 The Implications of Saving Clauses
05:54 Types of Tax Agreements and Their Importance

Episode Links & Resources

Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
Ep 13: Between A Rock & A Hard Place: Mitigating Double Taxation
U.S. Income Tax Treaties - A to Z
U.S. Estate & Gift Tax Treaties

If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
2 months ago
9 minutes

The International Money Café Show

Ep 50: Summer Sizzle- Your Mid-Year Financial Check-In
Do you understand the importance of conducting a mid-year financial check-in, especially for those with cross-border financial needs?

We cover various topics, including tax strategies, estate planning, insurance assessments, and preparations for college and travel that can be reviewed over the summer. We emphasize the importance of proactive financial management during the summer months, ensuring listeners are well-prepared for the remainder of the year.

Takeaways - Things you can do mid-year as part of your summer financial check-up
Engaging with tax advisors in the summer is likely to yield better results.
Charitable giving can provide tax deductions during the summer.
Tax loss harvesting is a strategy to reduce taxable income.
Estate planning is crucial before traveling overseas.
College-bound kids need financial and medical powers of attorney.
Insurance policies should be reviewed regularly for savings.
Emergency funds should be assessed and adjusted as needed.
Consult with immigration lawyers for visa holders.
Review and adjust financial plans.

Chapters
00:00 Mid-Year Financial Check-In
12:08 Estate Planning Essentials
19:45 Insurance and Risk Management
23:57 Preparing for College and Travel
25:54 Final Thoughts and Summer Financial Tips

Episode Links & Resources

Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
Tax-Loss Harvesting: How To Boost Your Portfolio Gains.
Ten Tips On How To Pick A Tax Preparer
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
3 months ago
27 minutes

The International Money Café Show

Ep 49: What Is English For "Net Investment Income Tax (NIIT)?"
What's NIIT?

We discuss NIIT (Net Investment Income Tax), explaining its implications for individuals with investment income and also how it applies in cross-border situations.

We cover the statutory thresholds for the tax, what constitutes net investment income, and the reporting requirements.

We also touch on some fascinating recent court cases that have impacted the application of the NIIT for expats and the potential for foreign tax credits.

Takeaways
The Net Investment Income Tax (NIT) is a 3.8% tax on certain investment income.
There are specific thresholds based on the filing status: $250,000 for married filing jointly, $125,000 for single, and $200,000 for others.
What's included in NITT and what's excluded
How NIIT is impacted by Foreign investment income
How to cover NIIT liabilities, especially on W-2 income.

Episode Links & Resources

Treaty-Based Foreign Tax Credits for the NIIT
Questions And Answers On NIIT From IRS
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
4 months ago
9 minutes

The International Money Café Show

Ep 48: Making Money Moves ~ Keep It In the U.S. Or Move It Overseas? The Million $ Question!
Things are bad in the U.S., should I move my money overseas?

We explore this question that has come up a couple of times, due to the economic uncertainty.

We include tariffs, market volatility, the practicalities of fund transfer, and financial goals as items to consider.

Key Takeaways
Moving money overseas can be complicated and requires an understanding of regulations.
Exchange rates and compliance requirements are critical factors to consider.
Assess the underlying reasons for wanting to move money.
Financial planning should align with personal goals and timelines, maintain open communication with your financial advisor.
Investing in diversified portfolios can mitigate risks.

Episode Links & Resources

Where to Save Short-Term Money
Ep 34: What Is English For FBAR
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
4 months ago
25 minutes

The International Money Café Show

Ep 47: To Toss or To Keep: Spring Cleaning Your Tax & Financial Records!
How long do you keep your tax records?

A shortie that packs a punch. We discuss how long you should retain your tax and other financial records.

We explore the statute of limitations for tax records, the importance of supporting documents, and special considerations for non-residents and property sales.

Some takeaways
Keep copies of all your tax records for as long as necessary.
The statute of limitations for tax records is three years for refunds.
If you never filed a tax return, keep records indefinitely.
Non-residents should hold onto property sale records until the issue is resolved.
Employment records should be kept until a Social Security application is submitted.
And a whole lot more.
We emphasize the importance of maintaining accurate records to ensure compliance with tax regulations and protect against potential issues with the IRS.

Episode Links & Resources

Ep 11: Navigating U.S. Taxes
Ep 40: Avoid These Blunders With Your Cross-Border Taxes
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
5 months ago
9 minutes

The International Money Café Show

Ep 46: Gift Or Gaffe? Reporting Cash Receipts From Foreign Persons And Navigating U.S. Tax Penalties
Your uncle just sent you a ton of money from overseas - what are the tax implications?

We discuss the complexities of gift taxes, particularly for individuals receiving gifts from overseas.

We explore the annual gift tax exclusion, reporting requirements for large gifts, and the implications of receiving money from non-U.S. persons.

The conversation also touches on exceptions to reporting requirements and the potential issues surrounding covered expatriates.

We emphasize the importance of transparency and consulting with experts to navigate these financial matters effectively.

Some Key Takeaways
Gifts over $100,000 must be reported on Form 3520.
Receiving money from non-U.S. persons (outside the US) generally has no tax implications.
The reporting threshold for gifts from foreign entities is around $17,000.
IRS penalties for non-filing can be significant, up to 25%.
Late filing of Form 3520 may allow for a reasonable cause statement.
Exceptions exist for qualified tuition and medical payments.
Consulting with financial experts is crucial when receiving large gifts.
Understanding covered expatriate status is important for tax implications.
Episode Links & Resources

Ep 08: What Is English For "Domicile?"
Ep 18: What Is English For "Situs?"
Ep 22: What Is English For "Covered Expatriate?"
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
5 months ago
24 minutes

The International Money Café Show

Ep 45: What Is English For "Streamlined Filing Procedures?"
IRS expects you to report your overseas or foreign assets when you file taxes if you are a US tax resident (US citizen, Green card holder, or you meet the substantial presence test).

Many people are unaware of the requirements, and the IRS seems to acknowledge this.

IRS has come up with an amnesty program, which allows you to catch up and be tax compliant if you haven't reported your overseas assets.

In this episode, we discuss the process, known as "Streamlined Filing," and explore the penalties involved, if any, as well as the proper steps to follow.

Episode Links & Resources

Ep 13: Mitigating Double Taxation
Ep 04: Substantial Presence Test (SPT)
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe.

Or by following us on social media: - LinkedIn; Instagram; Twitter (X); Facebook

The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
5 months ago
5 minutes

The International Money Café Show

Ep 44: Wisdom From Our Mothers And Lessons of Money We Carry With Us
In this heartfelt episode, we celebrate Mother's Day by reflecting on the lessons learned from our mothers, particularly in the context of financial education and cultural influences.

We discuss the unique challenges faced by immigrant mothers in raising children in a new country, the importance of open conversations about money, and the role of mentorship in empowering the next generation.

The conversation emphasizes the universal values of motherhood and the significance of sharing knowledge across generations.

Some key takeaways
Lessons from our mothers often include important financial wisdom.
Cultural influences can change the way we approach motherhood.
Navigating parenting as immigrants presents unique challenges.
Open conversations about money are crucial for financial literacy.
Adapting financial lessons for the next generation is essential.
Tune in to find out who is saving for their daughter's wedding, just like their mother did.

Episode Links & Resources

My Mom Is Not Afraid To Talk About Money
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.

------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
6 months ago
25 minutes

The International Money Café Show

Ep 43: Financial Planning 101: How to Find a Great Cross-border Financial Planner.
How do you find a good financial planner?

We share personal experiences and insights on the importance of cultural sensitivity, qualifications, fee structures, and effective communication in financial advising.

These are the things you want your financial planner to have in addition to cross-border technical knowledge.

We emphasize the importance of advisors understanding their clients' unique backgrounds and financial goals, as well as the fiduciary responsibilities they hold.

This will help you find the best financial advisor for your specific situation.

Key Takeaways on finding the right advisor for your cross-border needs
Look for cultural sensitivity
Look for advisors with CFP certification for quality assurance.
Understand the fee structure.
Ensure their communication will help you understand complex financial concepts.
Ensure they are a fiduciary - put your interests first.
Agree on how you define financial success and much more.

Episode Links & Resources

Ep 37: How To Find The Right Tax Pro For Your Cross-border Needs
Ep 31" Five Important Financial Planning Questions For Foreign-Born Families
A Prospect's First Visit - Nightmare Os The Start Of Something Beautiful
Kitces: Navigating Challenges Investing For Nonimmigrant Visa Holders
Understanding The Role Of a Financial Advisor
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

If you'd like to work with us on your finances or taxes, check out the process

------------------------------------------------------------------------------

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
Show more...
6 months ago
37 minutes

The International Money Café Show

Ep 42: What Is English For "Gift And Estate Taxes"?
There is a huge difference between the gift and estate tax. This is highly magnified based on your immigration status (U.S. residents and non-resident aliens (NRAs)).

We also explain the annual exclusion for gifts, the unified tax credit, and the importance of tax planning to navigate these complex tax laws.

The conversation highlights the need for careful planning to avoid significant tax liabilities, especially for non-resident aliens with U.S. assets.

Some Key Takeaways
A gift tax is applicable during the lifetime of the giver.
The estate tax is assessed after a person's death.
The annual exclusion allows gifting up to $19,000 without tax in 2025.
Non-resident aliens have a much lower exemption of $60,000, while U.S. tax residents have $13.99 million - set to sunset in 2025.
Planning is crucial to manage tax liabilities effectively.
Understanding domicile is key for tax implications.
Future episodes will delve deeper into the tax and financial planning strategies that will help with the above.

Episode Links & Resources

Ep 08: What Is English For "Domicile?"
Ep 18: What Is English For "Situs?"
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

If you'd like to work with us on your finances or taxes, check out the process

---------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

Be sure to join the conversation by visiting our page: The International Money Cafe

Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

Show more...
7 months ago
10 minutes

The International Money Café Show

Ep 41: Roots And Rights: Exploring Birthright Citizenship, Pros, Cons And Its Implications.
We discuss the concept of Birthright Citizenship, its historical context, and its implications for foreign nationals in the U.S.

This is a topic that's coming up a lot.

The 14th Amendment defines it.

We explore the ongoing debate surrounding the potential removal of birthright citizenship. We delve into the responsibilities of U.S. citizenship, specifically taxes, which are often not discussed.

We touch on the global perspective of citizenship and the importance of compliance with immigration and tax laws.

Finally, we offer some practical tips if this situation affects you, especially if you are on a work visa.

You will need to rely on our super strength - the immigrant mindset - to get through this.

Episode Links & Resources

The Fourteenth Amendment
Bonus Episode: Post Election - Thoughts And Mitigating Concerns
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

-------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

Be sure to join the conversation by visiting our page The International Money Cafe

Or by following us on social media:-

LinkedIn; Instagram; Twitter (X); Facebook
Show more...
7 months ago
18 minutes

The International Money Café Show

Ep 40: What is English for "Top 10 Cross-Border Tax Blunders"?
We've seen a lot of mistakes made by individuals filing taxes, particularly focusing on immigrants, foreign nationals, and green card holders living overseas.

In today's shortie, we list these critical mistakes, hoping you'll avoid making them.

They range from ignoring taxes, ignoring immigration status, forgetting to report overseas gifts, including foreign dependents, to completing the backdoor Roth incorrectly.

We also address those overseas with expired green cards who are ignoring their tax obligations.

If you find yourself in this situation, please contact a tax pro to help you rectify these issues and hopefully avoid what could be a huge tax penalty.

Onto the 10 mistakes.

Episode Links & Resources

Ep 34: What is English For "FBAR?"
Ep 22: What Is English For "Covered Expatriate?"
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

---------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

Be sure to join the conversation by visiting our page The International Money Cafe

Or by following us on social media.

LinkedIn; Instagram; Twitter (X); Facebook
Show more...
8 months ago
10 minutes

The International Money Café Show

EP 39: Unlocking the Backdoor: A Guide to Roth IRA Contributions
We discuss the intricacies of Backdoor Roth IRAs, a popular strategy for high earners to contribute to Roth IRAs despite income limits.

We explore the mechanics of the Backdoor Roth and the Mega Backdoor Roth, including eligibility, contribution limits, and tax implications.

We also cover the importance of understanding 401k options, the pro rata rule, and key considerations for executing a Backdoor Roth conversion effectively.

We address work visa considerations when looking to complete a back-door role or a direct contribution.

We help you think through whether this is for you or not based on your work visa, your country of origin, and where you are likely to be when you finally withdraw the money.

We finally address the biggest mistakes we see when people DIY backdoor roth and the tax preparation that comes after that.

Episode Links & Resources

Ep 20: What Is English For "Custodial Accounts?".
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
---------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

Be sure to join the conversation by visiting our page The International Money Cafe

Or by following us on social media:-

Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

Show more...
8 months ago
37 minutes

The International Money Café Show

Ep 38: What Is English For "IRA's"?
There is more than one type of individual retirement account (IRA). In this episode, we focus on the different types, including Traditional, Roth, SEP, SIMPLE IRAs, and spousal IRAs.

We explore each type's tax advantages, eligibility, and implications, especially for individuals with cross-border considerations.

The conversation also covers important aspects such as distributions, rollovers, conversions, and the significance of consulting financial and tax advisors for personalized advice.

A Few Takeaways
An IRA is a tax-advantaged investment tool for retirement savings.
Traditional IRAs allow for tax-deductible contributions under certain conditions.
Roth IRAs are funded with after-tax dollars, allowing for tax-free growth.
Cross-border implications are crucial for those on work visas.
Consulting both financial planners and tax advisors is essential for effective retirement planning.
Withdrawals from traditional IRAs are taxed as ordinary income.

Tune in for the rest of the details.

Episode Links & Resources

Ep 20: What Is English For "Custodial Accounts?".
Ep 23: Applying For Social Security From Abroad.
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

---------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

Be sure to join the conversation by visiting our page The International Money Cafe

Or by following us on social media:-

Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook
Show more...
8 months ago
17 minutes

The International Money Café Show

Ep 37: Tax Prep 101: Your Guide to the Ultimate Tax Pro

Tax season is around the corner. If you are looking for a new tax professional, we have you covered.

In today's episode, we are going to walk you through how you select a good tax professional, especially if you have cross-border needs or assets overseas.

The ten items or tips to consider as you select your tax professionals. If your tax preparer meets these tips, you are likely in excellent hands. The tips range from
Checking the preparer's history for any disciplinary actions, to service fees, to electronic filing, and realistic expectations, amongst others.

We end the episode by explaining what to do if you see suspicious or abusive tax preparers. IRS is interested in hearing from you.

Episode Links & Resources

Loving v. IRS: Treasury's Authority to Regulate Tax Return Preparers
Circular 230
Watch Out For Unrealistic Expectations and Falsely Inflating Returns
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

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9 months ago
34 minutes