Tax Aspects of Consulting The Exit Tax Roth IRA Conversions Other. Foreign Bank Account Reporting Update Social Security

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1 The Wolf Group, PC

2 Tax Aspects of Consulting The Exit Tax Roth IRA Conversions Other Foreign Bank Account Reporting Update Social Security

3 U.S. citizen Green card holder G-4 visa holder

4 Based on common law rules Evidence of degree of control and independence Behavioral Financial Type of Relationship 20 factors Instructions Training Services offered to general public Full-time work Etc.

5 Bank views them as independent contractors Consultant receives Form 1099 Self-employed for all purposes Trade or business expenses deductible Retirement plans for the self-employed are allowable (SEP, Solo 401(k) etc.) Subject to SE tax (15.3%) on net income from self-employment Subject to SE tax on worldwide income U.S. tax resident subject to worldwide taxation, including taxation of Bank pension.

6 Bank views them as employees Subject to the staff handbook Non-citizen employees are not subject to federal income tax or self-employment tax No self-employment deductions nor selfemployed pension deductions are allowed. U.S. tax resident subject to worldwide taxation, including taxation of Bank pension.

7 Viewed by the Bank as employees for purposes of U.S. income tax. Treated as exempt under IRC Sec Non-citizen employees are not subject to federal income tax or self-employment tax No self-employment deductions nor selfemployed pension deductions are allowed.

8 Substantial Presence Test 183 day test Actual number of days in current year, plus 1/3 of the number of days in the prior year, plus 1/6 of the number of days in the second preceding yr. Generally, if the total equal or exceeds 183 days then the person is a resident for the current year. However

9 Exception for Exempt Individual Any day an individual is an exempt individual, that day is not counted toward the substantial presence test of residency. An exempt individual includes anyone who is present in the U.S. by reason of: His or her full-time employment with an international organization. (The law does not make reference to the term G-4 visa.)

10

11 Entered into law June 17, 2008 U.S. citizens & certain green card holders who expatriate from the United States

12 Calculation of U.S. Income Tax: Graduated personal income taxation on all U.S. source income (including U.S. source interest and capital gains from US securities) Versus Nonresident income tax on U.S. source income generally subject to 30% tax

13 Ceases to apply if expatriation occurs after June 16, 2008 No more 10-year filing requirements

14 U.S. citizens who relinquish U.S. citizenship Long-term residents ( LTR s) 8 years out of the prior 15 years U.S. Lawful Permanent Residents who abandon their green cards Surrender or revoked by USCIS Taking a treaty-based return position that (filing a 1040NR)

15 Deemed sale of worldwide assets at FMV Basis greater of historical cost or basis when lawful permanent residency began $627,000 exclusion (2010 amount) Sale deemed to have taken place on the day before expatriation Remaining gain taken into income in year of expatriation

16 Eligible Deferred Compensation Not subject to the exit tax Paid by a U.S. payer on which 30 percent tax is withheld Ineligible deferred compensation Pensions paid by non-u.s. payer (World Bank) Taxed based on present value of ineligible deferred compensation Election to treat non-u.s. payer as U.S. person

17 U.S. citizen or resident receives property either by gift or bequest from a covered expatriate Transfer of the property is subject to tax Equal to the value of the property multiplied by the highest rate of tax for federal estate tax or gift tax The tax is payable by the recipient

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19 High tax bracket in retirement Outside assets available to pay tax on conversion income Plan to pass IRA assets to heirs Long term investment horizon Investment strategy seeking capital growth Tax basis in current IRA

20 Traditional IRA Key feature is pre-tax contributions and tax deferral until withdrawal Roth IRA Key feature is post-tax contributions and tax-free withdrawals

21 Retirement account funded with after-tax dollars 100% of growth is tax exempt Requirements Income and appreciation cannot be removed from the account before: Age 59 ½ OR, January 1 st of the 5 th year after the account was first funded Principal can be removed at any point without penalty Qualified distributions are tax free Required Minimum Distributions not required at age 70 ½ Heirs can maintain inherited Roth

22 Conversion eligibility previously limited by AGI $100,000 income limitation was eliminated as a rule for all tax years ending after 2009 Conversion income taxed half in 2011 and half in 2012 Can elect to have all taxed in 2010 Re-characterization to reverse conversion if desired (entire amount or portion) Must be done by the due date of the income tax return (plus extensions)

23 Future tax rates Lock in current tax rates on income rather than expected higher rates of tax in the future Outside assets available to pay conversion tax Higher tax-free accumulations result when income tax from conversion paid with outside funds Time horizon for investment and cash needs The longer the time horizon, the better the tax-free advantage for the Roth.

24 IRA valued at $1,000,000 $400,000 of outside assets available to cover tax on conversion income Tax rates Current 40% Future 40% Rates of Return IRA 8% Roth 8% Outside assets (after tax) 5%

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26

27

28 Reported on Form TD F by June 30 th of following year Who must file an FBAR? U.S. citizens and residents Financial interest or signature authority Foreign financial account(s) Aggregate exceeding $10,000* at any time during the year

29 Ownership Owner of Record Legal Title Agents and Nominees Greater than 50% interest in a corporation, partnership, or trust Signature Authority Power of Disposition

30 Bank accounts Checking, savings, time deposits Securities accounts Mutual funds, brokerage accounts, derivatives accounts Insurance policies with cash surrender value NOT individual securities owned directly The account is located outside the U.S. Nationality of the institution does not matter

31 Maximum value Type of account Name of financial institution Account number Address of financial institution Identifying information for joint holders

32 Penalties for FBAR non-compliance are harsh Willful: The greater of $100,000 or 50% of the account balance for each year of non-compliance Non-willful: $10,000 for each year of non-compliance Potential criminal prosecution Failure-to-pay and failure-to-file income tax penalties Information return penalties Civil fraud penalties Reasonable cause exception

33 FBAR is required to be filed with the Treasury Department, not the IRS In March, new law was enacted requiring individuals to report foreign financial assets with values of $50,000 or more on their tax returns. Individuals who fail to make the required disclosures are subject to a penalty of $10,000 for the tax year.

34 Windfall Elimination Provision ( WEP ) If you earn a pension from a job where you did not pay Social Security taxes, your Social Security benefits may be reduced The amount of the reduction will depend upon how many years of substantial earnings you had that were covered by Social Security In 2009, $19,800 or more was considered substantial At least 30 years of substantial earnings will result in no WEP reduction

35

36 Pursuant to Circular 230, promulgated by the Internal Revenue Service, any U.S. tax advice contained in the body of this was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

37 Bob Len Wolf Group Capital Advisors 4401 Fair Lakes Court, Suite 310 Fairfax, VA Ph

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