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42nd Free Zoom U.S. Citizenship ・ Tax Procedures Unprocessed and Dangerous in Relinquishing Permanent Residence ！.

Sponsored by ： Life Isshukai.　Life Isshukukai is a one-stop senior support group for elderly Japanese living in the U.S. over 60 years old.　They are currently preparing to build their second home, "Ikoi no Ie" (House of Rest and Relaxation). For more information about Life Isshukai, please visit www.jinseiippukukai.org

●Date ： 9/14/24 Sat ） 6pm ～ 8pm
●Venue ： Zoom （ Invitation only for those who register in advance ） Free
●Application ： jinseiippukukai@gmail.com 323-377-5530
Please use the direct eMail address, not via Bibinavi.　
Please send your application via eMail address, not via Vivinavi.
●Application deadline ： 9/12/24 6 pm Non-members are welcome to join.
●New applicants, please register with your full name ・ male female gender ・ and age
●Invitations will be sent out on September 12.

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●If you are going to retire in Japan, the problem is how to deal with US citizenship and permanent residence.　Because Japan does not recognize dual citizenship, you have to spend a lot of time and money to become Japanese again.　On the other hand, if a permanent resident does not renounce his/her citizenship, he/she will remain a taxpayer in the U.S. for the rest of his/her life and will be required to make annual tax returns to the U.S.

●If a Permanent Resident wishes to abandon his/her Permanent Resident status,
① he/she may file a Permanent Resident Relinquishment Application with the USCIS after returning to Japan, or （ file an I-401 ）,
② after returning home and abandoning his/her Permanent Resident status, and begin paying 401k
③ For taxes, you are required to file a Form 8854, your final tax report, with the IRS after you return home.　However, many people do not file the 8854 form, which can cause a lot of trouble later.

● If you have been a permanent resident for 8 of the last 15 years, you are presumed by the IRS to be in a position to pay departure taxes （ Covered expatriate ） and are required to file the 8854 form, but if you do not $ you will be fined 10,000. You will be fined 10,000 and must also file the 8854 form.　Only after filing the 8854 form is your status as a U.S. taxpayer complete, and as they say, $ paying the 2,350 departure tax completes it all, you are not no longer a U.S. taxpayer.

● The IRS uses the following three tests to determine if you are a Covered Expatriate.
① Net-Worth Test $ Whether the taxpayer has more than $2MM in assets
② Net-Income Tax Liability Test The amount of past taxable income is more than a certain amount （ which changes with inflation
③ Non-Compliance with Taxes If any one of the three tests applies, the person is considered a Covered Expatriate and liable to pay departure taxes. Covered Expatriate.

● If identified as a Covered Expatriate, the tax return will be scrutinized and possibly taxed.

Not all Covered Expatriates will be taxed, but there are exceptions.
① You do not have a retirement plan （ You do not have a trust or tax-deferred investments
② You do not have a trust or tax-deferred investments

You are subject to exceptions ● It is important to have a pre-exit tax plan in place to avoid the hassles of a Covered Expatriate.

What exactly is "Pre-Exit tax planning"?　

We have invited Mayumi Ozaki, CPA, who is an expert in this area, to discuss this topic.
If you have renounced or are considering renouncing your permanent residence, please join us.
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Subject ： Unprocessed tax procedures for abandoning permanent residence in the US , Dangerous ！
Guest ： Mayumi Ozaki CPA Ozaki Accounting Office
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See you on Zoom.