Beware of green cards: the new U.S. tax consequences 0f relinquishment

Article Abstract:

The American Jobs Creation Act of 2004 (AJCA) revised the tax rules relating to green card holders who relinquish their cards after June 3,2004. The important changes include, U.S. reporting requirements for 10 years after leaving the U.S. and being subject to estate and gift tax for 10 years even after relinquishment. Three conditions are given--- the individual must have had average $ 124,000 income tax for five years before relinquishment, or had a net worth of over $ 2 million, or failed to certify that all U.S. tax obligations were fulfilled for five years before expatriation. The individual will be subject to U.S. tax laws for 10 years after expatriation.

Taxes, Taxation, Tax policy, Green cards

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Tax relief for not-for-profits' retirement programs

Article Abstract:

The Economic Growth and Tax Relief Reconciliation Act of 2001 includes numerous reforms, which the organizations have to implement as soon as possible. Formulation of new programs, revision, updating, making changes and coordination are some of the steps to be taken.

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New year, new deal for retirement plans?

Article Abstract:

New employee retirement plan proposals of the United States Treasury Department are discussed.

Government expenditures, Economic policy, United States. Department of the Treasury, Simplified employee pensions

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