Immigration

FastTrack

4.42

Considering Expatriation: Legal and Tax Answers

Credits Available
Credit Status Total
Alaska CLE Reciprocity 1 Total
Alabama CLE Approved 1 Total
Arkansas CLE Approved 1 Total
Arizona CLE Approved 1 Total
California CLE Approved 1 Total
Colorado CLE Approved 1 Total
Connecticut CLE Approved 1 Total
Delaware CLE Approved 1 Total
Florida CLE Approved 1 Total
Georgia CLE Approved 1 Total
Hawaii CLE Approved 1 Total
Iowa CLE Upon Request 1 Total
Idaho CLE Approved 1 Total
Illinois CLE Approved 1 Total
Indiana CLE Approved 1 Total
Kansas CLE Upon Request 1 Total
Louisiana CLE Upon Request 1 Total
Maine CLE Approved 1 Total
Minnesota CLE Approved 1 Total
Missouri CLE Approved 1.2 Total
Northern Mariana Islands CLE Approved 1 Total
Montana CLE Approved 1 Total
North Carolina CLE Approved 1 Total
North Dakota CLE Upon Request 1 Total
Nebraska CLE Approved 1 Total
New Hampshire CLE Approved 1 Total
New Jersey CLE Approved 1.2 Total
New Mexico CLE Approved 1 Total
Nevada CLE Approved 1 Total
New York CLE Approved 1 Total
Ohio CLE Approved 1 Total
Oklahoma CLE Approved 1 Total
Oregon CLE Approved 1 Total
Pennsylvania CLE Approved 1 Total
South Carolina CLE Approved 1 Total
Tennessee CLE Approved 1 Total
Texas CLE Approved 1 Total
Utah CLE Approved 1 Total
Vermont CLE Approved 1 Total
Washington CLE Approved 1 Total
Wisconsin CLE Approved 1 Total
West Virginia CLE Approved 1.2 Total
Wyoming CLE Upon Request 1 Total
OnDemand
58 minutes
Patrick McCormick
With Patrick J. McCormick from Rimon, P.C.
Recorded March 19, 2025
Product ID 100604

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Overview

Weigh the Legal and Tax Factors of Living and Working Abroad Long-Term

U.S. expats have complex obligations due to the unique nature of the U.S. tax system, and it's critical to plan ahead and comply with all relevant rules to avoid penalties. This legal update will outline critical factors that must shape your clients' decision to move abroad. Clarify the rules of noncitizens owning property in the U.S., ensure all taxes are paid, and learn what it takes to renounce U.S. citizenship. Get the answers to questions your clients haven't thought to ask - register today!

  • Navigate foreign account reporting requirements to protect your clients' financial interests in international transactions.
  • Help clients minimize their tax burden while remaining compliant with U.S. law.
  • Advise clients who are considering citizenship renunciation on its tax implications.

Abbreviated Agenda

  1. How U.S. Citizens' Worldwide Income Is Taxed (Treaties, Credits, and Exclusions)
  2. Tax-Filing Requirements for Expats
  3. Foreign Account Reporting Under FATCA and FBAR
  4. Asset Ownership, Valuation, and Transfers
  5. U.S. Citizenship Renunciation Procedure and Tax Implications
  6. Key Planning Strategies

Related Topics

Product ID 100604

Credit Details

Credits Available
Credit Status Total
Alaska CLE Reciprocity 1 Total
Alabama CLE Approved 1 Total
Arkansas CLE Approved 1 Total
Arizona CLE Approved 1 Total
California CLE Approved 1 Total
Colorado CLE Approved 1 Total
Connecticut CLE Approved 1 Total
Delaware CLE Approved 1 Total
Florida CLE Approved 1 Total
Georgia CLE Approved 1 Total
Hawaii CLE Approved 1 Total
Iowa CLE Upon Request 1 Total
Idaho CLE Approved 1 Total
Illinois CLE Approved 1 Total
Indiana CLE Approved 1 Total
Kansas CLE Upon Request 1 Total
Louisiana CLE Upon Request 1 Total
Maine CLE Approved 1 Total
Minnesota CLE Approved 1 Total
Missouri CLE Approved 1.2 Total
Northern Mariana Islands CLE Approved 1 Total
Montana CLE Approved 1 Total
North Carolina CLE Approved 1 Total
North Dakota CLE Upon Request 1 Total
Nebraska CLE Approved 1 Total
New Hampshire CLE Approved 1 Total
New Jersey CLE Approved 1.2 Total
New Mexico CLE Approved 1 Total
Nevada CLE Approved 1 Total
New York CLE Approved 1 Total
Ohio CLE Approved 1 Total
Oklahoma CLE Approved 1 Total
Oregon CLE Approved 1 Total
Pennsylvania CLE Approved 1 Total
South Carolina CLE Approved 1 Total
Tennessee CLE Approved 1 Total
Texas CLE Approved 1 Total
Utah CLE Approved 1 Total
Vermont CLE Approved 1 Total
Washington CLE Approved 1 Total
Wisconsin CLE Approved 1 Total
West Virginia CLE Approved 1.2 Total
Wyoming CLE Upon Request 1 Total
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CLE

Agenda

All times are shown in

  1. Considering Expatriation: Legal and Tax Answers

    1. How U.S. Citizens' Worldwide Income Is Taxed (Treaties, Credits, and Exclusions)
    2. Tax-Filing Requirements for Expats
    3. Foreign Account Reporting Under FATCA and FBAR
    4. Asset Ownership, Valuation, and Transfers
    5. U.S. Citizenship Renunciation Procedure and Tax Implications
    6. Key Planning Strategies

Who Should Attend

This legal update is designed for attorneys. Accountants, tax professionals, financial planners, family office managers, and paralegals will also benefit.

Speakers

Patrick J McCormick
Patrick J.
McCormick
Rimon, P.C.
Speaker bio
Patrick J McCormick

Patrick J. McCormick

Rimon, P.C.
Patrick McCormick

is a Partner with Rimon's Philadelphia office, where he focuses on international taxation. Patrick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at large law firms, an accounting firm, and a boutique tax law firm, Patrick's client exposures have covered every conceivable area of American-side international tax matters. Patrick has worked with clients located in over 110 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. He is licensed to practice in Pennsylvania and New Jersey. and regularly assists clients (particularly multinationals) with estate planning needs in these jurisdictions. Patrick has also represented every type of taxpayer - from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets. He also regularly handles all aspects of domestic tax work for clients who first seek his advice on international-focused matters. When counseling individual clients, Mr. McCormick assists with residency planning, asset ownership structuring, and minimization of global income tax bills for foreign-sourced income items. His business client representation includes an extensive scope of multinational transactions, including classification of foreign entities, options for structuring multinational transactions, and minimization of American anti-deferral tax mechanisms. Patrick has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He has been a regular contributor to America's premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer. Mr. McCormick earned his B.A. at Rider University, his LL.M. at New York University School of Law, and his J.D. at Vanderbilt University Law School.

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