Tax Planning

Nobody likes paying taxes, and state income tax can take a big bite. It feels even worse when you move outside the US but have to keep paying in your home state without using any of the services there.

The United States is one of only two countries in the world that taxes the worldwide income of citizens who live abroad.

I had dinner with a globe-trotting executive last weekend. He's about to retire but for decades he's travelled the world and done business in dozens of countries.

Italy has always been quite a draw for our clients. Beautiful landscapes, friendly people, excellent food, and a nice pace of life. The only major turnoff was the high taxes -- at least until a new tax regime we're calling the "Italy flat tax" came about.

To our customers and clients, the Kamala Harris tax plan has received a lot of attention recently. After all, taxes tend to go up more often during Democratic administrations than Republican ones. That includes the Biden administration.

When I was first introduced to Private Placement Life Insurance (PPLI) back in 2010, I didn't think it possible. It promised extremely strong asset protection, estate and legacy planning benefits, and a legal way to grow millions of dollars in a tax-deferred (and sometimes even tax-free) way?

If you're trying to figure out whether you need to file Form 8858 and how to do it, you're in the right place.

We’ve long been skeptical when it comes to IRS pronouncements of a “tax gap” – the difference between a taxpayer’s actual income tax liability and what they actually paid.

The Unique Tax Status of US Territories One of the American tax system's many oddities is the way the country deals with US territories like Guam, the Northern Mariana Islands,…

Deferring tax on income or gain is almost as effective as avoiding it altogether.  That's because the longer you can defer payment, the lower your effective tax rate.

“I’m from the IRS and I’m here to help you.” Yes, that statement is one of life’s big lies. But several years ago, it looked as if the IRS intended to help people with offshore tax problems.

Read only the mainstream media and you’ll think that Americans evade $150 billion or more in taxes on offshore assets every year.

I might be the only writer on the offshore beat who isn’t in love with Puerto Rico’s tax incentives. Recently, a colleague of mine whom I greatly respect published an entire issue of his newsletter about Puerto Rico.

I will be the first to admit it: I’m a lousy investor. My first forays into the investment markets came in the early 1980s, when I saved up enough money to buy some stocks.

Stroke of the pen. Law of the Land. Kind of cool. Paul Begala, advisor to President Bill Clinton (1998)
One of the oldest traditions in the American republic is “government by emergency.”

Donald Trump could be the worst president ever if he follows through on his promises to bust the federal budget and crack down on civil liberties.

Today is Election Day in the US. As we post this piece, none of us here at Nestmann have any idea who will win the presidential election.

Last month, lawmakers in Massachusetts approved a constitutional amendment that will lead to the departure of many of the state’s wealthiest and most productive citizens.

In the runup to April 15’s tax-filing deadline, the IRS has once again published a list of what it calls its “Dirty Dozen” tax scams.

The paragons of public virtue that make up the US Congress really, really want to crack down on tax cheats. Thanks to a highway funding bill about to head to President Obama’s desk, if you owe the IRS more than $50,000, you’ll lose your passport.

FATCA, officially known as the Foreign Account Tax Compliance Act, is probably the worst law that most Americans don't know about.

It’s often not “PC” (politically correct) to point out the truth. But someone needs to do it. Here’s an “inconvenient truth” for President Obama and those in Congress who want to shut down what they call “offshore tax havens.”

With an $18 trillion debt and $97 trillion or so in unfunded liabilities, Uncle Sam is anything but flush with money. So Congress and President Obama are looking for ways to stem the flow of red ink.

With an annual budget now approaching $4 trillion, it’s not surprising that the US government has quite a few departments that most of us know nothing about.

One of the most important services that I think I provide our consulting clients is to say “no” to some of their harebrained ideas. Over the last year or so, the scheme that I’ve said “no” to more than anything else involves Puerto Rico.

It’s bad enough to have the IRS or another government agency after you. But when Uncle Sam – or even a state or local government – hires a collection agency to chase after you, things can go downhill fast.