PREP Podcaster - ”Success Favours The PREPared Mind”

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Discussion about current events, culture, independent candidates, business, education, travel, death and taxes, global mobility, citizenship and residence by investment options, Americans abroad, FATCA, CRS, U.S. citizenship renunciation, Green Card abandonment, citizenship taxation, PFIC, GILTI, foreign trusts, I-407 and more ...

  1. Oct 8

    Ending Double Taxation: The 2026 Push for Fairness for Americans Abroad

    October 8, 2026 - Participants include:   Solomon Yue - @SolomonYue   John Richardson - @ExpatriationLaw   Host John Richardson interviews Solomon Yue about his personal journey from communist China to American political leadership and his long campaign to end double taxation of U.S. citizens living overseas. They review past efforts including the 2013 FATCA Legal Action lawsuit, the 2017 FATCA congressional hearing, the 2018 Holding territorial-tax proposal, and Mr. Yue’s role in securing a 2024 pledge from President Trump to end the "double taxation" of Americans abroad. The episode explains the current petition to the Treasury Secretary seeking regulatory reforms and draft legislative language to move toward residency-based taxation, describes why the issue is bipartisan and affects millions of expatriates, and invites listeners to add their signatures to the petition (no donations requested). ______________________________________________________   The "call to action" for Amerians abroad is as follows: Republicans Overseas is petitioning the Treasury and IRS to endors residence-based-taxation and propose legislative language to Congress: We invite you to join us in signing the RO Petition letter (see the text of the letter below) to the U.S. Treasury and IRS for the purpose of ending double taxation by clicking this link: https://speak4.app/lp/4d01inqk   Republican Overseas Pettition Letter to Secretary Bessent: To the U.S. Department of the Treasury, Office of Tax Policy: I am an American citizen living and working overseas, and I write in support of the effort led by Republicans Overseas Action to end the double taxation of Americans abroad. For some background, Title 26 of the Code of Federal Regulations, § 1.1-1(b), provides that all American citizens, regardless of where they live and work, are subject to federal income tax. For me and millions of others, that obligation comes in addition to the tax levied on our income by the nation in which we live. The United States is an international outlier among advanced economies. It is one of only two nations in the world that taxes its citizens on the basis of citizenship rather than residence; the other is the State of Eritrea. Ending double taxation has been publicly supported by President Trump. In a video released in October 2024, he said: "I'm going to end double taxation on our overseas citizens. You've been wanting this for years, and nobody has listened to you, and you deserve it, and I'm going to do it. It's the right thing to do . . ." I recognize that § 1.1-1(b) implements provisions of the Internal Revenue Code that impose tax on the worldwide income of United States citizens, and that residence-based taxation may therefore require congressional action. However, the Department of the Treasury possesses substantial authority under 26 U.S.C. § 7805(a) to clarify and administer the Code and to reduce unnecessary compliance burdens, and the Department is positioned to recommend amendments to the internal revenue laws. I therefore petition the Department, pursuant to 5 U.S.C. § 553(e), to initiate a rulemaking that extends to qualified nonresident citizens the relief existing law permits, including simplified filing, expanded safe harbors, penalty relief, and improved coordination of the foreign earned income exclusion and the foreign tax credit, providing a pathway to end double taxation. To the extent the Department concludes that complete implementation requires legislation, I request that it transmit proposed statutory language to Congress and formally endorse its enactment. In addition, I respectfully request that the Department of the Treasury: publicly endorse residence-based taxation for qualified nonresident United States citizens; develop and transmit to Congress proposed statutory language implementing that policy; identify other administrative and regulatory reforms it can lawfully adopt under existing statutes to reduce duplicative filing and compliance burdens; and undertake notice-and-comment rulemaking promptly following enactment of the necessary legislation. Americans who live and work overseas promote American values, American culture, and American business practices, increase American influence, and open new markets for American businesses. Excessive tax and reporting burdens discourage Americans from accepting foreign assignments, and they make posting U.S. citizens abroad far more costly than it is for foreign competitors to post their own nationals. The result has been a recent surge in Americans living abroad renouncing their citizenship. When these barriers prevent Americans from accepting foreign assignments, those positions may be filled by foreign workers instead. That can weaken America's standing in the global business community, reduce American influence over international commercial decisions, and create potential national security vulnerabilities. American companies prefer American personnel in these roles because of their familiarity with U.S. business practices, legal obligations, security standards, and institutional priorities. This policy change is in line with the President's objectives, would in my view carry minimal financial impact to the U.S. Government, and would meaningfully support Americans who are currently subject to double taxation. I respectfully request that the Department provide a written response identifying: (1) the reforms it believes it can undertake under existing authority; (2) the statutory amendments necessary to establish residence-based taxation; and (3) whether it will include such amendments in the Administration's next revenue proposals. Thank you for your time and consideration on this very important matter. Sincerely, ---------------------------------------------------------- Any U.S. citizen over the age of 18, living outside the United States is eligible to sign this letter. In order to expedite our request to the Treasury Secretary, we ask that you sign this by the end of October     Thank you. Solomon Yue Vice Chairman and CEO Republicans Overseas, Inc. and Republicans Overseas Action, Inc. Retired 8th in seniority among the 168 RNC members after 24 years

  2. Sep 22

    New DHS Rule & F‑1 Students: Hidden U.S. Tax Traps Revealed

    September 22, 2026 - Participants include:   Virginia La Torre Jeker - @VLJeker John Richardson - @ExpatriationLaw   ________________________________________ Update - September 25, 2026! Important information just in from Virginia correcting a statement in the podcast.  There are two different “closer connection” exceptions.  There is one that is specifically for student F-1 visa holders. The 183‑day rule does not apply to students claiming the “closer connection” exception after the five‑year exemption ends.  Students only need to demonstrate that they have a tax home abroad and no intention to remain in the U.S. ______________________________________   And now back to the original post ... The U.S. immigration rules are different from the U.S. "tax residency" rules.  In this podcast Virginia and John discuss, Virginia's recent post: https://us-tax.org/2026/09/14/dhs-overhauls-f-1-visas-on-9-15-triggers-major-u-s-tax-risks/   U.S. citizens and Green Card holders are ALWAYS tax residents of the United States (regardless of where they live). The issue is: Under what circumstances does a person who is neither a U.S. citizen or green card holder, become a "tax resident" of the United States. Internal Revenue Code 7701(b) answers that question in a general way. https://www.law.cornell.edu/uscode/text/26/7701 This podcast discusses the circumstances under which a student studying in the United States becomes a tax resident of the United States. ________________________________________   AI generated description of this podcast:     "Host John Richardson and U.S. tax lawyer Virginia LaTorre Jeker discuss DHS’s new final rule replacing duration‑of‑status with a fixed four‑year F‑1 admission and the often‑overlooked U.S. tax consequences for international students. The episode explains the substantial presence test, the five‑year exempt period for students, Form 8843, risks of becoming a U.S. tax resident (including FBAR and other information‑reporting obligations), and available exceptions like the closer connection test or treaty tiebreakers. Key takeaways: the five‑year student exemption can be lifetime‑limited, returning to study doesn’t reset the clock, and students should review reporting rules or seek tax advice to avoid surprise liabilities."

  3. Sep 18

    Foreign Gift Trap: The Fuentes Case and the 25% Penalty and dealing with both the IRS and the DOJ

    September 18, 2026 - Participants include:   Virginia La Torre Jeker - @VLJeker   John Richardson - @ExpatriationLaw   Today Virginia and John discussed the penalty situation of a U.S. citizen who had always lived in Mexico. He received gifts from his Mexican father and failed to notify the IRS of the gifts. This is a common and very expensive (from a penalty perspective) mistake. What follows is the ai generated description of the podcast.   ________________________________________________  "John Richardson and tax lawyer Virginia La Torre-Jeker dissect the recent Antonio Cesar Fuentes case involving Form 3520 foreign gift reporting. The IRS assessed a 25% penalty - under IRC 6039F - after Mr. Fuentes failed to report gifts from his non‑U.S. father that exceeded the $100,000 threshold, sparking a $90,000 penalty, refund litigation, and administrative confusion. The conversation explains how filing suit can transfer settlement authority from the IRS to the Department of Justice (26 U.S.C. §7122), create forum issues for U.S. citizens living abroad (they are presumed to live in Washington, DC) , and reveal clashes between IRS and DOJ procedures. The episode highlights the complexity of international gift rules, the severe penalties for noncompliance, and the need for careful reporting."

  4. Sep 15

    The Owned Continent: Europe’s Wake‑Up Call to American Dominance

    September 15, 2026   Dave Keating - @DaveKeating - Brussels based journalist and author of "The Owned Continent"  John Richardson - @Expatriationlaw - Toronto, Canada based expatriation lawyer __________________________________________ About Dave Keating: "Dave Keating is an American-European journalist in Brussels who moderates live events. Dave is the Brussels Correspondent for France 24. He has also written for the New Statesman, Energy Monitor, IP Quarterly, Euractiv, Forbes and World Politics Review. Previously he was the editor of EuropeanVoice.com, a side publication of The Economist. He is the author of the book The Owned Continent.​​   He is ranked as the number one EU social media influencer for 2023, coming in second in 2024 and 2022 and third in 2021 and 2020. Before arriving in Brussels in 2010, Dave covered the boardrooms of London, the halls of the US Congress in Washington, the cafes of Paris, the politics of Prague, the courtrooms of Chicago and the streets of New York City. He has also covered climate policy in Berlin.   Dave previously covered US politics in Washington and draws comparisons between the American federal system and the European Union. He is well-known in Brussels not only for his reporting but also his conference moderation.   As a broadcast journalist, Dave has worked as a correspondent reporter, a live in-studio analyst, a line producer, a newsmagazine show producer and a segment producer for live news panels.   Originally from the New York City area, Dave holds a Bachelor of Arts degree from New York University in film/television and European history. He also holds a Masters of Science in Journalism from Northwestern University's Medill School of Journalism."   I highly recommend his book!   About today's podcast:   John Richardson interviews Dave Keating about his book The Owned Continent and his argument that Europe is deeply dependent on the United States militarily, economically, and culturally. Keating traces his own move to Europe, explains how English and U.S. infrastructure shape European life, and calls for a stronger, more federal EU to reclaim real sovereignty. The conversation covers Brexit’s consequences, Canada‑EU ties and Mark Carney’s role, the danger of U.S. control over payments and cloud systems, and practical steps Europe must take—cultural, economic and political—to free itself from American dominance.

  5. Sep 2

    3.8% The Double Taxation Tariff: US Citizens Abroad and the NIIT Surtax On Their Investment Income

    September 2, 2026 - The Christensen and Bruyea cases and how the court interpreted the French and Canadian tax treaties allow the double taxation of by the United States of non-U.S. source investment income!   Overview - The 30,000 view This episode examines the August 31, 2026 Federal Circuit decision in Christensen v. United States and related Canadian cases, showing how Congress placed the 3.8% Net Investment Income Tax in a separate chapter of the Internal Revenue Code to block foreign tax credits and effectively override treaty relief. We explain the legal text, the court's reasoning, the practical impact on U.S. citizens living in France and Canada, and the broader implications for double taxation, expat finances, and the reliability of international tax treaties. A more granular description ...   The provided sources detail a significant legal dispute regarding whether U.S. tax treaties with France and Canada allow citizens to claim foreign tax credits against the Net Investment Income Tax (NIIT). While lower courts initially issued conflicting rulings, the U.S. Court of Appeals for the Federal Circuit ultimately determined that the Internal Revenue Code prohibits such offsets. The court clarified that the "U.S. Law Limitation" within these treaties ensures that credit eligibility remains governed by domestic statutes, which do not currently recognize the NIIT as a creditable tax. Consequently, Americans residing in these countries face double taxation on the same investment income because the treaty provisions do not operate independently of U.S. law. Expert commentary from legal scholars and blog posts further emphasize that this interpretation prioritizes statutory restrictions over the general treaty goal of eliminating double taxation. This legal outcome confirms that specific passive income taxes remain a unique burden for expatriates despite bilateral agreements.

  6. Aug 27

    Lost and Found: - How To Tell Whether Your Ancestor Was A Canadian Citizen

    August 27, 2026 - Lost and Found: Canada's Citizenship Shockwave Purpose of this podcast AI generated podcast: The question: You may be a Canadian citizen if you were born to a Canadian citizen. But, how we tell whether your ancestor was a Canadian citizen? The analysis: This episode traces the century‑long evolution of Canadian nationality law — from imperial British subject status through exclusionary rules, the 1947 Citizenship Act, and later reforms — culminating in Bill C‑3 (Dec 15, 2025) which retroactively restored citizenship for millions. It explains the practical impact: who became Canadian (or lost citizenship), the documentary hurdles to prove status, the huge application backlog, and why some people may need to renounce newly acquired citizenship to comply with their home country’s laws.   A simplified summary: The four phases of evolution of Canadian citizenship law:   1. The 1947 Canadian Citizenship Act, which established Canadian citizenship independent of British subject status; 2. The 1977 Citizenship Act, a brand-new framework that permitted dual citizenship for the first time but did not retroactively restore status to those who had previously lost it by naturalizing abroad, while successfully eliminating gender-based discrimination to allow citizenship transmission through mothers; 3. The 2009 amendments, which retroactively restored citizenship to individuals who had lost it under former rules (including naturalization in the U.S. or elsewhere), while simultaneously instituting a strict 'first-generation limit' for passing citizenship to children born abroad; and 4. Bill C-3 (effective December 15, 2025), which dismantled that first-generation cutoff, granting citizenship to individuals born abroad to a Canadian parent prior to that date, while establishing a new 'substantial connection' residency test for future generations born abroad. Crucially, the 2014 and 2017 amendments to the Citizenship Act had little bearing on these issues, as they focused strictly on the naturalization requirements for permanent residents living inside Canada.

  7. Aug 16

    Canada's Citizenship By Descent Law: More Of A Search For Proof Than A Search For Truth

    August 15, 2026 - AI generated podcast based on a blog post by John Richardson.   "Canada's new citizenship by descent law - a search for proof more than a search for truth"   This podcast is based on the second post in my series exploring Canada's Bill C-3. Specifically it focuses on how to prove the entitlement to a certificate of Canadian citizenship. https://citizenshipsolutions.ca/2026/08/13/canadian-citizenship-by-descent-a-search-for-proof/   In general, this podcast explores how Bill C-3 transforms Canadian citizenship into an administrative paper chase, abruptly suspending certificates and forcing descendants to prove identity with precise historical records.   AI generated description about the blog post: "This article highlights the complexities of claiming Canadian citizenship by descent under updated legal frameworks like Bill C-3. The author emphasizes that while individuals may technically be citizens, the burden of proof lies with the applicant to provide definitive documentation, such as ancestral birth and marriage records. For those born after December 2025, requirements are even stricter, necessitating proof of a parent’s physical presence in Canada for at least 1,095 days. The text features various professional perspectives, including genealogists and immigration consultants, to illustrate the creative methods needed to verify lineage. Ultimately, the source serves as a guide for "Lost Canadians" and dual citizens to navigate the rigorous administrative search for historical evidence. It concludes that securing a Certificate of Canadian Citizenship is a demanding task that requires significant preparation and authoritative proof."

  8. Aug 12

    Understanding The Citizenship By Descent Provisions Of Bill C-3 – The Canada Citizenship Act

    August 11, 2026 - AI Generated Podcast based on the following blog post at CitizenshipSolutions.ca What does Canada's Bill C-3 actually say? How does citizenship by descent now operate in Canada? https://citizenshipsolutions.ca/2026/08/08/understanding-the-citizenship-by-descent-provisions-of-bill-c-3-of-the-canada-citizenship-act/   The post includes the following:   "The purpose of this post is narrow. It is to explain how the new “citizenship by descent rules” follow from the text of Section 3(1) of The Canada Citizenship Act. https://laws-lois.justice.gc.ca/eng/acts/C-29/page-1.html#docCont Bill C-3 – Canada’s new citizenship law – Effective December 15, 2025 I am going to be honest. I find it very difficult to read the Canada Citizenship Act and make sense of it. I understand what the commentators say that it says. That’s great. But I feel more comfortable if I can understand the legislation, parse the legislation and understand how the sections fit together. Bottom line: If somebody asks you: Q. Where in the Canada Citizenship Act does it specifically say that, if a child is born outside of Canada, after December 14, 2025, to a parent who was a Canadian citizen and that Canadian citizen parent was also born outside of Canada, then that parent is required to have 1095 days of physical presence in Canada prior to the child’s birth in order to transmit citizenship to the child? A. Well, you better be able to provide an answer."   AI Description of the blog post: "This article details the updated citizenship by descent regulations introduced by Bill C-3 in the Canada Citizenship Act, which becomes effective on December 15, 2025. The legislation creates a significant opportunity for individuals born abroad to gain Canadian citizenship, specifically by removing previous restrictions for those born before the new start date. However, for those born outside the country on or after this date, a physical presence requirement is introduced, necessitating that the Canadian parent lived in Canada for at least 1,095 days before the birth. The text highlights that while individuals born to naturalized citizens or those born in Canada remain citizens, others must carefully document their parents' residency history. By parsing specific legal sections, the author explains how these amendments impact generational citizenship and the ability to pass it down as a family heritage. Ultimately, the source serves as a practical guide for expatriates and dual citizens to navigate the complexities of evolving Canadian nationality laws."

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Discussion about current events, culture, independent candidates, business, education, travel, death and taxes, global mobility, citizenship and residence by investment options, Americans abroad, FATCA, CRS, U.S. citizenship renunciation, Green Card abandonment, citizenship taxation, PFIC, GILTI, foreign trusts, I-407 and more ...

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