The International Money Café Show

The International Money Cafe
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The International Money Café Show

Foreign-born US citizens, green card holders (immigrants) in the US, and foreign nationals on temporary nonimmigrant US visas, have unique financial & US tax compliance challenges as they straddle their multi-country footprint. US expats living abroad have somewhat similar challenges from having to deal with US taxes and foreign obligations. In "The International Money Café Podcast" Jane Mepham, CFP®, and Manasa Nadig, EA, address these unique challenges over a cup of Coffee/Chai in addition to talking about life in the US. Join them as they filter out the noise on cross-border taxes, finances, and life in the US, and save you hours combing the internet for information relevant to your situation. Jane & Manasa being foreign-born, are able to address these issues from a very personal and relatable point of view every other week, as they walk the same journey and pursue their own version of the American dream. The views and opinions are those of the speakers, and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

  1. 2 DAYS AGO

    Ep 38: What Is English For "IRA's"?

    There is more than one type of individual retirement account (IRA). In this episode, we focus on the different types, including Traditional, Roth, SEP, SIMPLE IRAs, and spousal IRAs. We explore each type's tax advantages, eligibility, and implications, especially for individuals with cross-border considerations. The conversation also covers important aspects such as distributions, rollovers, conversions, and the significance of consulting financial and tax advisors for personalized advice. A Few Takeaways  An IRA is a tax-advantaged investment tool for retirement savings.Traditional IRAs allow for tax-deductible contributions under certain conditions.Roth IRAs are funded with after-tax dollars, allowing for tax-free growth.Cross-border implications are crucial for those on work visas.Consulting both financial planners and tax advisors is essential for effective retirement planning.Withdrawals from traditional IRAs are taxed as ordinary income. Tune in for the rest of the details. Episode Links & Resources Ep 20: What Is English For "Custodial Accounts?".Ep 23: Applying For Social Security From Abroad.Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page. --------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    17 min

  2. FEB 5

    Ep 37: Tax Prep 101: Your Guide to the Ultimate Tax Pro

    Tax season is around the corner. If you are looking for a new tax professional, we have you covered. In today's episode, we are going to walk you through how you select a good tax professional, especially if you have cross-border needs or assets overseas.  The ten items or tips to consider as you select your tax professionals. If your tax preparer meets these tips, you are likely in excellent hands. The tips range from  Checking the preparer's history for any disciplinary actions, to service fees, to electronic filing, and realistic expectations, amongst others. We end the episode by explaining what to do if you see suspicious or abusive tax preparers. IRS is interested in hearing from you. Episode Links & Resources Loving v. IRS: Treasury's Authority to Regulate Tax Return PreparersCircular 230 Watch Out For Unrealistic Expectations and Falsely Inflating ReturnsAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.--------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    34 min

  3. JAN 22

    Ep 36: What is English For "Tax IDs"?

    We discuss Tax Identification Numbers (TINs). We have fun discovering what they are called in various countries. TINs are nine-digit numbers assigned by the Internal Revenue Service (IRS) or the Social Security Administration (SSA) for tax reporting purposes. We discuss the history of TINs and the introduction of the Individual Tax Identification Number (ITIN) in 1996. We also explain the eligibility criteria for obtaining a Social Security Number (SSN) and the process of applying for an ITIN. We highlight the importance of TINs for filing taxes, claiming treaty benefits, and opening bank accounts. We also mention the Employer Identification Number (EIN) used for business entities.   Episode Links & Resources Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.--------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    11 min

  4. JAN 8

    Ep 35: Guided By The Stars No More: A Roadmap To Retiring Abroad! Part 2

    In Part 1 of this podcast, we discussed figuring out your "why", for wanting to retire abroad, the residency/visa requirements, and the practical aspects of moving overseas.  In Part 2 of this episode, we answer specific tax and financial questions. Some examples of the questions (amongst others) that we answer here are:- Do I still need to file U.S. taxes when overseas, and what does that entail? What about State taxes?How do I access my retirement income from overseas? How do I get my RMDs?Will my custodian allow a foreign address? How do I transfer my funds from the U.S.?Should I roll over my 401k to a rollover IRA before I leave the U.S.?Will I have enough SS credits to claim social security from abroad?Should I buy a home overseas?What about healthcare expenses? How do I deal with that?Are there other countries you should consider besides the usual? Episode Links & Resources Ep 33: A Roadmap To Retiring Abroad - Part 1Ep 23: Receiving Social Security From Overseas: Answering FAQsEp 13: Mitigating Double TaxationAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.--------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    37 min

  5. 12/25/2024

    Ep 34: What is English For "FBAR"?

    We discuss the FBAR (Foreign Bank Account Report) and why it is important to be aware of it. It's a FORM that needs to be filed under the Bank Secrecy Act if you have a financial interest or signatory authority over a foreign financial account. And the aggregate value of these accounts exceeds $10,000 at any time during the reporting year. The FBAR filing requirement applies to all types of financial accounts, not just bank accounts.  Failure to file the FBAR can result in substantial penalties.  Episode Links & Resources Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.--------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    10 min

  6. 12/11/2024

    Ep 33: Guided By The Stars No More: A Roadmap To Retiring Abroad! (Part 1)

    There has been an uptick in the number of people looking to retire overseas. In Part 1 of this episode, we discuss the essential considerations for the decision.  We start by grouping those who want to move into the following groups  Those like us, who came to the US ages ago and are now retiring.Those who have worked overseas and now want to returnThose who've only visited as tourists. We explore the motivations behind such a decision, the importance of choosing the correct country, navigating visa and residency requirements, and the practical steps needed to prepare for the move. Other topics that we cover here, amongst others, are: Maintaining connections and communication while living abroad.       Safety and political stability are key factors in choosing a country.Visa and residency requirements.Visiting a country as a tourist for valuable insights before moving.     The cost of living to ensure affordability.    Maintaining a US address for various logistical reasons. Healthcare access etc.   In part two of this episode, we'll address the financial and tax aspects of retiring overseas. Episode Links & Resources CNBC: Retiring Abroad Could Lower Your Cost Of LivingEp 23: Receiving Social Security From Overseas: Answering FAQsAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.--------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    29 min

  7. 11/27/2024

    Ep 32: What Is English For "Job Loss on a Work Visa"?

    What happens to you if you lose a job on a work visa? It's the biggest threat to your financial life in the US. In this short episode, we detail your options based on your specific work visa.  Generally, you have to leave the country in 60 days or less, depending on your visa type, visa stamp, home country, and where you are in the visa process. However, there are some unique nuances regarding your other options based on the type of visa. In this episode, we address the H-1B, L-1, E3, TN, and O visas and the specific repercussions of losing a job. Episode Links & Resources How to Prepare For a Job Loss on  Work VisaU.S. Citizenship & Immigration Services  - Become a Student of Your VisaAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page. --------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    8 min

  8. 11/15/2024

    Bonus Episode: Post Election -Thoughts and Mitigating Concerns.

    The 2024 elections are behind us. In this episode, we discuss the aftermath of the US elections, focusing on the concerns of foreign-born clients and US expats. We explore the uncertainties surrounding immigration laws, visa changes, and the emotional impact of the election results. Our conversation emphasizes the importance of financial preparedness, including maintaining an emergency fund, being flexible with career plans, and ensuring proper estate planning. We include practical advice for navigating potential job loss and the complexities of financial planning in uncertain times. We remind you to lock your credit to protect your identity, especially if you have to leave the U.S.  Episode Links & Resources Ep 29: Stay A Step Ahead of Cyber Criminals. Protecting Your ID and Other Important Matters.U.S. Citizenship & Immigration Services  - Become a Student of Your VisaAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page. --------------------------------------------------------------------------------- The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice. Be sure to join the conversation by visiting our page The International Money Cafe Or by following us on social media:- Follow us on social media:- LinkedIn; Instagram; Twitter (X); Facebook

    23 min
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Foreign-born US citizens, green card holders (immigrants) in the US, and foreign nationals on temporary nonimmigrant US visas, have unique financial & US tax compliance challenges as they straddle their multi-country footprint. US expats living abroad have somewhat similar challenges from having to deal with US taxes and foreign obligations. In "The International Money Café Podcast" Jane Mepham, CFP®, and Manasa Nadig, EA, address these unique challenges over a cup of Coffee/Chai in addition to talking about life in the US. Join them as they filter out the noise on cross-border taxes, finances, and life in the US, and save you hours combing the internet for information relevant to your situation. Jane & Manasa being foreign-born, are able to address these issues from a very personal and relatable point of view every other week, as they walk the same journey and pursue their own version of the American dream. The views and opinions are those of the speakers, and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.

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