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Video instructions and help with filling out and completing How Form 8815 Reform

Instructions and Help about How Form 8815 Reform

Hi thanks for joining me today we have some special guests we have John Richardson and Keith Redman on again because we have a bunch of updates going on a lot of news we didn't get the effect of repealed as we as we wanted to we didn't get T TFI as we wanted to and we're dealing with a couple nasty surprises from tax reform so Keith John thanks for joining us today well thank you for having us why don't we get into the TT fi update the territorial taxation for individuals update kind of wasn't yeah in tax reform we were supposed to get it's not a surprise that it was not in the tax reform package that Brady a congressman Brady had put out just last week it is a separate bill it will be a separate bill it's going to be not included in a tax package I just want to make that very clear and the bill is being put into legislative language as we speak and it will be introduced this is according to George Holdings office congressman George Holdings office it will be introduced before Christmas honoring the lame-duck session okay that's great I mean I didn't know that was coming all right I I mean I was hurting her hearing rumors so the the sandal OTT fi bill will be in June it's been yes before Christmas Christmas what is what has been stated as of this writing okay and it's being put into legislative language as we speak so that's a positive step but I just want to make it very clear that there were some expectations out there that it would have been but you know put into another big package and that's not the case this is just a better way of handling the TT fi situation to have it stand alone well that's fantastic and I would say maybe this is the time we talk about because it is a standalone bill Keith you and I and I think John - we all sort of comment on unfortunately the expat community isn't necessarily the the the the unified voice voice we would like it to be because here we have a standalone bill that now is this bill do you know if this bill is getting bipartisan support support as it is now there is in there in process right now of getting the bipartisan support and the reason why it's a standalone bill because there's no other stuff that's involved that would that would diminish if you will any gem blends of bipartisan support all right all right well this is fantastic so I mean this is the thing hey guys here it is Republican Democrat we have sponsors this bill let's get together on this and stop I mean we got to stop trashing the other side we all can work together to get this meaningful reform this is incredible yeah and I think it's important too you know I know we're going to be talking about this and it's important not just thrashing one side versus the other us-versus-them etc etc but to really sincerely unite and the reason why I bring that up and the premise for this particular podcast is the number of times not just me but others have gone up on Capitol Hill and have met in the offices of congressman Congress women and Senators they all say the same thing Americans overseas need to have a singular voice when it comes to their issues and this is coming from Republicans up on the hill and Democrats up on the hill and they have repeated this ad nauseam that that makes a big difference there it is guys so let's work together and you know what you don't have to like everything about Republicans you don't have to like everything about Democrats but if you want to make a positive change in your life here right get in touch right now to say hey pass this thing this would be a great idea for all of us and I mean it really would and especially when you look at some of these the things that that exist now that how tax reform actually kind of made living overseas a little bit harder and I think the first thing I'll talk about is the transition tax if there's any updates on that now we have a bunch of videos on that we've done it with John sort of explaining how works and so John what's going on with the transition tax is there any regulatory help that you know well I think the short answer is nothing that will help with December 15th tax returns there is you know of course you could get relief I guess in three ways you can get it through a change in the law which clearly we haven't had at least a day so Congress done nothing about it we can get it in terms of the administration of the law which would be my extensions or possibly a de minimis amount under something like that I believe there's been some discussion of that with no positive outcome at least as of yet there is talk of a lawsuit organized by a money silver which would as I understand to be based primarily on a failure of Treasury to abide by the provisions of the regulatory flexibility Act which would require them to consider Small Business Corporations and compiling their massive and completely incomprehensible regulations but there is engagement for sure are there's plenty of opposition to it as of yet there is no guarantee of any positive relief on that and this is problematic because a number of people who believe they may be affected by our position of having to file tax returns this month so that's where we are there no and I think it's a and I think it's important.

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