Episodes

  • IRS Regulations, Loper Bright, and Private Letter Rulings with Joshua Smeltzer

    IRS Regulations, Loper Bright, and Private Letter Rulings with Joshua Smeltzer
    Nov 18 2024
    The Essential Tax Podcast with Mishkin Santa, Episode 19 In this episode of The Essential Tax Podcast, Mishkin Santa is joined by Joshua Smeltzer, Tax and Corporate Lawyer at Gray Reed. Gray Reed is a law firm with over 150 attorneys, with a tax controversy and tax litigation practice led by Joshua. They represent clients throughout the U.S., focusing on complex tax issues. Tune in for these key takeaways: * Loper Bright and the Chevron Doctrine – A detailed breakdown of how the Supreme Court's decision in Loper Bright impacts agency deference, especially the IRS, and why it changes the tax litigation landscape. * Administrative Procedures Act – How the APA influences tax guidance and how recent challenges, such as in the digital asset space, highlight the IRS's need to follow formal procedures. * Private Letter Rulings (PLRs) – A comprehensive look into the purpose, costs, and risks of seeking a PLR, including why they may or may not be the best strategy for a taxpayer. * Tax Controversy Strategy – The importance of understanding IRS processes and leveraging litigation hazards in negotiations for favorable outcomes. * Future Tax Changes – Insight into the implications of the TCJA sunset and how upcoming tax reforms may need to address the complexities brought to light by cases like Loper Bright. Learn more about Joshua Smeltzer: * Connect with Joshua on LinkedIn: https://www.linkedin.com/in/joshua-smeltzer-bb07714/ * Follow Gray Reed on LinkedIn: https://www.linkedin.com/company/grayreed * Visit Joshua’s profile on Gray Reed’s Website: https://www.grayreed.com/Our-People/Joshua-D-Smeltzer * Follow Joshua on X: https://x.com/jdsmeltzer Additional Resources: * Corporate Tax Blog, Dollars & Sense - https://dollarsandsense.grayreed.com * Blog post, “Gray Reed Partners Submit Comments on Proposed Treasury Regulations” - https://dollarsandsense.grayreed.com/2024/08/gray-reed-partners-submit-comments-on-proposed-treasury-regulations * Loper Bright Supreme Court Case - https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf * Chevron Deference - https://www.law.cornell.edu/wex/chevron_deference * Skidmore Deference - https://www.law.cornell.edu/supremecourt/text/323/134 * Administrative Procedures Act - https://www.law.cornell.edu/wex/administrative_procedure_act * Stop Corporate Capture Act - https://www.congress.gov/bill/118th-congress/house-bill/1507 * IRS Private Letter Ruling - https://www.irs.gov/faqs/irs-procedures/code-revenue-procedures-regulations-letter-rulings/code-revenue-procedures-regulations-letter-rulings * Maryland Private Letter Ruling - https://marylandtaxes.gov/legal-pubs/tech-bulletins/misc/tb-44.pdf *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    54 mins
  • How to Navigate U.S. Exit Tax with Actuary David Pitts

    How to Navigate U.S. Exit Tax with Actuary David Pitts
    Nov 11 2024

    The Essential Tax Podcast with Mishkin Santa, Episode 13

    In this episode of The Essential Tax Podcast, Mishkin Santa speaks with David Pitts, Actuary and Independent Practitioner. David brings his wealth of experience in actuarial science, focusing on valuation work related to U.S. exit taxes, pensions, and deferred compensation plans. He has a background in mathematics and has worked extensively with retirement plans, class action lawsuits, and more.

    David explains his work with organizations like the World Bank and IMF, helping expatriates navigate the complexities of the U.S. exit tax. He also provides insights on actuarial calculations that determine the tax implications for those relinquishing U.S. citizenship or green card status.

    Tune in for these key takeaways:

    * Understanding the U.S. exit tax, including the gross present value and net worth tests

    * The actuarial approach to valuing defined benefit plans for expatriates

    * Key tax exclusions for foreign service and after-tax contributions

    * The critical role of actuaries in calculating net present value for exit tax planning

    * Real-world examples of how actuarial science applies to international retirement plans

    Learn more about David Pitts:

    * LinkedIn Profile: https://www.linkedin.com/in/davidgpittsfsa

    ***********************************

    About The Essential Tax Podcast:

    In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas.

    Watch or listen to more episodes of The Essential Tax Podcast:

    * https://www.youtube.com/@TheWolfGroupPC

    * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944

    * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf

    Connect and learn more from your host, Mishkin Santa:

    * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta

    * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc

    * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    48 mins
  • 2024 US-France Cross-Border Tax Planning Update with Delphine Parigi of DPZ Avocats

    2024 US-France Cross-Border Tax Planning Update with Delphine Parigi of DPZ Avocats
    Nov 4 2024
    The Essential Tax Podcast with Mishkin Santa, Episode 13 In this episode of The Essential Tax Podcast, Mishkin Santa talks with Delphine Parigi, a tax lawyer and founder of DPZ Avocats, based in Nice, France. With a master’s degree in International Tax from La Sorbonne and business school HEC, Delphine brings over a decade of experience in advising international groups and high-net-worth individuals on cross-border tax matters. Her boutique firm specializes in assisting clients with French and international tax laws, particularly those facing U.S.-France tax complexities. Tune in for these key takeaways: * The importance of pre-immigration tax planning for U.S. persons moving to France * Common cross-border tax issues, such as double taxation on U.S. entities and trusts in France * Navigating France's real estate tax regime, including the wealth tax and the use of SCI structures * Understanding how the U.S.-France tax treaty now treats French social taxes (CSG, CRDS) as creditable for U.S. taxpayers * France’s complex inheritance and gift tax system and planning strategies to reduce tax burdens Learn more about Delphine Parigi: * Connect with Delphine on LinkedIn: https://www.linkedin.com/in/delphine-parigi * Follow DPZ Avocats on LinkedIn: https://www.linkedin.com/company/dpz-avocats/posts * Website: http://www.dpz-avocats.com Resources: * Delphine Parigi & DPZ Avocats: http://www.dpz-avocats.com/en/equipe.html * Nexia International Network: https://nexia.com * US-France FATCA Agreement: https://home.treasury.gov/system/files/131/BilateralAgreementUSFranceImplementFATCA.pdf * US-France Income Tax Treaty: https://www.irs.gov/businesses/international-businesses/france-tax-treaty-documents * US-France Estate Tax Treaty: https://franceintheus.org/IMG/pdf/french_us_estate_tax_treaty.pdf * IRS Practice Unit on French Foreign Tax Credits: https://www.irs.gov/pub/fatca/int_practice_units/ftc_t_010_01_01.pdf *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    59 mins
  • Navigating U.S. and South African Cross-Border Taxation with Conrad Meyer

    Navigating U.S. and South African Cross-Border Taxation with Conrad Meyer
    Oct 28 2024
    The Essential Tax Podcast with Mishkin Santa, Episode 11 Watch or listen to this episode of The Essential Tax Podcast when host Mishkin Santa sits down with tax expert Conrad Meyer to unravel the complexities of U.S. and South African cross-border taxation. Conrad is a seasoned tax professional and auditor based in South Africa. Conrad brings a wealth of knowledge from the auditing and accounting practice, Nexia Cape Town, where, as a Partner, he has helped clients navigate the complexities of tax residency, international compliance, and financial migration. Key Takeaways: * Understanding Tax Residency: Conrad discusses the nuances of establishing and ceasing tax residency in South Africa, highlighting the significant tax implications for those moving internationally. * Impacts of Recent Tax Law Changes: Recent changes in South African tax law, especially those affecting expatriates and residents with foreign incomes, are explored. Conrad emphasizes the importance of proper exit strategies to avoid dual taxation. * Financial Migration and Compliance: The process and importance of financial emigration from South Africa are examined, along with strategies for managing pensions, provident funds, and retirement annuities in compliance with both South African and international tax laws. * Practical Tips for Tax Planning: Conrad offers practical advice for those moving to or from South Africa, including the critical steps to take for ensuring tax compliance and optimizing financial transitions. Learn more about Conrad Meyer: * Connect with Conrad on LinkedIn: https://www.linkedin.com/in/conrad-meyer-05888114 * Visit Nexia Cape Town’s Website: http://www.nexiacapetown.com * Email: conrad@nexiasa.com Resources: * SARS link to foreign income and exemptions: https://www.sars.gov.za/individuals/tax-during-all-life-stages-and-events/foreign-employment-income-exemption * Nexia Cape Town Budget Booklet: https://www.nexiacapetown.com/insights/nexia-publications * South Africa Know Your Client Rules: https://www.kychub.com/blog/kyc-requirements-south-africa/#:~:text=This%20act%20plays%20a%20pivotal,of%20address%20(utility%20 bills) * South African Revenue Service: https://www.sars.gov.za South Africa OECD Grey list: *https://www.reuters.com/business/finance/south-africa-should-get-off-global-regulators-grey-list-2025-says-central-bank-2024-03-13 *https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    1 hr and 7 mins
  • 2024 Update on FATCA & IRS Matching Campaign of Forms 8966 and 8938

    2024 Update on FATCA & IRS Matching Campaign of Forms 8966 and 8938
    Oct 21 2024
    The Essential Tax Podcast with Mishkin Santa, Episode 10 In this episode of The Essential Tax Podcast, Mishkin Santa dives deep into the intricacies of the Foreign Account Tax Compliance Act (FATCA), exploring its impact and requirements. This masterclass session is crucial for anyone dealing with international tax obligations, particularly those with financial interests overseas. Tune in for these key takeaways: * Understanding the significance and implications of FATCA for individuals and foreign financial institutions. * Detailed explanation of essential FATCA forms such as Form 8966 and Form 8938, including who needs to file them and the consequences of non-compliance. * Practical advice on avoiding common pitfalls in FATCA compliance and how to respond to IRS notices regarding foreign accounts. * Insights into the international scope of FATCA, including how it affects U.S. taxpayers living abroad and the specific requirements they face. * Strategies for effective management and reporting of foreign financial assets to ensure compliance and avoid hefty penalties. Resources: * FATCA: https://www.govinfo.gov/content/pkg/PLAW-111publ147/pdf/PLAW-111publ147.pdf#page=27 * IRS Form 8938: https://www.irs.gov/pub/irs-pdf/f8938.pdf * Instructions to Form 8938: https://www.irs.gov/pub/irs-pdf/i8938.pdf * Form 8966: https://www.irs.gov/pub/irs-pdf/f8966.pdf * Instructions to Form 8966: https://www.irs.gov/pub/irs-pdf/i8966.pdf * Treasury Regulation 1.1471-4: https://www.law.cornell.edu/cfr/text/26/1.1471-4 * Treasury Regulation 1.1471-5: https://www.law.cornell.edu/cfr/text/26/1.1471-5 * GAO Report from April 2019 on Foreign Asset Reporting: https://www.gao.gov/assets/700/698581.pdf *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    56 mins
  • August 2024 Hot Tax Topics

    August 2024 Hot Tax Topics
    Oct 13 2024

    The Essential Tax Podcast with Mishkin Santa, Episode 09

    In this episode of The Essential Tax Podcast, Mishkin Santa covers various important tax developments for August 2024. This episode dives into recent changes in international tax laws across several countries, including Canada, the Cayman Islands, Italy, and New Zealand. Mishkin also discusses the latest IRS updates on digital assets and the implementation of new tax forms related to cryptocurrencies. The podcast provides an in-depth analysis of current FBAR litigation cases and updates on FinCEN's new reporting requirements, offering valuable insights for both tax professionals and individuals navigating complex tax scenarios.

    Tune in for these key takeaways:

    * Updates on International Tax Law: Learn about the significant tax changes in Canada, Cayman Islands, Italy, and New Zealand, and how they might impact global taxpayers.

    * Digital Assets and IRS Guidelines: Get the latest on IRS regulations for cryptocurrencies, including the new form 1099 DA for digital asset transactions.

    * FBAR Litigation and Penalties: Understand the recent developments in FBAR litigation and what it means for individuals with foreign financial assets.

    * FinCEN Reporting Requirements: Discover the new FinCEN BOI requirements and their implications for U.S. businesses.

    * Efficient Tax Practices: Gain insights into handling complex tax issues effectively, with examples from current legal cases and IRS updates.

    ***********************************

    Watch or listen to more episodes of The Essential Tax Podcast:

    * https://www.youtube.com/@TheWolfGroupPC

    * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944

    * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf

    Connect and learn more from your host, Mishkin Santa:

    * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta

    * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc

    * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    43 mins
  • Athletes, Entertainers and Influencers; Navigating the Tax Challenges of International Earners

    Athletes, Entertainers and Influencers; Navigating the Tax Challenges of International Earners
    Oct 4 2024
    In an increasingly interconnected world, Athletes, Entertainers and Influencers often generate income across borders, presenting unique tax challenges. This webinar is tailored for the professionals advising clients with international earnings. Topics include: * Key differences in income, withholding, and other related tax obligations across the USA, Europe and India * Understanding residency, application of income tax treaties, and cross-border taxation rules for globally mobile clients * Strategies for managing global tax efficiency liabilities, and compliance issues including international informational reporting, and mitigation of penalty traps Resource links: * IRS FAQ on Swag Bags: https://www.irs.gov/pub/irs-news/ir-06-128.pdf * Derrick Henry $250,000 Diet: https://www.essentiallysports.com/nfl-active-news-after-two-fifty-thousand-diet-went-viral-ravens-derrick-henry-reveals-painful-truth-about-his-eating-habits/ * Nano-Influencers Article: https://hbr.org/2024/09/when-it-comes-to-influencers-smaller-can-be-better * US Tax Treaty Table 1 - Tax Rates on Income other Personal Services: https://www.irs.gov/pub/irs-lbi/tax-treaty-table-1.pdf * US Tax Treaty Table 2 – Compensation for Personal Services: https://www.irs.gov/pub/irs-lbi/tax-treaty-table-2.pdf * US Tax Treaty Table 3 – List of US Tax Treaties: https://www.irs.gov/pub/irs-lbi/tax-treaty-table-3.pdf * US Tax Treaty Table 4 – Limitation on Benefits: https://www.irs.gov/pub/irs-lbi/Tax_Treaty_Table_4.pdf * US Totalization or Social Security Agreements: https://www.irs.gov/individuals/international-taxpayers/totalization-agreements * IRS Audit Technique Guide for Hobby Losses: https://www.irs.gov/pub/irs-pdf/p5558.pdf * The Money Game: https://www.amazon.com/The-Money-Game-Season-1/dp/B0D7KT8VQM * Name, Image, Likeness (NIL) Taxation: https://www.taxpayeradvocate.irs.gov/get-help/general/nil/ * Name, Image, Likeness (NIL) Agreements: https://www.taxpayeradvocate.irs.gov/news/nta-blog/nta-blog-student-athletes-involved-in-nil-agreements-should-be-aware-of-their-tax-obligations/2023/12/ * Wolf Group Blog Post on Taxation of Cross-Fit Athletes: https://thewolfgroup.com/blog/the-2018-crossfit-games-offer-more-than-a-taxing-workout-they-illustrate-how-new-u-s-tax-law-%C2%A7199a-affects-non-resident-aliens/
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    1 hr and 3 mins
  • Navigating US Tax Law in New Zealand with David Tzimenakis

    Navigating US Tax Law in New Zealand with David Tzimenakis
    Sep 30 2024
    The Essential Tax Podcast with Mishkin Santa, Episode 08 In this episode of The Essential Tax Podcast, Mishkin Santa speaks with David Tzimenakis, one of the managing directors at The US Tax Team New Zealand. David brings his expertise in U.S. tax issues for expatriates and covers a wide range of topics from transitional residency rules in New Zealand to the complex world of tax implications for foreign investments. The US Tax Team is a New Zealand-based, US tax practice. They assist US citizens, green card holders, and others with a link to the US, with their US tax obligations. This includes tax consultancy and tax return preparation. Tune in for these key takeaways: * Insight into the New Zealand and U.S. tax systems, focusing on the unique challenges faced by U.S. expatriates in New Zealand * Detailed discussion on specific tax rules like the FIF (Foreign Investment Fund) rules and the PIE (Portfolio Investment Entity) tax rules in New Zealand * Advice on pre-migration tax planning, the importance of understanding transitional residency, and the potential tax traps for new residents * Exploration of international tax comparison, particularly the treatment of imputation credits in New Zealand and their contrast with the U.S. tax system Learn more about David Tzimenakis: * LinkedIn Profile: https://www.linkedin.com/in/david-tzimenakis-668706119/ * Visit The US Tax Team’s website: https://www.usatax.nz Further Resources: * The US Tax Team – KiwiSaver explainer - https://www.usatax.nz/knowledge-centre/kiwisaver-trust-reporting-on-form-3520-and-3520a * The US Tax Team – Tips for moving to NZ - https://www.usatax.nz/knowledge-centre/5-top-tax-tips-for-us-citizens-moving-to-new-zealand * PFIC – A brokerage example - https://www.usatax.nz/knowledge-centre/form-8621-pfics-sharesies-us-tax-trap * The US Tax Team – Contact Us - https://www.usatax.nz/contact-8 * Understanding FIF Taxation - https://www.johnstonlaw.nz/post/navigating-the-challenges-understanding-the-application-of-the-fif-rules-in-new-zealand * Transitional residency in NZ - https://www.johnstonlaw.nz/post/get-your-tax-residency-right *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax, guiding you through a range of tax topics in a way that cuts through the jargon, acronyms, and complexities that make your eyes glaze over, so that you can understand the latest developments and how they relate to you. Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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    1 hr and 10 mins