Hammer18

Hi, just joined the forum. we are relocating next year as LPR's to Charleston and wondered if anyone had any recomendations for a good/reasonably priced tax advisor in the area or the best way to find one?
thanks

S Folinsky

FWIW, many city/town names in the US are used several times. Accordingly, it is a good habit to attach the state code when location is not obvious in context. Although you probably mean the one in SC, there is also Charleston WV and Charleston IL.

(There are some cities that it is not necessary eg Seattle, San Francisco, Los Angeles. It can further get confusing when a state and a city share a name, eg New York or Washington. So, it is a good idea to designate NYC or Washington State. One of my daughters live in a sizeable city whose name is prominent in two states, one of which is New York. It sometimes causes misunderstandings, eg in plane reservations).

Hammer18

thanks good point, Charleston SC

Pulaski

I don't have any specific advice, but it would help anyone who does have potentially useful information if you could clarify what your tax advice needs are - new arrival with few complications but concerned about completing a US tax return, new arrival with UK/ international complications, business owner/ investor tax concerns, etc.?

Glasgow Girl

Pulaski makes a good point. If you have no real foreign assets then you probably only need a regular domestic CPA to help you out in the first year or two, and there are loads of them everywhere. If you have foreign assets but not in the form of mutual funds (Unit Trusts, OEICS, or Investment Trusts) then again a good domestic CPA should be able to assist, just make sure they understand FBARs, and Form 8938. Ask them, if they don’t know about those requirements then they are not good, and likely just a run of the mill cookie cutter outfit. If you do have any form of a foreign mutual fund then you need to manage those before you arrive here, because the day you arrive is one day too late to avoid onerous reporting requirements and punitive taxation. Google PFIC taxation for more information and search this forum. The easiest and cheapest way to manage those assets is to sell them before you arrive. Other unusual situations surround being involved with a foreign trust and for that you should find professional advice, again before you get here to avoid any unforeseen situations.

Hammer18

Thanks, I have investments in a number of different vehicles so I’m looking for someone with reasonable good international tax experience. Of particular interests are uk pensions and isa and rental
property. I have a pretty good idea of what I need to do but would prefer a professional opinion hence the request for a referral

Pulaski

The ISA has to go. Depending what you have in it you're facing punitive taxes and an administrative nightmare, or (if you only have cash in it) it's just pointless. Either way liquidate it before you leave the UK.

Any local CPA will be able to help with the rental property - overseas properties are only slightly different from those in the US.

Pensions are paid gross in the UK (you just need to notify the administrator that you are not tax-resident in the UK) and taxed in the US ... unless they are from "government service", when they are taxed at source, ... unless/ until you become a US citizen.

tht

2 things to research in addition to all the questions you have:

- assuming you are not retirement age - Class 2 NIC - a big thread on here
https://www.gov.uk/voluntary-nationa...-contributions
- FBAR
https://www.irs.gov/businesses/small...-accounts-fbar

Hammer18

Thanks for the info. Very useful

Pulaski

Oh, and pension investments, i.e. before you start drawing the pension, are disclosable but not taxable, so their status as a tax-exempt investment fund is respected.