"The IRS can go back over 20 years in certain instances for unfiled returns. We’re not making this stuff up,” warns Virginia La Torre Jeker, a seasoned US international tax attorney with over 40 years of experience and returning guest to the show. Virginia is a member of the New York Bar, specializing in all aspects of international tax and cross-border transactions. In this week’s Ask An Expert, host and founder of Plan First Wealth Richard Taylor talks to Virginia about the best ways to navigate the complexities of US taxation for expats. Do you know what it means for a tax return to be ‘open’? If you don’t, you should. You’ll learn about:

• Tax statutes of limitations and their implications on cross-border taxpayers.
• The consequences of missing forms and how it may leave tax returns perpetually open for IRS examination.
• Denaturalization and its potential tax implications.
• The importance of accurately filing foreign information returns and how failing to do so can result in penalties.

Virginia and Richard stress the importance of informed decision-making in tax filings. Whether you’re an expat, an immigrant to the US, or assisting international families, this episode is a fundamental listen to help you thrive financially and secure your retirement.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.