This interview is part of TaxConnections Tax Intelligence Report Series as we profile our tax professional members. This week we present Olivier Wagner who has written many helpful articles read by tens of thousands of our readers interested in expatriate taxes. Olivier Wagner, Tax Managing Director, 1040 Abroad, Toronto, Canada is highly knowledgeable and educates taxpayers on expatriate tax matters. This interview provides many valuable links to his writing during this special interview. If you are an expatriate taxpayer you will want to read this interview and access these valuable and educational links.
Kat Jennings: Can You Tell Me How You Got Started Doing Expatriate Tax Returns?
Olivier Wagner: Funny story. I always had the “foreign on my mind”, as I dreamt of leaving France. I was working at Moody’s, the credit rating agency in New York when the 2008 hit, while my position was safe, and I wasn’t concerned about losing my job, the work conditions did get noticeably worse.
I started to dream of working for myself and have a location independent business.
In 2011, I moved to Canada, and I was a US citizen at that point. Given my skill set, I figured that preparing tax returns for US citizens who live outside the US was a good fit. In addition, I figure that my clients would be spread out geographically, which would serve me well in having a location independent business.
In the coming months became an Enrolled Agent, I subsequently became a CPA (New Hampshire) and became fully nomadic from 2016-2018. I am based in Toronto, Canada but I still regularly hit the road.
Kat Jennings:Can You Tell Us About The New IRS Program That Enables Former U.S. Citizens To Become Compliant With U.S. Tax Law Without Risking Any Penalties?
Olivier Wagner: Yes, absolutely. By way of background, people were renouncing without having filed the prior 5 years of tax returns which, wither due to ignorance or defiance. It would by itself make them covered expatriate, subject to the exit tax.
The IRS found it somewhat unfair, for people who are no longer US citizen, have not and possibly never regarded themselves as US citizens.
The requirement is that:
– They are not otherwise covered expatriates
– They never filed US tax returns (hence my comment above)
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