The Covered Expatriate And The Five Year Tax Certification Test - Certification At What Point In Time?

<p>January 10, 2022 - Participants Include:</p> <p> </p> <p>Virginia La Torre Jeker - <a href='http://www.twitter.com/vljeker'>@VLJeker</a></p> <p> </p> <p>John Richardson - <a href='http://www.twitter.com/expatriationlaw'>@Expatriationlaw</a></p> <p> </p> <p>__________________________________________________</p> <p>The Issue:</p> <p>Is the expatriate required to certify that he is in compliance at the moment of expatriation? Can compliance problems be fixed after expatriation?</p> <p> </p> <p>____________________________________________________</p> <p>Who Is A Covered Expatriate? - The Statute</p> <p> </p> <p>The Covered Expatriate - <a href='https://www.law.cornell.edu/uscode/text/26/877'>IRC 877(a)(2)</a></p> <p> </p> <p>(2)Individuals subject to this section This section shall apply to any individual if—</p> (A) the average annual net income tax (as defined in section 38(c)(1)) of such individual for the period of 5 taxable years ending before the date of the loss of United States citizenship is greater than $124,000, (B) the net worth of the individual as of such date is $2,000,000 or more, or (C) such individual fails to certify under penalty of perjury that he has met the requirements of this title for the 5 preceding taxable years or fails to submit such evidence of such compliance as the Secretary may require.   _____________________________________________________________   Our Conclusion:   In this podcast Virginia La Torre Jeker and John Richardson discuss why they believe that compliance at the point of expatriation is a sufficient but not a necessary condition to avoid covered expatriate status.