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Resolving a ‘Mixed Funds’ Mess for US Retirees

A retired US couple with a deep affinity for Ireland reached out to us. They had embarked on a new journey as chaplains in Ireland, but due to a lack of tax planning and their failure to seek professional advice until after their arrival — they faced significant complications.

A man sitting at a desk behind a computer being given a piece of paper with a difficult task to complete.
A man sitting at a desk behind a computer being given a piece of paper with a difficult task to complete.

Problem

  • Unfortunately, a considerable amount of time had passed since the couple’s arrival to Ireland, during which they lacked an understanding of the complex cross-border tax issues between Ireland and the US. This included the application of the double tax agreement and the remittance basis of tax.
  • This led to concerns about their compliance status and the potential consequences they might face.

Process

  • As experienced expat tax advisors, we provided the clients with a comprehensive solution to address their concerns. We began with an in-depth initial consultation, gaining a deeper understanding of their circumstances and seeking to clarify their compliance status.
  • With their authorization, we collaborated with a foreign advisor who specialised in US tax matters and facilitated effective communication to ensure all relevant information was shared between the clients and the advisor. We also contacted their existing US tax service provider to amend their US tax returns.
  • We were then able to provide clear tax return support, navigate their complex situation, and liaise with the technical service support of the Irish Revenue. This helped us determine the most suitable approach for the taxation of their foreign pension lump sums and ensure any overpaid tax in the US was promptly refunded.
A woman writing out a detailed list of procedures on a piece of paper.
A contemplative, worry-free man sitting on a mountain side looking at mountains with a blue sky back drop.
A contemplative, worry-free man sitting on a mountain side looking at mountains with a blue sky back drop.

Outcome

  • Our in-depth knowledge of Irish tax legislation, as well as our familiarity with the nature of cross-border taxation, made us the ideal choice for this case. By ensuring compliance with both jurisdictions, we provided our clients with the peace of mind they sought.

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