Financial planning support for US CPAs & US tax advisers
US-connected clients living internationally often need financial planning that works alongside specialist US tax advice.
A client may hold a 401(k), IRA or Roth IRA after leaving the United States, own non-US investments, be part of a mixed US/non-US family, hold assets across several countries or be considering relinquishing a Green Card or US citizenship.
Josh Clancey works alongside US CPAs and tax advisers where those tax and reporting considerations need to be reflected in the client's investments, pensions, retirement planning, cash flow and wider financial strategy.
Financial planning after the US tax position has been established
US citizens and many US resident aliens remain subject to US tax on worldwide income while living abroad.
That can affect decisions that might otherwise appear straightforward from the perspective of the client's country of residence.
The US CPA or tax adviser remains responsible for the client's US tax position, compliance and reporting.
Josh's role is to work within that framework and help the client make practical financial decisions around retirement accounts, investments, cash flow and long-term planning.
Where the client's US tax treatment determines whether an investment or strategy is appropriate, that analysis should come first.
Client situations where US tax and financial planning commonly intersect
A US citizen holds non-US investments
Locally available investment funds or structures may create materially different US tax and reporting consequences from investments normally used by non-US clients.
The investment strategy should therefore follow the US tax analysis rather than treating the client as a conventional local investor.
A client may have PFIC exposure
A client may already hold non-US pooled investments before the issue is identified.
The immediate financial-planning question is often not simply what should replace them, but whether any action should be delayed until the client's CPA or tax adviser has established the US consequences.
A client has a 401(k) after leaving the US
Leaving the United States does not automatically mean that an existing 401(k) should be transferred or closed.
Plan rules, investment access, tax treatment, future residence, retirement objectives and rollover options may all matter.
A client has an IRA or Roth IRA overseas
A client living internationally may need to review investment access, custody, future withdrawals, required distributions and how the account fits with retirement assets held elsewhere.
A client is part of a mixed US/non-US family
Citizenship differences between spouses or beneficiaries can affect investments, ownership, retirement accounts and estate-planning coordination.
A client is considering relinquishing US status
Green Card relinquishment or renunciation can require specialist tax and legal analysis before financial decisions are implemented.
The client's retirement accounts, investments, beneficiaries and post-expatriation financial plan may then need separate consideration.
Questions that may indicate a wider planning need
What is the client's US status?
Citizenship, Green Card history and tax residence can materially affect which planning issues need to be considered.
Which US retirement accounts does the client hold?
401(k)s, traditional IRAs, Roth IRAs and other retirement plans can require different planning and distribution analysis.
Does the client hold non-US funds or investment products?
Where PFIC or other US tax issues may arise, investment decisions should normally follow specialist tax review.
Which country is the client currently resident in?
The client's country of residence can affect taxation, investment access, retirement planning and custody options.
Does the client expect to move again?
A strategy appropriate in one jurisdiction may become less suitable after another international move.
Who are the beneficiaries?
US and non-US beneficiaries can create different tax, estate and distribution considerations.
Is the client approaching retirement?
Retirement-account withdrawals, RMDs, Social Security, local pensions, investments and currency requirements may all need to be coordinated.
Professional resources for US CPAs & tax advisers
The Document Centre includes technical briefs, professional guides and checklists covering US retirement accounts, PFIC exposure, non-US investments, US-situs assets, Green Card relinquishment, non-US trusts, mixed US/non-US families and internationally mobile US clients.
These resources are intended to support professional client work and highlight where financial planning may need to follow specialist US tax analysis.
Useful resources for US CPAs & tax advisers
The Professional Adviser's Guide to US-Connected Clients
A broader guide to the financial-planning issues that can arise when US citizenship, residence history, retirement accounts, investments or family circumstances cross jurisdictions.
PFIC Exposure: What Professional Advisers Need to Recognise
A focused technical brief for professionals who encounter US clients holding non-US pooled investments.
US Citizens Holding Non-US Investments
A professional resource examining the financial-planning issues that can arise when US persons invest outside the United States.
401(k) Planning for Clients Living Outside the US
A technical brief covering the planning considerations around existing employer retirement accounts after a client moves abroad.
IRA and Roth IRA Planning After Leaving the US
A technical resource covering account access, retirement planning and distribution considerations for clients living overseas.
US-Connected Client Red Flag Checklist
A practical checklist designed to identify common planning issues before investments, pensions or other financial decisions are implemented.
PFIC issues should be identified before portfolio changes are made
PFIC exposure is a good example of why tax and financial planning need to remain coordinated.
A financial planner may identify that a US client holds non-US funds or investment structures that warrant specialist review.
That does not automatically mean the investment should be sold immediately.
Before implementation, the client's CPA or tax adviser may need to establish the existing reporting position, tax consequences of disposal and any other relevant US implications.
Josh can then help with the financial-planning work that follows, including portfolio reconstruction, investment selection, diversification and longer-term implementation.
The sequence matters:
- identify the potential issue
- establish the US tax position
- determine the financial-planning response
- implement where appropriate
US retirement accounts for internationally mobile clients
Clients frequently retain US retirement assets after leaving the United States.
The IRS currently requires RMDs generally to begin at age 73 for traditional IRAs and many retirement plans, while Roth IRAs and designated Roth accounts do not require lifetime RMDs for the original owner.
The existence of a distribution rule does not by itself determine the appropriate financial strategy.
The wider planning may need to consider:
- whether existing accounts remain accessible
- investment options and costs
- rollover choices
- future country of residence
- US and local-country taxation
- retirement-income requirements
- beneficiary arrangements
- other pensions and retirement assets
- currency exposure
Specialist US tax advice should establish the relevant tax treatment before implementation where required.
Mixed US and non-US families
Cross-border family planning can become particularly complex where one spouse or beneficiary is a US person and another is not.
Different US tax and reporting rules may apply to ownership, gifting, investment structures, trusts and inherited assets.
Josh does not replace the client's CPA, estate-planning attorney or other specialist advisers in these areas.
His role is to help ensure that the client's investment, pension and retirement strategy reflects the specialist advice being provided.
This may include reviewing account ownership, retirement beneficiaries, investment structures, liquidity and how the family's assets support their longer-term objectives.
Working from the US tax advice already in place
Where the CPA or tax adviser has established the client's tax position, Josh can use that work as an input into the financial plan.
For example:
- the CPA identifies PFIC exposure, while Josh reviews suitable replacement investments after the tax consequences have been established
- the CPA advises on the treatment of an IRA distribution, while Josh models the appropriate retirement-income strategy
- the CPA confirms the implications of Green Card relinquishment, while Josh reviews the client's post-US investment and retirement arrangements
- the CPA advises on foreign tax credits or treaty interaction, while Josh considers how the client's pensions and withdrawals fit within the wider plan
- the CPA identifies reporting issues around a non-US trust, while Josh considers the client's personal investment and retirement strategy separately
The objective is to avoid duplicated technical work while ensuring that the financial plan reflects the US tax position.
Where Josh's role ends
Josh does not prepare US tax returns or replace a US CPA or tax attorney.
He does not determine whether an investment is a PFIC for tax-reporting purposes, calculate expatriation tax or provide specialist US tax advice outside his professional remit.
Where a financial recommendation depends on a US tax or reporting conclusion, the client's US tax adviser should establish that position.
Josh can then incorporate the outcome into the client's investments, retirement planning and wider financial strategy.
Technical briefings for US tax teams
Josh can provide focused briefings for US CPA and tax teams dealing with internationally mobile clients.
Topics can include US retirement accounts abroad, PFIC exposure, non-US investments, mixed US/non-US families, Green Card relinquishment and cross-border retirement planning.
Have a client case you would like to discuss?
If your US tax work has highlighted an investment, retirement-account, pension or wider financial-planning issue, an initial discussion can help establish whether Josh is likely to add value.
There is no requirement to make a formal introduction simply to determine whether the case falls within his remit.