Although I currently practice law in North Carolina, I am also a member of the Florida Bar. As a member, I receive the monthly Florida Bar Journal. It frequently contains articles that are both scholarly and useful. In the current issue, Scott Andrew Bowman, an Associate at Proskauer Rose LLP in Boca Raton, Florida, has written an excellent article entitled, “Five Tax Traps for Resident Noncitizens (and Their Attorneys!)”. In it, Scott addresses traps involving income taxation, transfer taxation, controlled foreign corporations, passive foreign investment companies, and the gift and estate tax marital deductions.
As an Associate City Attorney for the City of Raleigh, I practice eminent domain and general civil litigation and do not practice tax law. But I have former clients and current friends who are Resident Noncitizens and who need to know about these tax issues. So, I will be forwarding them the link to Scott’s article and thought I would go ahead and write this brief post about it as well.