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2010 was a year that saw the global economy show modest growth and the

U.S. Congress make the most significant decision in tax legislation in

recent years. An eleventh hour showdown in late December between the

Administration and the surging Republicans (as well as some members

within the Democratic party) resulted in what has been called the Obama

Tax Compromises. The new law provides for an extension of the Bush era

tax cuts for two more years, a one year reduction in FICA taxes and a

smaller increase in the U.S. estate tax rate than originally planned.

However, the passage of laws only provides temporary relief to address

the current recession and slow progress in global economic growth has

added to the complexities that expatriate taxpayers must consider when

preparing their returns or planning for the future.



Of specific interest to taxpayers living abroad is the AMT relief,

elimination of the itemized and other deduction phase-out limits, Roth

conversion rules, temporary cut in social security taxes, proposed

changes in dividend and capital gain taxation, revised foreign bank

account reporting rules in the continued aggressive pursuit of

undeclared income held abroad, and the introduction and elimination of

new or existing deductions and credits.



With these changes in mind, the ACCJ, with the help of PwC, is pleased

to sponsor this presentation on the U.S. tax changes applicable to tax

year 2010, as well as an overview of taxation of U.S. citizens and

residents living abroad.