"The IRS can go back over 20 years in certain instances for unfiled returns. We’re not making this stuff up,” warns Virginia La Torre Jeker, a seasoned US international tax attorney with over 40 years of experience and returning guest to the show. Virginia is a member of the New York Bar, specializing in all aspects of international tax and cross-border transactions. In this week’s Ask An Expert, host and founder of Plan First Wealth Richard Taylor talks to Virginia about the best ways to navigate the complexities of US taxation for expats. Do you know what it means for a tax return to be ‘open’? If you don’t, you should. You’ll learn about:

Virginia and Richard stress the importance of informed decision-making in tax filings. Whether you’re an expat, an immigrant to the US, or assisting international families, this episode is a fundamental listen to help you thrive financially and secure your retirement.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Richard and James are back with more cautionary financial tales. Richard Taylor, founder of Plan First Wealth, recently spoke to a connection who “had done a bit of research, learned that mutual funds were a problem, hadn't learned what PFICs were, and switched out of a mutual fund into an investment trust... thinking he’d dodged the problem, but in fact he’d gone from one PFIC to another.” What was the result? And why is it such a problem? You’ll find out in this episode of From The Trenches.

Richard and James share real-world stories that highlight how easy it is to fall into tax traps when dealing with cross-border investments, especially for UK expats living in the US. You’ll hear how well-meaning financial decisions can backfire without the right context or professional advice, particularly around things like ISAs, investment trusts, PFIC reporting, and the long-term implications of missing forms like 3520 and 8621.

Plus, expert advice and insight into retirement readiness. Richard and James explores what changes when you stop earning, why even successful DIY investors often hand over the reins, and how complex planning becomes when you're managing assets across two tax systems. If you're a Brit in America navigating retirement, tax compliance, or residency decisions, this episode will help you avoid costly mistakes, understand the emotional weight of retirement planning, and see the real value of cross-border financial advice.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

The UK has moved to a residency-based tax system, and the rules aren’t just complex, they’re strict. Whether you’re planning to return home full-time or just thinking about splitting your time between the US and the UK, this episode is essential listening.

Richard Taylor is joined by listener favourite and raconteur Aidan Grant – a partner in the tax and trust estate team at Collyer Bristow. Aidan and Richard explore:

·      How the UK’s Statutory Residency Test (SRT) works (and how easy it is to trip over it)

·      The four key ties HMRC uses to determine how many days you can spend in the UK

·      Why pre-arrival tax planning is still critical, even under the new system

·      What happens if you inadvertently trigger UK tax residency

·      When and how to claim split year treatment or treaty relief

·      The four-year ‘foreign income and gains’ regime, and how to use it strategically

·      Why staying under the threshold in early years can protect you from UK inheritance tax down the line

If you're a Brit in America considering a return home, or even just thinking of spending part of the year working in the UK,  this episode could save you a lot of money, time, and stress.

To get more insights like this direct to your inbox, sign up at www.planfirstwealth.com

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

The market has rebounded from a rough April, but that period caused significant emotional stress for both clients and advisors. In these market downturns it’s crucial to put your emotions to one side and stick to your plan. 

What’s happened in June? And we’re only a few days into July but so much has happened there too; Richard Taylor and James Boyle go back into the trenches to unpack it all. 

Plus, a few cautionary tales: Richard has a friend who – for years – has been constantly predicting a catastrophic market crash. As a result his investment plan is needlessly conservative. Another acquaintance tells of his experience with the 2008 market crash; panic selling resulted in the loss of huge returns over the decades. 

Richard and James discuss another investor who made a common mistake, siloing US and UK tax advisors and not giving his advisors on either side the full picture. Despite investing in cross-border advice from one of the better-known tax advisory firms in the business, the client might now face PFIC tax issues in the hundreds of thousands. 

The bottom line: ensure you have the right advisors and they are working together. The unique workings of the US tax system and its state-based rules are confusing for expats – make sure you get the right advice. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

If you're an expat of means in America and you don't have a good cross-border team around you - financial, tax, and estate – there’s a high chance you’re in non-compliance. That’s especially true with UK pension holders in the US. 

This week’s Ask An Expert is with Holly Caulder, partner at Buzzacott. Holly specialises in planning and advice solutions for US residents with non-US pensions, shareholders of controlled foreign corporations and beneficiaries of non-US trusts. If this is you, you won’t want to miss this episode. 

The potential landmines are significant, so you’ll hear how Holly and Richard would advise you to:

• Report UK Pensions Correctly in the US

 If you have a UK pension, it must be reported on key US tax forms like the FBAR and Form 8938, even if it’s inactive and no new contributions are being made. Holly stresses that failing to do this can lead to serious IRS penalties.

• Use the US-UK Tax Treaty to Your Advantage

 The US-UK tax treaty can help reduce your tax bill. Filing Form 8833 lets you claim treaty benefits, such as excluding UK pension growth from US tax. Richard points out that doing this every year can save money and avoid trouble.

• Plan Pension Moves Carefully

 Thinking about rolling over your pension or taking a distribution (e.g. transferring to a SIPP)? Talk to a tax advisor first. Holly notes that claiming treaty exemptions early and knowing state tax rules (like in California vs. New York) can prevent surprise taxes. Get advice before making any moves to stay compliant and minimise tax.

If you're enjoying the show, please follow it wherever you’re listening to it now, and consider leaving a 5 star rating and review to help the mission, which is to help expats and immigrants thrive in America. Visit planfirstwealth.com to learn more about our services and connect with Richard Taylor on LinkedIn.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In a year of economic whiplash, staying invested is easier said than done, particularly when the market drops 20% in ten days. But that’s when the real opportunities appear.

In this special 50th episode, Richard Taylor and James Boyle are back in the trenches to reflect on client behaviour during turbulent times, the emotional traps that investors fall into and the importance of holding your nerve when the pressure is on.

Richard and James break down how to navigate volatility with a clear head and a smart strategy. You’ll hear their advice on how to:

·      Stay invested during downturnsand why resisting the urge to panic can preserve your wealth and even unlock powerful tax advantages.

·      Use tax-loss harvesting to your advantage including a real client example where staying the course led to over $20,000 in carry forward losses to offset future gains.

·      Avoid emotional investing traps and what the infamous (but false) “dead investor” myth still gets right about behaviour and market performance.

·      Watch the economic signals that matter like May’s surprising rally and why upcoming jobs data could shape Fed decisions and market sentiment.

If you're enjoying the show, please follow it wherever you’re listening to it now, and consider leaving a 5 star rating and review to help the mission, which is to help expats and immigrants thrive in America. Visit planfirstwealth.com to learn more about our services and connect with Richard Taylor on LinkedIn.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

“The US system of tax reporting and FBAR reporting is exceedingly complex, and materially differs from the reporting requirements in most other countries in the Western world.” So says Dan Price, my guest on this week’s Ask An Expert show. That’s why there’s a high chance of non-compliance if you’re an expat in the US, and why you need to hear this week’s episode. 

Dan is a distinguished tax attorney, two years into running his own firm but with almost 20 years of experience at the IRS Office of Chief Counsel. While there he established programs designed to aid individuals in becoming tax compliant, and covered both criminal and civil IRS audits. He knows his stuff, so it’s a privilege to have him on the show to take us behind the scenes at the IRS and give you expert advice on staying tax compliant. 

We talk about:

·      The cost of compliance for middle-class tax payers. What qualifies as middle-class? And what are the costs of being in non-compliance? Hint: they’re significant.

·      How to streamline your filing with the IRS. As Dan explains, there are myriad systems and procedures in place to catch wilful non-compliance. You can’t beat the algorithm, so don’t try.

·      The difference between true ignorance, or wilful blindness, and knowingly ignoring tax obligations. 

if you're an expat or an immigrant and you came here mid-career, there's a very good chance you're in some form of non-compliance. Don't bury your head in the sand. It's very possible the IRS already has information about you and it might one day catch up with you. There are solutions, palatable solutions, as you’ll hear in this episode.

For more information on Daniel N Price LLC, visit pricetaxlaw.com

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

There’s a well-known fable on investing that claims that from 2003 to 2013, Fidelity conducted an internal performance review of customer performance. They wanted to see who the best investors were, so they trawled through millions of records to map returns over a decade. Who do you think was the best performing customers? 

Fidelity found that they were the ones who had died; the accounts that accumulated the most wealth over time for which the account holders had stopped managing after they passed away. It’s slightly morbid but the lesson – and it’s one we at Plan First Wealth talk about every week – is that trying to time the market is impossible, and you just need to stick to your plan, and buy and hold.

That’s especially true at the moment: so much happened in March, and yet it seems as if nothing happened in April; month-on-month, minimal changes in the markets. The S&P fell less than 1%. The NASDAQ closed up 1%. 

So what are the lessons for your portfolio management and retirement planning in these times of volatility followed by relevant calm? To find out, Richard Taylor and James Boyle are back in the trenches, showing you behind the scenes at Plan First Wealth and analysing the market movements (and lack thereof). 

This week you’ll hear how:

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

Are your foreign investments quietly wrecking your US tax situation? They might be. 

This week’s Ask An Expert show features Brian Dunhill, a seasoned financial planner based in the UK, to tackle one of the trickiest topics in expat finance: PFICs (Passive Foreign Investment Companies). 

Host and founder of Plan First Wealth, Richard Taylor, and founder of Dunhill financial Brian walk you through: 

Brian shares real-life stories of expats who’ve navigated PFIC trouble - and how they got out of it. Brian is the founder of Dunhill Financial, a firm that specialises in cross-border financial planning and wealth management. The firm is based in London and focuses on assisting Americans living abroad and expatriates in the United States.

Brian and his firm are adept at handling financial advisory needs that cross national borders, particularly involving US and European regulations.

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

"When selling feels right, that's when it's most dangerous," warns James Boyle in this week's From The Trenches. Richard Taylor sits down with James to look at one of the most turbulent weeks in the market in recent history.

The S&P 500 took a massive 12% dive over four days, stirring up investor panic similar to past financial crises. This panic often leads to hasty decisions; James and Richard stress the need to stay on course, even when the stock market feels like a rollercoaster. A steady investment strategy is key to preserving long-term gains and avoiding reactive trading pitfalls.

Right after the market dropped, the S&P 500 bounced back with a 10% gain the third-highest since World War II, a perfect example of the volatility that can trap you into trying to time the market. Richard emphasises that while it's natural to want to act during downturns, a buy-and-hold strategy helps you benefit from market recoveries instead of locking in losses by selling at a low. 

Also, consider how taxes impact your financial returns. Using strategies like tax-loss harvesting during downturns can boost your after-tax returns. This involves selling losses to offset gains, reducing taxable income, and is valuable for long-term portfolio health. In times of market volatility, make sure your investment strategy matches your risk tolerance and financial goals. 

We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.