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Dianne Mehany Speaks to WSJ on Tax Consequences for Harry and Meghan

January 31, 2020, The Wall Street Journal

Dear Meghan and Harry,

Meghan, I never thought I’d be writing for the third time in less than two years about taxes! As a reminder, my earlier letters were about your tax troubles and baby Archie’s, because you’re both U.S. citizens with foreign ties, assets and income.

Now I’m writing again and adding Harry, because his taxes are about to be a Really Big Deal.

. . .

Why not be a tax resident of Canada? It’s a Commonwealth country, you’re staying there now, and Meghan lived there while filming the TV show Suits. But you’ve had little time to do tax planning, and Canada requires tax-resident U.K. citizens to submit detailed reporting of foreign assets or risk huge penalties, says Dianne Mehany, an attorney with Caplin & Drysdale in Washington.

. . .

Also, foreigners can be U.S. tax residents if they spend more than about 120 days a year here, far fewer than the 183-day threshold in other countries. Spending even a minute in the U.S. can count as a day, says Ms. Mehany.

For the full article, please visit The Wall Street Journal’s website.

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