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Wall Street Journal Talks to Dianne Mehany on Meghan Markle's U.S. Tax and Reporting Obligations
Caplin & Drysdale

Wall Street Journal Talks to Dianne Mehany on Meghan Markle's U.S. Tax and Reporting Obligations

Date: 4/13/2018

In a few weeks, U.S. citizen Meghan Markle will wed the UK’s Prince Harry. For American expatriates like Ms. Markle who live abroad, nearly every financial move they make, and other moves they don’t think of as financial, raises a U.S. tax issue. The penalties for not making the proper reports to U.S. authorities are often severe and can be as much as half the total assets in an account.

. . .

“IRS agents are highly aware of these rules,” says Dianne Mehany, a tax lawyer with Caplin & Drysdale who advises international private clients.

And you would actually owe tax on the value of benefits from assets that are held in a certain type of trust, at rates up to 37%. Lots of royal assets are held in trust, so Ms. Mehany thinks the royal family will need U.S. tax experts to comb through the trusts to deal with these issues.

For the full article, please visit The Wall Street Journal’s website (subscription required).

Excerpt taken from the article “Look Out, Meghan Markle! The IRS Is Watching” by Laura Saunders for The Wall Street Journal.

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