Skip to Main Content
 

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

April 13, 2018, The Wall Street Journal

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.

Please see the links below for additional coverage:

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of taxtax controversy, and litigation legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.
The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.
With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000
___________________________
Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.
Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2018 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practices