for the past eleven years been writing the bi-weekly Asian Tax Review for World Wide Tax Daily of Tax Analysts, Washington, DC. He has been featured on CCTV (China Central Television) World Wide Watch, the most widely viewed evening television news program in the world. He has also appeared on both CNN and CNBC. Lipsher specializes in tax issues involving nine tax jurisdictions within Asia as well as U.S. tax matters – particularly as they apply to U.S. tax filers living and working outside of the United States. Lipsher has lived in the Pearl River Delta capital city of Guangzhou since 1994. He is one of only a very few foreigners ever to have been given a business license to practice as a certified public accountant in the People’s Republic of China. He is the only non-Chinese writer ever to have articles (two of them) translated and published in the China Accountant, the official monthly publication of the Chinese Institute of Certified Public Accountants. Lipsher has also been writing monthly articles about international tax matters for TaxIndiaInternational.com
Any questions? You can’t call Larry, as he hates the telephone (he hates both Facebook and Twitter, too! He’s proud of being a curmudgeon in every way, shape and form!!). But you can email him at either [email protected] or [email protected]. Who knows? One of those two email addresses is likely to work and you just might get an answer from him!!
A few dedications and a warning………
First and foremost, I dedicate it to the two women in my life who have to endure me when I try reading US tax law and translating it into something that others can understand if they bother to read it: to Katherine and Joanna, wife and daughter, I thank you for being you…..and I am alive and kicking because of you!!! And Katherine, even though I joke about you being my Tiger CFO, you are not really one – but it is good for laughs!
As always, I dedicate this to the ‘heavyweights’ of taxation who have reviewed this to see that I have not strayed too far from what is essentially an ever more invasive series of laws, rulings and regulations that defy rational intelligence. These persons of valor have chosen anonymity, some precluded by their business affiliation from getting the credit they so justly deserve because I make errors – lots of them – and these guys have been there to save my rear-end! Obviously, for that, if nothing else, I am forever thankful!!!!!
Thirdly, I dedicate this to American Citizens Abroad, the only organization that has been vocal, from the start, in the fight against FATCA. This is the organization with the guts to stand up and really fight the necessary battles the expatriate American so sorely needs to be fought. I am forever indebted to them for the work you do…..and I am proud to be a member of their Professional Tax Advisory Council!
The last dedication: to the memory of my father-in-law, Zheng Zhi Cun, who died at the age of 88 on 30 January 2013. Zheng was an academician, part of the ‘stinking ninth’ who suffered through both the Great Leap Forward and the Cultural Revolution. His was one of countless horror stories that never were written because he was not privileged to get out of China after the death of Mao and the Gang of Four. He was a survivor.
And…..there are some friends around the world who have read the draft and provided comments and criticism that have made this a better book – they deserve some special thanks! In alphabetical order, they are: Jay Boyle, Shanghai; Jackie Bugnion, Geneva; Phil Hodgen, Pasadena, CA; Michael Mertz, Seoul; Dorothy van Schooneveld, Geneva.
Finally, here are the two paragraphs that are copied from last year – they are exactly as written for the 2011 edition, too! So here they are for 2013, as required by the Internal Revenue Service:
IRS CIRCULAR 230 DISCLAIMER: Pursuant to regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries and appraisers before the Internal Revenue Service, unless otherwise expressly stated, any U.S. federal or state tax advice in this book is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of (i) avoiding penalties that may be imposed under federal or state law or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein.
Let the buyer beware: If you have a tax problem, you’d better discuss that problem with someone else who can help you resolve that problem. True, the cost you pay for this book is worthwhile, assuming, of course, that you actually do more than just buy the book: you’ve got to read the book, as well! Yeah, reading it will help you narrow down some of your options when you have to make a tax decision. But by no means should you think of this book as your sole means of ‘authority’ when you are making a tax decision. There are a lot of professionals out there who offer services you really do need. Now if you don’t take heed of this and decide to blame me for a wrong tax decision, if you want to sue me, you’d have to come to China! Of course you can pursue a judgment against me and if you are willing to pay what the system asks for this, you’ll get that judgment, but you’ll never be able to enforce it because……’This is China…..’ So use some common sense regarding any advice you get from anyone…..! Now…..have I made myself perfectly clear?
The sections of this book
– an annotated piece of assistance for you to decide what you want to read…..READ THIS, FIRST!!! Then decide how much you want to read and in the order that makes most sense for you
The introduction – Hey – this is not a repeat from last year……I rewrote this – really I did, as I also did with any of the sections that appeared here, last year!!! A literary (assuming you do not think that ‘tax literature’ is an oxymoron) wonder, this opening section – an absolutely delightful way to ease on down the tax system road that the IRS has placed before us! If you were in the ‘wealthier group amongst us’ with the ability to give a gift and reduce your net worth, tax-free, in 2012…..did you? Have you filed Form 8938, assuming you were responsible for doing so? Do you even know what Form 8938 is for? Have you ever heard of it? Read on, my friends……!
The final tax acts of 2012 – tax changes we need to know in 2013…..On January 1, 2012, A Democrat was President, the Democrats controlled the Senate and Republicans controlled the House. At the close of voting on November 6th, a Democrat will still be President, the Democrats still control the Senate and the Republicans still control the House…..all this, no change but for the billions and billions of dollars spent on what appeared to be a never-ending political campaign. Will there be a ‘fiscal cliff’ to fall from or is it really a steep, downhill walk into new tax laws? Your guess, like mine in mid-November, when I started writing, was really subject to speculation. We now know that a 2012 tax bill was passed on 1 January 2013 and that taxes were addressed but budget reduction was postponed until later, with a new tax phrase, ‘sequester’ , now being mentioned…..
What is income – at least what the IRS considers income and which categories you fall under, having to classify your income. For all intents and purposes, this is a good ‘executive summary’ of what the U.S. tax system is like. Other than some numerical updates, in fact, nothing has been changed in this section – after all, if it works, then why ‘tamper’ with it???
Tax rules applying to you, the expatriate U.S. tax filer (the real ‘nuts and bolts’ reason you’ve probably thought of that justified buying this book – We’ve updated where updates are necessary. Otherwise, we’ve left this section pretty much the same as that of last year because we had such wonderful comments about it. This section contains the things you really need to know to take advantage of the various and sundry exclusion laws, rules and regulations – the only ones you truly want to take advantage of!
F(u)BAR
