Assume that your information is already out there. Your goal is to ensure that nobody misuses your data."

In this episode, we discuss the importance of protecting yourself from identity theft.

We provide practical steps and tips for safeguarding your personal information and financial accounts.

 Key takeaways

• Place fraud alerts on your credit and consider extended fraud alerts if your identity has already been stolen.

• Place a credit freeze on your credit to prevent new accounts from being opened in your name.

• Use a password manager to generate strong, unique passwords for each account.

• Enable two-factor authentication on all your financial accounts.

• Create a separate email address for your financial accounts, and be cautious of suspicious emails.

• Monitor your account activities regularly and set up alerts for any unusual transactions.

• Create a social security account to monitor your earnings and prevent unauthorized access.

• Create an IP PIN with the IRS to prevent fraudulent tax filings using your social security number.

Take proactive steps to protect your identity before leaving the country.

In this episode, we discuss the various health insurance options available during open enrollment.

We break down all the different insurance plans - including PPO, HMO, EPO, and HDHP plans.

We discuss the differences in premiums and coverage and the benefits of flexible spending accounts (FSA) and health savings accounts (HSA).

The conversation also touches on the implications of Medicare for those over 65 and considerations for ex-pats and retirees living abroad who are considering the HSA plan.

It's important to check with your provider about using the HSAs abroad. 

It's essential to consider your length of stay in the US when choosing an HSA.

Cue the Confetti.

Today, we celebrate a huge milestone - a year since we started this journey. 

What started as a coffee chat has become a one-year podcast, and there are plans to do more.

In this special episode, we look back on our beginnings, lessons learned, and things we've learned about each other, appreciate those who've been with us on the journey, and plan for the future.

Please tune in to find out what we have in store for you and our big, hairy, audacious goal and vision for the International Money Cafe Podcast.

Let's celebrate!

In this episode, we discuss PFICs (Passive Foreign Investment Companies) and the dangers of investing in them.

We start by defining them with some examples and then discuss the tax compliance requirements and the potential penalties for non-compliance. We include financial planning considerations like foreign exchange and repatriation. 

We explain why we want to get a detailed idea of any PFICs clients may have when we start working with them on financial planning or tax preparation.

Most of our clients /prospects are not aware that they have PFICs in their overseas portfolio.

We discuss ways of dealing with them, how to stay compliant or get rid of them, and also mention the particular case of those with work visas - who may want to keep the PFICs in their portfolio. 

It's a fun discussion.

If you receive a gift or inheritance from a non-US person, you have specific reporting and tax obligations before enjoying your gift.

In this solo episode, Manasa details the thresholds, reporting forms, and tax implications based on the type of gift or inheritance.

Different thresholds apply depending on the type of gift or inheritance, such as $100,000 for gifts from non-US citizens and no threshold for gifts from foreign trusts.

She discusses some forms, like Form 3520, that may need to be filed to report foreign gifts or inheritances.

She also points out possible tax consequences that may arise if the gift is from a covered expatriate—it’s not business as usual.

One thing she points out is to watch out for possible tax obligations in the country where the event occurs – that needs a tax professional (in that country) to figure out.

Tax treaties may help avoid some possible double taxation.

Resources

Ep 22: What Is English For "Covered Expatriate"

Ep 13: Between A Rock And A Hard Place: A Guide To Mitigating Double Taxation