PREP Podcaster - ”Success Favours The PREPared Mind”
Sep 18, 2026 · 25 min · 8 segments
September 18, 2026 - Participants include: Virginia La Torre Jeker - @VLJeker John Richardson - @ExpatriationLaw…
Virginia La Torre-JekerGuest
John RichardsonHost
And the world moves on, and so does the outrageousness of the Internal Revenue Code and the way that it is administered in certain circumstances.
And who better to discuss and dissect this with me today than tax lawyer Virginia LaTorre-Jeker.
And today we are going to begin by revisiting a topic that we have talked about in the past, but it's such an important topic that I feel like we are playing the role of evangelists, educating the world about this.
Okay, so we've had a very interesting case come up with a tax penalty case.
And it shows the harshness, of course, of this foreign gift reporting rule that if you miss out, you have a 25% penalty on the value of the gift.
If you miss out on that filing requirement and you can't prove you have reasonable cause for missing out, But worse than that, this case, to my mind, shows us when the IRS and Department of Justice kind of collide and have a total breakdown with the poor taxpayers stuck in the middle.
He And over several years, his father, who was a non-U.S. citizen, provided him with financial support every month.
And they came out to be over the $100,000 filing requirement to say you've gotten gifts from a foreign person.
So even though the gift transfers were not taxable to Mr. Fuentes, they did trigger this little-known reporting rule that, as you and I have been aware, is one of the most punitive features of the international tax compliance regime that we have.
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And the world moves on, and so does the outrageousness of the Internal Revenue Code and the way that it is administered in certain circumstances.
And who better to discuss and dissect this with me today than tax lawyer Virginia LaTorre-Jeker.
And today we are going to begin by revisiting a topic that we have talked about in the past, but it's such an important topic that I feel like we are playing the role of evangelists, educating the world about this.
Okay, so we've had a very interesting case come up with a tax penalty case.
And it shows the harshness, of course, of this foreign gift reporting rule that if you miss out, you have a 25% penalty on the value of the gift.
If you miss out on that filing requirement and you can't prove you have reasonable cause for missing out, But worse than that, this case, to my mind, shows us when the IRS and Department of Justice kind of collide and have a total breakdown with the poor taxpayers stuck in the middle.
He And over several years, his father, who was a non-U.S. citizen, provided him with financial support every month.
And they came out to be over the $100,000 filing requirement to say you've gotten gifts from a foreign person.
So even though the gift transfers were not taxable to Mr. Fuentes, they did trigger this little-known reporting rule that, as you and I have been aware, is one of the most punitive features of the international tax compliance regime that we have.
