Form 8858 Reporting of U.S. Owned Foreign Disregarded Entities: Ownership and Correct Filing Status
Information Return Requirements for Check-the-Box Structures Including Indirect and Constructive Ownership
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will guide tax advisers to the U.S. reporting requirements for ownership of foreign disregarded entities (FDEs) on IRS Form 8858. The panel will offer section-by-section detail on completing Form 8858, discuss the interrelation between Form 8858 and other required international information reporting, and review IRS enforcement practices and actions through their filing checks/matching examination process.
Outline
- Classification of FDEs
- Definition for U.S. tax purposes
- Examples of foreign structures
- Check-the-box elections and impact on Form 8858 filing requirements
- Types of ownership
- Direct
- Indirect
- Constructive
- What's new: latest IRS form revisions
- Critical sections of Form 8858 which lead to IRS scrutiny
- Intersection with Forms 5471 and Form 8865
- Penalties for noncompliance
Benefits
The panel will discuss these and other vital questions:
- Identifying Form 8858 reporting obligations from Form 5471 and Form 8865 filings
- Recognizing the types of ownership of FDEs and how indirect or constructive ownership impacts which sections of Form 8858 must be completed
- Penalties involved in Form 8858 noncompliance
- Completing the individual sections of Form 8858
Faculty
C. Edward (Ed) Kennedy, Jr., CPA, JD
Managing Director
C Edward Kennedy Jr
Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing... | Read More
Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Mr. Kennedy has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm. He is a frequent speaker in the areas of international tax compliance and reporting obligations U.S. information reporting requirements for foreign assets and foreign entities, U.S. tax implications of foreign pension and social security plans, and U.S. income and social tax treaty planning. Mr. Kennedy is a member of the Texas Bar and is licensed as a certified accountant in Georgia and Texas. He has a B.A. from Furman University and a J.D. from Vanderbilt University School of Law.
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Brent Lipschultz, CPA
Managing Director
NKSFB, LLC
Mr. Lipschultz is a Managing Director at NKSFB, LLC with over 30 years of experience in International and Domestic... | Read More
Mr. Lipschultz is a Managing Director at NKSFB, LLC with over 30 years of experience in International and Domestic Wealth Planning. He focuses on domestic and international income; estate, and gift tax planning for global investors; corporate executives; athletes and entertainers; and closely-held business owners. Additionally, Mr. Lipschultz advises global companies on expatriate tax and payroll matters; and provides services in the areas of compensation planning and charitable giving. He has represented clients before the IRS and state taxing authorities on complex tax matters, including off-shore voluntary compliance cases. Prior to joining NKSFB, Mr. Lipschultz was a Partner at a Big 4 firm where he served international family offices having sophisticated cross border tax issues. He also served as a technical resource in a Big 4 firm’s Washington National Tax practice. Prior to relocating to Los Angeles, Mr. Lipschultz was on the campaign steering committee of UJA-Federation of New York and on the executive board of STEP-NY. He was formerly on the Executive Committee of the AICPA Personal Financial Planning board. Mr. Lipschultz has written numerous articles on topics of estate planning for national publications, including The Tax Advisor and Philanthropy Magazine. He has lectured at the American Institute of Certified Public Accountants, New YorkState Society of Certified Public Accountants, in addition to national financial institutions, and community organizations. Mr. Lipschultz has also been quoted in national publications and outlets such as Forbes, Newsweek, The Washington Times, The Wall Street Journal, and Reuters, among others, and speaks about financial planning topics on Bloomberg Television, CNBC, MSNBC, CBS Market Watch, and National Public Radio.
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Michelle Rizzo, CPA, MBA, MSL
Founding Member
Rizzo Tax
Ms. Rizzo specializes in assisting entrepreneurs and expanding multinational businesses with their international tax... | Read More
Ms. Rizzo specializes in assisting entrepreneurs and expanding multinational businesses with their international tax planning and tax preparation needs. She regularly advises clients on the tax-efficient structuring of their businesses (whether inbound to or outbound from the U.S.), proper reporting of global income and assets, and tax savings opportunities. She is a certified public accountant with more than fifteen years of professional experience in the accounting and financial services industries, including working in the international tax department of Mazars US.
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