Malta Retirement Plans: IRS Proposed Regulations, Penalties and Sanctions, Foreign Information Return Reporting
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will discuss the proposed (and possibly final) IRS regulations, how to comply with them (including the applicability of voluntary disclosure programs), and tips, tricks, and best practices related to reporting foreign pensions. The webinar will also offer a general update on the U.S. taxation of foreign pensions.
Outline
- US Taxation of Foreign Pensions – General Rules
- Rev. Proc. 2020-17 – General Overview
- Malta Qualified Recognized Overseas Pensions Schemes (QROPs)
- Background and History – Malta Retirement Pensions Act of 2011
- 2008 US-Malta Tax Treaty
- Competent Authority Arrangement (CAA) – I.R.B. 2021-52
- IRS Dirty Dozen List Addition in 2021
- 2023 Proposed regulations REG-106228-22 – Malta Personal Retirement Schemes
- Tax Avoidance Transactions
- Listed Transactions – IRS Form 8886
- Material Adviser Disclosure Statement – IRS Form 8918
- Examples of Promotor Schemes
- Rollover Pension Exception
- Future Enforcement for other QROPs Jurisdictions
- Future Enforcement for other Improper Treaty Use
- Best practices when dealing with a client that has a Malta Pension
- 7216 Disclosure
- When to refer to a criminal tax attorney? Applicability of a Kovel Letter?
- IRS Form 2848
- Options for dealing with IRS Form 8886 Reporting
- Options for dealing with International Informational Reporting and Unreported Income
- Tax Avoidance Transactions
- International Informational Reporting for Foreign Pensions classified as Foreign Grantor Trusts
- IRS Forms 3520/3520-A/SS-4/8082/Schedule B, Part III, Q8
- IRS Form(s) 8621
- FinCEN Form 114 (FBAR)
- IRS Form 8938
- Best practices for reporting foreign pension plans
Benefits
The speaker will review these and other critical issues:
- The key components of the recently released proposed regulations on Malta QROPs
- The current status of IRS criminal investigations into Malta pension plans
- Additional filings required under the proposed regulations
- Best practices for complying with U.S. reporting requirements for foreign pension plans
Faculty
Mishkin Santa, JD, LLM, TEP
Principal, Director of International Tax
The Wolf Group
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &... | Read More
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons, and trustees of trusts with U.S. grantors or U.S. beneficiaries.
