Taxation of Foreign Pensions: Application of IRC 402(b) and Avoiding Penalties for Noncompliance
Tax Rules Governing Foreign Pension Accounts, Foreign vs. U.S. Qualified Plans, Use of Tax Treaties, IRS Examinations
A live 90-minute premium CLE/CPE video webinar with interactive Q&A
This CLE/CPE course will provide tax counsel and ERISA attorneys a detailed analysis of the tax rules governing foreign pension accounts, with a specific focus on avoiding penalties for noncompliance. The webinar will go beyond the basics to offer useful practice pointers on the application of IRC 402(b) to foreign pensions and annuities, the difference between foreign and U.S. qualified plans, the IRS approaches to foreign pensions during examinations, and tips to prevent potentially costly tax penalties and sanctions.
Outline
- Information reporting and classification of foreign pensions, annuities, and Social Security
- Differentiation between foreign plans and "U.S. qualified plans"
- Section 402(b) provisions and treatment
- Grantor trust treatment
- Tax treaty applicability
- Identifying and remedying misreporting
Benefits
The panel will review these and other tactical issues:
- Understanding the IRS' position and tests for grantor vs. employee trusts
- The IRS' 402(b) focus and when bifurcation is appropriate
- Foreign pensions of highly compensated employees
- Form 3520-A: when is it required along with Forms 3520, FBAR, and 8938; penalty mitigation strategies
- The treatment of PFICs inside a foreign pension
- Using tax treaties to limit potential liability
- Whether or not to use a disclosure program to correct past misreporting
Faculty
James P. Klein
Senior Counsel
Pillsbury Winthrop Shaw Pittman
Mr. Klein focuses his practice in the areas of executive compensation and benefits, and tax. He has broad experience... | Read More
Mr. Klein focuses his practice in the areas of executive compensation and benefits, and tax. He has broad experience servicing clients in the areas of employee benefits, retirement plans, insurance and in the international taxation of compensation and benefits, from the employee and employer perspective. He represents companies on U.S. and non-U.S. tax and labor issues and works with corporations in ensuring that their employee benefit plans comply with ERISA.
ClosePatrick J. McCormick, J.D., LL.M.
Founder/Managing Partner
McCormick Tax
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.
CloseCannot Attend November 26?
Early Discount (through 11/01/24)
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.