UK-Based Retirement Accounts for U.S. Taxpayers: Mastering Reporting, Maximizing Planning Opportunities
Utilizing Treaty Provisions to Achieve Optimal Tax Results While Complying With Foreign Reporting Requirements
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a deep dive into tax reporting requirements and planning opportunities for clients who take distributions from, or have ownership of, UK-based retirement accounts such as self-invested personal pensions (SIPPs) and other plans. The panel will discuss the U.S. tax law and treaty provisions that exempt SIPPs from the ordinary treatment as a non-qualified plan, detail events that trigger U.S. recognition, and outline tax planning and reporting guidance on distributions from SIPPs.
Outline
- SIPPs--status as non-qualified plans
- Treaty exceptions and thresholds
- Required filings for account ownership
- Distribution planning and available elections under treaty
- Reporting distributions and claiming U.S. foreign tax credits under IRC 901
Benefits
The panel will discuss these and other important topics:
- What types of UK retirement and pension accounts receive deferral treatment under the U.S.-UK tax treaty?
- How are distributions from UK accounts reported on U.S. tax returns?
- What are the differences in U.S. treatment of various UK schemes?
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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Tim Cook
Partner
Wilder Coe
Mr. Cook's areas of tax expertise include tax planning, pension planning, inheritance tax, trusts,and inland... | Read More
Mr. Cook's areas of tax expertise include tax planning, pension planning, inheritance tax, trusts,and inland revenue investigations. He works with entrepreneurs, and families from a wide range of backgrounds, based both in the UK and overseas.
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