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IRS Final Regulations on FIRPTA Exemption for Qualified Foreign Pension Funds

Modification of the 85% Test, New and Revised Definitions, Withholding Rules, and More

Recording of a 90-minute premium CLE/CPE video webinar with Q&A

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Conducted on Tuesday, March 21, 2023

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will provide tax counsel and advisers guidance on notable changes and key issues of final IRS and Treasury qualified foreign pension funds regulations regarding gains or losses attributable to dispositions of U.S. real property interests. The panel will discuss modifications to the FIRPTA exemption, the 85 percent test, new and revised definitions, changes and application of the withholding rules, and other significant issues stemming from the new regulations.

Description

FIRPTA imposes a tax and withholding regime on gain realized on dispositions of U.S. real property interests by nonresidents or non-U.S. persons. However, “qualified foreign pension funds” are generally not subject to the tax and withholding requirements. On Dec. 29, 2022, the IRS finalized regulations which clarifies the rules for determining the qualification for the FIRPTA tax exemption under Section 897(l) for qualified foreign pension funds. In addition, the final regulations provide additional detail on the certification and documentation requirements for withholdings under Sections 1445 and 1446. Tax practitioners must have a complete understanding these final regulations to minimize any adverse tax implications for their foreign pension fund clients.

In light of the final regulations, tax counsel must be able to determine what entities qualify for the exemption, understand the information reporting requirements, withholding tax and certification rules, and other critical items.

Listen as our panel discusses key provisions of the final regulations, modifications to the FIRPTA exemption, the 85 percent test, new and revised definitions, changes and application of the withholding rules, and other key issues.

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Outline

  1. Overview of FIRPTA
  2. Final qualified foreign pension funds regulations
  3. Withholdings under Sections 1445 and 1446
  4. Reporting requirements
  5. Best practices for tax counsel and advisers

Benefits

The panel will discuss these and other key issues:

  • Significant provisions and challenges of the final IRS qualified foreign pension funds regulations, including the 85 percent test
  • Application of FIRPTA to the transfer of U.S. real property by nonresidents or non-U.S. persons
  • Navigating the certification and documentation requirements for withholding under Secs. 1445 and 1446
  • Best practices and pitfalls to avoid for tax counsel and advisers to acquire the FIRPTA tax exemptions

Faculty

Abbott, Billy
Billy Abbott
Partner
O'Melveny & Myers

Mr. Abbott advises clients on tax matters in the context of private and public mergers and acquisitions, the formation...  |  Read More

Fine, Ilene
Ilene W. Fine
Managing Director, International Tax Services
PwC US

Ms. Fine is an international tax director in the National Tax Services Practice of PricewaterhouseCoopers and...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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