Mastering U.S. Tax Reporting of Foreign Retirement Account Ownership and Distributions
Case Study on Calculating Current Tax, Identifying Recognition Traps From Phantom Income, Detailing Informational Reporting
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisers with a comprehensive guide to understanding the reporting requirements of U.S. taxpayers owning or receiving payments from foreign/non-U.S. retirement accounts, including pensions, annuities and social security equivalents. The panel will discuss how to calculate current tax on both ownership and distributions, outline potential recognition traps from so-called “phantom income,” and detail the informational reporting requirements. The event will contain illustrations in the form of a case study showing reporting from hypothetical foreign-based pensions and social security-type accounts.
- Classifications of foreign pensions, annuities and social security
- Differentiation between most foreign plans and U.S. “qualified plans”
- Income calculations—distributions and ownership
- Informational reporting
- Case study and illustrations (Canada, UK, Australia social security)
The panel will discuss these and other critical topics:
- What are the reporting requirements for taxpayers owning foreign retirement accounts?
- What are the tax consequences for U.S. citizens when employers make contributions to foreign retirement accounts?
- What is the tax impact of distributions from foreign retirement accounts for non-U.S. citizens who reside in the U.S.?
Alison N. Dougherty, J.D., LL.M.
Ms. Dougherty has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and... | Read More
Ms. Dougherty has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. She specializes in international tax compliance, planning and structuring as a subject matter leader of her firm's international tax practice. Her responsibilities include U.S. Federal and multi-state tax compliance for C corporations, S corporations, partnerships and individuals. She also provides transactional tax planning and structuring services.Close
James P. Klein
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.Close
Patricia Weisgerber, Esq., LL.M.
Cushing & Dolan