Mastering U.S. Tax Reporting of Foreign Retirement Account Ownership and Distributions
Calculating Current Tax, Revenue Procedure 2020-17, Detailing Informational Reporting
Note: CLE credit is not offered on this program
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 with beneficial interests in foreign/non-U.S. retirement accounts, including pensions, annuities, social security equivalents, and recent relief exempting specific trusts from filing Forms 3520 and 3520-A. The panel will discuss how to identify, classify, and calculate potential U.S. tax exposures and reporting obligations arising from such foreign plans 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
- Income calculations: distributions and ownership
- Differentiation between most foreign plans and U.S. "qualified plans"
- Informational reporting
- Case study and illustrations
The panel will discuss these and other critical topics:
- What are the reporting requirements for U.S. taxpayers participating in foreign retirement accounts?
- What are the tax consequences for U.S. taxpayers when employers make contributions to foreign retirement accounts?
- What is the tax impact of distributions from foreign retirement accounts for U.S. taxpayers whether they reside in another county or in the U.S.?
- Which plans are eligible for exemption from filing Form 3520 under Revenue Procedure 2020-17?
C. Edward Kennedy, Jr., CPA, JD
C Edward Kennedy Jr
Mr. Kennedy has more than 36 years of experience dealing with a variety of international tax matters, specializing in... | Read More
Mr. Kennedy has more than 36 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. He has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm.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
Phoebe Trumpler, CPA
Kerkering, Barberio & Co.
Ms. Trumpler’s primary practice is in international tax, providing consulting, tax planning, and preparation of... | Read More
Ms. Trumpler’s primary practice is in international tax, providing consulting, tax planning, and preparation of U.S. tax returns for U.S. citizens and tax residents who have international income and investments. She assists individuals with offshore tax compliance issues related to Foreign Bank Account Reports (FBAR) and the Foreign Account Tax Compliance Act (FATCA). Ms. Trumpler has assisted clients with the new Rev. Proc. 2020-17 which 1) exempts from information reporting requirements certain eligible individuals with applicable tax-favored retirement trusts and 2) provides procedures to request relief from assessed Code Sec. 6677 penalties for all open years.Close
Other Formats— Anytime, Anywhere
CPE On-DemandSee NASBA details.