U.S.-Foreign Social Security Totalization Agreements: Planning and Reporting Amid New IRS Scrutiny
Avoiding Double Taxation, Maximizing Government Retirement Benefits, and Documenting Exemption Claims
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisers with a comprehensive guide to navigating the complex area of social security totalization agreements. The panel will detail how totalization agreements operate and how eligible taxpayers must report the foreign country’s withholding to claim the exemption. The experts will also discuss the new IRS initiative to require documentation from taxpayers claiming an exemption from Social Security withholding under a claim of a totalization agreement.
- Overview of U.S. social security contributions system
- Structure of totalization agreements
- Claiming and documenting the exemption
- “Detached worker” exception
- Self-employed workers
- Traps for the unwary
- New IRS initiative in response to TIGTA report
The panel will review these and other important issues:
- How do totalization agreements work?
- With which countries does the U.S. have active totalization agreements?
- What documentation does the taxpayer and employer need to obtain, submit and/or retain to support an exemption claim under totalization?
- How do the “detached worker” exception and the “five-year” rule operate?
- Calculating Social Security benefits under a totalization arrangement
Vice President, Executive Compensation and International Compensation & Benefits
Ms. Finch has over 20 years of experience in global mobility and international tax matters. She leads Marriott... | Read More
Ms. Finch has over 20 years of experience in global mobility and international tax matters. She leads Marriott International, Inc.’s International Compensation and Benefits team managing compensation, health & welfare, international retirement plans, tax compliance, and global mobility on an international scale. Previously, she spent many years at KPMG advising companies on international tax matters, international social security planning, and served as the US firm’s resource on international social security issues. In her new role at Marriott, she governs Marriott’s global policies, programs and guidelines that frame international assignee policies and benefits. She also serves as Chair of Marriott’s Global Retirement Benefits Committee.
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