U.S. Social Security Totalization Agreements
Avoiding Double Taxation, Maximizing Government Retirement Benefits, and Documenting Exemption Claims
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a comprehensive guide to navigating the complex area of Social Security totalization agreements. The panel will detail how totalization transactions operate and what documentation is necessary to avoid dual social security contributions. The experts will also discuss the IRS initiative to require documentation from taxpayers claiming an exemption from Social Security coverage under a claim of a totalization agreement.
- Overview of U.S. Social Security contribution system
- Structure of totalization agreements
- Claiming and documenting the exemption
- "Detached worker" exception
- Self-employed workers
- Traps for the unwary
The panel will review these and other vital issues:
- How do totalization agreements work?
- With which countries does the U.S. have existing totalization agreements?
- What documentation do 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
C. Edward (Ed) Kennedy, Jr., CPA, JD
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.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