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 course 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 identifying, classifying, and calculating potential U.S. tax exposures and reporting obligations arising from such foreign plans and detail the informational reporting requirements. The event will contain illustrations as a case study showing reporting from hypothetical foreign-based pensions and social security-type accounts.
Outline
- 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
Benefits
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 contribute to foreign retirement accounts?
- What is the tax impact of distributions from foreign retirement accounts for U.S. taxpayers, whether they reside in another country or the U.S.?
- Which plans are exempt from filing Form 3520 under Revenue Procedure 2020-17?
Faculty
C. Edward (Ed) Kennedy, Jr., CPA, JD
Managing Director
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.
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James P. Klein
Senior Counsel
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.
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