12:00-1:45pm. Please join us on Thursday, May 21 st 2015, as Peter Guang Chen and Natalie Fan from Zhong Lun Law Firm will discuss and provide clarity on the topics of US Tax Compliance and Planning Issues .
Understanding and navigating the complex web of US international tax compliance. The options available for those who are now delinquent on their US tax compliance obligations, such as the current 'Offshore Voluntary Disclosure Program” (OVDP), the substantially revised 'Streamlined Foreign Offshore Procedures” program, and the strategy in using these programs. Tax planning concepts, especially in the international cross-border concepts, from the perspectives of both Americans and non-US persons (examples in both the income tax area and gift & estate tax area will be used) .
The complexity of US tax compliance for Americans living abroad and those non-US persons (who nevertheless have US compliance obligations) has grown exponentially in recent years. These individuals have to confront an imposing assortment of US tax forms, deadlines, and draconian penalties being imposed by the IRS if the compliance obligations are not met in a timely fashion. For those Americans who own significant shares in non-US companies, and non-US persons who own certain type of US entities, there are even more complicated reporting issues to address.
Quite often, due to the lack of understanding of the relevant rules, some individuals fall behind in meeting their US tax obligations, and become 'non-compliant”. The degree of non-compliance range from mild cases, which can be rectified by relatively simple procedures, to severe cases which require certain special and more complicated methods to mitigate.
With FATCA effective since July 2014, the need for becoming 'US tax compliant” has taken on a sense of urgency. In a NY Times article of April 22 nd 2015, quoting IRS Commissioner John Koskinen, it was reported that the IRS, in upgrading their computers so as to implement FATCA, described as a ' new law requiring foreign banks to report information about US account holders ”, diverted funds originally designated for other taxpayer services. The point is that the IRS is keen on enforcing FATCA. Becoming US tax compliant, although important, is really just the second half of the story for Americans and others who have to deal with the US tax system. The first half of the story, and the more important half, is the need for strategic and legally sound tax planning, in certain cases, before certain transactions have happened, and before the tax year has closed.
First 15-20 minutes is for networking
Sandwiches and beverages included
Hosted by the Taxation Committee