Be aware of potential filing and reporting obligations and be equipped to comply with them.
Congress and the Internal Revenue Service continue to increase filing and information reporting requirements on U.S. persons who own interests in foreign entities, transact business with foreign entities and conduct business abroad. The categories of U.S. persons who are obliged to make these different filings, and the information required by these filings, continuously grows in sweep and complexity.
The penalties that can be imposed on U.S. persons who fail to comply with these requirements are among the most severe in the Internal Revenue Code. Added to this is an ever-increasing focus by the Internal Revenue Service on international tax compliance.
Finally, the use of the partnership/pass-through form of entity has exploded over recent years. This combination of more reporting, more complexity, more compliance and greater potential penalties is a potentially toxic brew for the unprepared taxpayer and tax advisor. This topic will help persons who deal with cross-border pass-through entities be aware of potential filing and reporting obligations and be equipped to comply with them.
Learning Objectives:
- You will be able to describe the persons who may have Form 8865 filing requirements.
- You will be able to identify major complex compliance requirements.
- You will be able to explain how to comply with the Form 8865 filing requirements.
- You will be able to review the key components of a Form 8865 filing.
Foreign Partnership Basics
• What Is a "Partnership"?
• When Is a Partnership a "Foreign" Partnership?
• What About Hybrid Entities?
Key Definitions and Ownership Rules
• What Is a "Us" Person?
• How Do the Constructive Ownership Rules Work?
Who Has to File Form 8865
• Control Persons – the Category 1 Filer
• U.S. Controlled Partnerships – the Category 2 Filer
• Property Contributors – the Category 3 Filer
• Acquisitions/Dispositions/Changes of 10% Interests – the Category 4 Filer
• Overlapping Categories
• Special Situations
Filing Form 8865
• Differences Between Form 8865 and Other Key International Returns Such as 8939 and 5471
• Key Elements of the Schedules for Form 8854
• How and Where to File Form 8865
Penalties Associated With Form 8865
• Failure to Timely Submit Information
• Failure to Properly Report Property Contributions
• Failure to Properly Report Changes of Interests
• Penalty Abatement Strategies
Credit Information (Sponsored by Lorman Education Services):
- CPE
- AIPB
- NASBA
- Enrolled Agents
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
Kimberly Goldman, Dechert LLP
- Associate in the New York office of Dechert LLP, specializing in tax law
- Membership information: New York Bar; American Bar Association
- J.D. degree, University of Michigan Law; B.A. degree, University of Wisconsin-Madison
- Can be contacted at 212-698-3520 or Kimberly.Goldman@dechert.com
Michael Lehmann, Dechert LLP
- Partner in the New York and Philadelphia offices of Dechert LLP, has practiced tax law for over 30 years
- Practice emphasizes multiple aspects of federal tax law, including international/cross-border taxation, particularly foreign partnerships/pass-through entities
- Conducts regular seminars and workshops on numerous international tax topics
- Membership information: New York and Pennsylvania Bars; Tax Court Bar; NY Bar Association; American Bar Association
- J.D. degree, Columbia University; LL.M. degree in Taxation, New York University; A.B. degree, Brown University
- Can be contacted at 212-698-3803 or 215-994-3803 or
Michael.Lehmann@dechert.com
(Not available outside the US)