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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, June 6, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This webinar will analyze FIRPTA (Foreign Investment in Real Property Tax Act) rules for foreign investors in U.S. real estate. Our panel of multinational tax experts will review the recently released regulations, consider appropriate holding structures to minimize U.S. tax liability, and detail the withholding tax remittance requirements for non-citizens and tax professionals working with nonresident taxpayers.

Faculty

Anthony V. Diosdi
Partner
Diosdi & Liu, LLP

Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax controversies and government regulatory enforcement. He also has vast experience assisting clients who find themselves with unreported or undeclared bank accounts outside the U.S. Mr. Diosdi is acknowledged as one of the nation’s leading experts in contesting penalties associated with failing to file FBARs. In addition to representing clients in tax controversy matters, he advises clients on U.S. international tax matters, including tax planning with respect to their structures and transactions. In particular, Mr. Diosdi has experience advising on issues relating to tax treaties, pre-immigration planning for foreigners moving to the U.S., expatriation planning, tax planning for foreign companies doing business in the U.S., and subpart F income minimization. More recently, he has focused on helping clients navigate U.S. tax reform, including the regimes for Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, and the new limitations on foreign tax credits.

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Mishkin Santa
Principal, Director of International Tax
The Wolf Group, PC

Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons,  and trustees of trusts with U.S. grantors or U.S. beneficiaries.


 

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Description

Generally, capital gains are sourced to the country where a taxpayer is domiciled. Section 897, however, subjects sales of foreign investment in USRPI (U.S. real property interests) to U.S. taxation. On Dec. 28, 2022, proposed regulations were released, including a definition of DCQIEs (domestically controlled qualified investment entities). These entities escape taxation under Section 897. Real estate advisers need to understand DCQIE qualifications to determine the tax impact of the proposed regulations on multinational taxpayers.

Section 1445 requires withholding on the disposition of USRPIs. Determining who is subject to withholding, the applicable withholding rate, and how to remit the necessary pre-payment is challenging. Determining whether a person or entity is considered a foreign person or a U.S. person is difficult. Withholding rates vary based on the use of the U.S. property and the gross sales price. Withholding Forms 8288 and Form 8288-A must be completed and submitted timely, and a taxpayer may choose to apply for reduced withholding via Form 8288-B. Tax advisers working with multinational investors need to grasp the many aspects of FIRPTA to properly assist nonresidents.

Listen as our panel of international tax advisers explains FIRPTA requirements, including determining who is subject to these rules, the related withholding requirements, and the impact of the recently proposed regulations to mitigate U.S. taxation on the sale of U.S. property.

Outline

  1. FIRPTA: introduction
  2. Foreign persons subject to withholding
  3. Withholding
    1. Requirements
    2. Withholding certificate
    3. Completing Forms 8288, 8288-A, and 8288-B
  4. Proposed regulations
  5. Holding structures
  6. Planning to mitigate U.S. tax exposure

Benefits

The panel will review these and other critical issues:

  • When nonresidents can benefit by requesting a withholding certificate
  • How holding structures impact taxation of USRPI
  • Withholding requirements and rates for the sale of U.S. property by foreign investors
  • The impact of the proposed regulations on REITs

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify appropriate holding structures for certain situations
  • Define DCQIEs under the proposed regulations
  • Determine the appropriate withholding rate for sales of USPRIs
  • Recognize foreign taxpayers subject to FIRPTA
  • Ascertain when requesting a withholding certificate could reduce taxes paid by a foreign seller

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).