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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, October 3, 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 discuss the proposed (and possibly final) IRS regulations, how to comply with them (including the applicability of voluntary disclosure programs), and tips, tricks, and best practices related to reporting foreign pensions. The webinar will also offer a general update on the U.S. taxation of foreign pensions.

Faculty

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

On June 26, 2023, the IRS released proposed regulations on Qualified Recognized Overseas Pension Schemes in Malta (Malta QROPs). Concurrently, the IRS Criminal Investigations Unit opened investigations into certain U.S. taxpayers that hold financial interests in these Malta QROPs, as well as many of their advisers, promoters, CPAs, attorneys, and tax preparers. Many of these individuals have already been contacted, and some have even been served a Summons by the IRS Criminal Investigations Unit. More are sure to follow.

A public hearing on the proposed IRS regulations will be held on Sept. 21, 2023. Once that hearing concludes, the IRS should issue final regulations. These regulations are likely to include a laundry list of additional filings that individuals with financial interests in Malta QROPs will have to complete, such as Form 8886 (Reportable Transaction Disclosure), Form 8918 (Material Advisor Disclosure), Forms 3520 and 3520-A (Foreign Grantor Trust), Form 8621 (Passive Foreign Investment Company), and potentially others. Failure to submit these forms will carry significant penalties that can range from $10,000 to $100,000, or even more.

Listen as our international income tax expert discuss complying with the latest IRS regulations and best practices for reporting foreign pensions.

Outline

  1. US Taxation of Foreign Pensions – General Rules
  2. Rev. Proc. 2020-17 – General Overview
  3. Malta Qualified Recognized Overseas Pensions Schemes (QROPs)
    1. Background and History – Malta Retirement Pensions Act of 2011
    2. 2008 US-Malta Tax Treaty
    3. Competent Authority Arrangement (CAA) – I.R.B. 2021-52
    4. IRS Dirty Dozen List Addition in 2021
  4. 2023 Proposed regulations REG-106228-22 – Malta Personal Retirement Schemes
    1. Tax Avoidance Transactions
      1. Listed Transactions – IRS Form 8886
      2. Material Adviser Disclosure Statement – IRS Form 8918
    2. Examples of Promotor Schemes
    3. Rollover Pension Exception
    4. Future Enforcement for other QROPs Jurisdictions
    5. Future Enforcement for other Improper Treaty Use
    6. Best practices when dealing with a client that has a Malta Pension
      1. 7216 Disclosure
      2. When to refer to a criminal tax attorney?  Applicability of a Kovel Letter?
      3. IRS Form 2848
      4. Options for dealing with IRS Form 8886 Reporting
      5. Options for dealing with International Informational Reporting and Unreported Income
  5. International Informational Reporting for Foreign Pensions classified as Foreign Grantor Trusts
    1. IRS Forms 3520/3520-A/SS-4/8082/Schedule B, Part III, Q8
    2. IRS Form(s) 8621
    3. FinCEN Form 114 (FBAR)
    4. IRS Form 8938
  6. Best practices for reporting foreign pension plans

Benefits

The speaker will review these and other critical issues:

  • The key components of the recently released proposed regulations on Malta QROPs
  • The current status of IRS criminal investigations into Malta pension plans
  • Additional filings required under the proposed regulations
  • Best practices for complying with U.S. reporting requirements for foreign pension plans

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine the current state of the IRS investigations of foreign retirement plans
  • Decide what penalties could be assessed for noncompliance with IRS guidelines for Malta QROPs
  • Ascertain U.S. compliance obligations for foreign pension plans
  • Identify foreign information return reporting requirements for Malta retirement plans under the proposed regulations

  • 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).