UK-Based Retirement Accounts for U.S. Taxpayers: Mastering Reporting, Maximizing Planning Opportunities

BarbriSFCourseDetails

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, February 21, 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

This course will provide tax advisers with a deep dive into tax reporting requirements and planning opportunities for clients who take distributions from, or have ownership of, UK-based retirement accounts such as self-invested personal pensions (SIPPs) and other plans. The panel will discuss the U.S. tax law and treaty provisions that exempt SIPPs from the ordinary treatment as a non-qualified plan, detail events that trigger U.S. recognition, and outline tax planning and reporting guidance on distributions from SIPPs.

Faculty

C. Edward Kennedy

Managing Director

C Edward Kennedy Jr, PC

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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Tim Cook

Partner

Wilder Coe, Ltd

Mr. Cook's areas of tax expertise include tax planning, pension planning, inheritance tax, trusts,and inland revenue investigations. He works with entrepreneurs, and families from a wide range of backgrounds, based both in the UK and overseas.

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Description

Foreign retirement plans and pensions present tax reporting and planning challenges for U.S. taxpayers. In many instances, these accounts, while generally receiving deferral treatment on contributed amounts in their host countries, do not qualify for beneficial U.S. tax treatment because they do not meet U.S. requirements of "qualified plans." However, U.S. taxpayers owning and/or receiving distributions from UK retirement plans have unique planning opportunities.

For U.S. tax purposes, UK-based retirement plans are treated differently from "funded plans" in other countries due to treaty provisions between the U.S. and Great Britain. The U.S. tax convention with the UK uniquely contains comprehensive guidance on pensions, providing rules governing contributions, earnings, and distributions. Tax advisers serving clients with UK-based retirement plans must understand the rules to avoid incorrect or incomplete reporting.

UK-based retirement accounts owned by U.S. taxpayers require extra tax reporting requirements, with significant penalties for failure to comply. Tax advisers must be aware of all income and information-filing requirements for UK retirement plan assets.

Listen as our experienced panel provides comprehensive and practical guidance on the tax reporting requirements and planning opportunities for U.S. taxpayers owning UK-based retirement accounts and pension plans.

Outline

SIPPs--status as non-qualified plans
Treaty exceptions and thresholds
Required filings for account ownership
Distribution planning and available elections under treaty
Reporting distributions and claiming U.S. foreign tax credits under IRC 901

Benefits

The panel will discuss these and other important topics:

What types of UK retirement and pension accounts receive deferral treatment under the U.S.-UK tax treaty?
How are distributions from UK accounts reported on U.S. tax returns?
What are the differences in U.S. treatment of various UK schemes?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Recognize U.S. tax reporting requirements for U.S. taxpayers owning UK-based retirement schemes and pension accounts
Identify the differences in tax treatment of HCE and non-HCE plans
Recognize tax deferral provisions in relevant tax treaties and planning opportunities
Determine whether the PFIC rules apply to a foreign retirement account
Select IRS forms necessary to fulfill obligations to report foreign financial assets and interests

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, estate planning or tax experience dealing with foreign-based retirement accounts for U.S. taxpayers, foreign financial assets, tax treatment of pension plans for highly compensated employees (HCE) and non-HCEs and passive foreign investment companies; familiarity with qualifying employees trusts, grantor trusts and FBAR reporting.

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.