Officials from Treasury and Congress Join IRS and Others to Address Questions in Expanded BNA Foreign Account Compliance Webinar

ARLINGTON, Va., April 15 /PRNewswire-USNewswire/ -- No one doubts the huge impact that the Taxes to Enforce Reporting on Certain Foreign Accounts of the Foreign Account Tax Compliance portion of the HIRE Act (HR 2847) will have on foreign financial institutions. To assess that impact on wealth managers, bankers, and tax planners with high net worth clients, and answer attendee questions, BNA Tax & Accounting has expanded the participant panel for its April 29 webinar, Foreign Account Tax Compliance: A Critical Analysis to include:

(Logo: http://www.newscom.com/cgi-bin/prnh/20090114/DC59060LOGO-b)

• Itai Grinberg, Attorney Advisor, Office of International Tax Counsel, Department of the Treasury
• N. Ellen McCarthy, Managing Director of Government Affairs, Securities Industry and Financial Markets Association
• Steven A. Musher, Associate Chief Counsel (International), Internal Revenue Service
• Kristeen Witt, Legislation Counsel, Joint Committee on Taxation
• Stephen C. Trow, Trow & Rahal, PC
• Alan Granwell, (Moderator) Partner, DLA Piper LLP

The foreign account provisions of the new law will impose expansive new information reporting and compliance burdens on foreign financial institutions and other foreign persons requiring them to identify and disclose US account holders or become subject to a new 30% US withholding tax regime with respect to any payment of US source investment income and proceeds from the sale of equity or debt instruments of US issuers.

"This legislation is intended to increase the pressure on U.S. taxpayers who use foreign entities to evade U.S. tax. It does so by imposing a significant withholding requirement on payments to foreign financial institutions, by increasing the penalties for undisclosed foreign financial accounts, and by bringing more foreign trusts under U.S. tax jurisdiction. Any advisor of clients with offshore investments needs to become familiar with these new requirements," says BNA senior tax analyst Harold Pskowski.  

In 60-90 minutes, Alan Granwell and his colleagues will:

• Summarize the reasons for and intended purposes of the legislation.
• Identify the foreign entities that are affected by the legislation.
• Detail the actions foreign financial institutions and other non-foreign financial institutions need to take to avoid the US withholding tax.
• Explain the information that a foreign financial institution has to report and reporting options.
• Explain how foreign financial institutions deal with payments to recalcitrant account holders and other foreign financial institutions that do not enter in the requisite agreement with the IRS.
• Explain which payments and entities are exempt from the scope of the legislation.
• Explain the refund procedures available if the US withholding tax is imposed.
• Offer suggestions as to how foreign financial institutions and other non-financial institutions entities should navigate the new legislative and regulatory requirements.

Foreign Account Tax Compliance:  A Critical Analysis will take place April 29, 2010, from 12:30 – 2:00 pm, ET). To register for this webinar go to: Foreign Account Tax Compliance: A Critical Analysis.  To obtain further information about CLE and CPE credits, go to http://www.bnatax.com/CLE-CPE-Information/?open&cmpid=tmtxpr2010 or call 1-800-372-1033, menu Option 6, then Option 1. The fee is $249 for BNA subscribers, $299 for nonsubscribers.

To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm

About BNA Tax & Accounting Webinars

BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

SOURCE BNA Tax & Accounting

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