Foreign Account Compliance Provisions of the HIRE Act Have Tax Planners and Banks Scrambling To Assess Impact. Leading Experts Will Provide Answers in BNA Webinar

ARLINGTON, Va., March 19 /PRNewswire-USNewswire/ -- With President Obama having signed the HIRE Act (HR 2847) into law, 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 legislation will have on foreign financial institutions and other foreign entities. Foreign bankers, private equity and hedge funds managers, wealth managers, and advisors to high net worth individuals across the globe, are scrambling to know what is in the law and what it means for their institutions and their clients.  On April 29, BNA Tax & Accounting will present a webinar entitled Foreign Account Tax Compliance: A Critical Analysis. The webinar will be moderated by Alan Granwell of DLA Piper. Invited panelists include Government representatives, experienced private practitioners and bankers.

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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.

About the Speaker

Alan Winston Granwell is an international tax partner resident in DLA Piper's Washington, DC office. Mr. Granwell's practice encompasses representing multinational corporations and high-net worth individuals on cross-border transactions and controversies. He conducts an active administrative practice, regularly representing clients before the Internal Revenue Service and the US Treasury Department (including negotiating advance pricing agreements, conducting competent authority proceedings, advising taxpayers on voluntary disclosures, assisting clients in obtaining regulatory changes and tax rulings and advising clients on tax legislation matters).

From 1981 through 1984, Mr. Granwell was the International Tax Counsel and Director, Office of International Tax Affairs at the US Department of the Treasury. In that capacity, Mr. Granwell was the senior international tax advisor at the Treasury Department and was responsible for advising the Assistant Secretary for Tax Policy on legislation, regulations and administrative matters involving international taxation and directing the US tax treaty program.

Mr. Granwell has written numerous articles and has been a frequent lecturer on international tax matters.

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: http://www.bnatax.com/FATCA-webinar/.  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.

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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