Seminar to help US tax payers

| 03/03/2015 | 0 Comments

(CNS Business): A free seminar designed to help US taxpayers residing in the Cayman Islands will be held on 11 March. This informational meeting called, “Navigating US Tax Requirements and Strategic Methods of Coming into Compliance”, will explain the most recent US tax filing and reporting requirements under FATCA, as well as how to report earnings to the IRS.

Speakers will address and help guide Cayman-based US non-residents with questions they may have on their filing options. Attendees will also learn the practical and effective methods for coming into compliance through various IRS voluntary disclosure programs, including the Streamlined Filing Compliance Program for non-US residents.

The Foreign Account Tax Compliance Act (FATCA), which was included as part of the HIRE Act of 2010, requires foreign financial institutions to share information with the IRS about the accounts of US taxpayers abroad, or else face heavy withholding penalties of up to 30 percent on their US source income.

This law has provoked controversy abroad, but despite delays, the IRS and the Treasury Department have been moving ahead with its implementation.

The leaders of this seminar include Caplin & Drysdale, Chartered, a leading DC-based law firm in the tax controversy arena, and Ham, Langston & Brezina LLP, a Texas-based muli-service accounting firm.

The seminar is free of charge and relevant to all US citizens and green card holders, as well as lawyers, accountants, financial planners, and investment professionals who would like more information on the law.

The release states, leading industry experts Zhanna A. Ziering and Dianne C. Mehany, attorneys with Caplin & Drysdale will cover the legal aspects of navigating the various IRS compliance options and discuss strategies for tax filing and expatriation decision-making. Richard Duncan, CPA with Ham, Langston & Brezina and international tax expert, will discuss strategies for Cayman-based US taxpayers and how to navigate the filing complexities for US citizens and green card holders residing abroad.

Rob Imparato, Managing Director of Sunshine Land Ltd, a long-standing client of Ham, Langston & Brezina, said that understanding the most recent US tax filing and reporting programmes and their specifications, as well as recent enforcement activity aimed at non-compliant Americans, is vital to the Cayman business and banking community.

“The current requirements from the United States require US non-residents to move rapidly and comply with the exchange of information, and we hope this seminar will provide the expertise and strategic guidance needed to clearly understand the available options. We are fortunate to have technical experts visit Cayman and speak candidly to our US citizens,” he explained.

The 2-hour session includes a 45-minute seminar followed by a reception to assist expatriates and representatives from local banks understand the Streamlined Filing Compliance Program.

The seminar will be held at Luca, Caribbean Club off of West Bay Road between from 5:30 – 7:30pm. CNS Business will be at attend this meeting to bring you the latest on this developing story.

If you would like to attend the seminar, contact Donna Brezina, [email protected].

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Category: Finance, Personal Finance

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