President Obama Signs New Tax Law Affecting Foreign Bank Accounts and More
|
||||
| Earlier today President Obama enacted into law the Hiring Incentives to Restore Employment (HIRE) Act. This new legislation contains a number of provisions which will increase information reporting and enforcement measures with regard to offshore accounts and entities. Among various provisions related to foreign accounts and entities, The HIRE Act requires (a) increased withholding obligations on payments to foreign banks, trusts and corporations which do not supply certain information to the Internal Revenue Service, such as the names of United States citizens and residents who directly or indirectly own foreign financial accounts, (b) increased reporting obligations including an annual obligation to report any direct or indirect interests in certain foreign entities engaged in passive investments or offshore mutual funds, (c) increased penalties for failure to file certain informational returns, and (d) an increase in the statute of limitations for assessment by the Internal Revenue Service if there is a “substantial” omission of income from offshore assets.
The new law affects not only United States persons who may be owners or otherwise beneficially interested in offshore accounts, trusts or other entities but also the financial institutions at which such accounts or trusts are maintained. In the near future we will be forwarding a much more detailed explanation of the new law along with an explanation as to how our “foreign trust audit” may assist foreign trustees with their increased United States tax and reporting compliance obligations and how we can assist trustees and financial institutions with regard to their own reporting requirements. Please contact us should you desire additional information or assistance. Best regards, Cantor & Webb P.A. Steven L. Cantor E-Mail: steve@cantorwebb.com Telephone: (305) 374-3886 Florida toll free: 800-742-3418 London: (44) 020 7078 4372 Mexico City: (5255) 5351-4904 Fax: (305) 371-4564 Website: www.cantorwebb.com |
Steven L. Cantor
Steven L. Cantor is the managing partner of Cantor & Webb P.A., a Miami, Florida based law firm focused on the representation of high net worth international private clientele and international businesses in the areas of tax planning and compliance, estate planning, international and domestic real estate and probate matters, general commercial and international financial matters.
Mr. Cantor received a Bachelor of Arts in Economics cum laude from the University of Pennsylvania in 1972, a Juris Doctor with honors from George Washington University School of Law in 1975 and served as a Senior Associate on the George Washington Law Review, and a Master of Laws in Taxation from New York University in 1976.
Mr. Cantor has for over 20 years maintained the highest “AV” rating by Martindale-Hubbell Legal Directory. He is listed in the 2009/10 editions of Best Lawyers in America, Florida Super Lawyers and Citywealth Magazine Leaders List.
He is a frequent author and lecturer on various topics of international tax and estate planning. Mr. Cantor is a member of various professional and civic organizations, including the Tax Section of the Florida, New York and District of Columbia Bars, and the International and Tax Sections of the American Bar Association.
Mr. Cantor was one the earliest professionals from the United States asked to join the London based Society of Trust and Estate Practitioners (“STEP”) in 1994. He subsequently founded and for seven years served as Chairman of the STEP Miami Branch. He also helped establish the STEP Caribbean Conference, now in its eleventh year, and has served throughout that time on its conference Steering Committee. In addition to his many lectures presented within the United States, Mr. Cantor has lectured internationally numerous times on behalf such prestigious organizations as the Bahamas Financial Services Board, the Cayman Islands Bankers Association, the Private Client Forum held in Lake Como, Italy, and over twenty different STEP branches in Europe, the Caribbean, Latin America and Canada.
Mr. Cantor has been recognized as one of the world’s leading international private client attorneys by Chambers Global 2009 and Chambers USA 2009.
Cantor & Webb P.A. was recognized by the London, England based Society of Trust and Estate Practitioners (“STEP”) as the Private Client Team of North America 2007/08 and was also a finalist for the 2009/2010 Awards.
For additional information on Mr. Cantor, please visit: www.cantorwebb.com