Tax Section is comprised of attorneys, educators, law students and other tax professionals who practice or are interested in tax law, whether on behalf of taxpayers or for federal or state and local revenue agencies. The Section’s mission is to:
(1) promote Section members’ professional development by serving as an educational forum for sharing of best practices and scholarly research;
(2) conduct continuing legal education programming for Section and SABA North America members, and other tax professionals;
(3) provide a forum for Section members to share ideas with colleagues concerning tax law issues;
(4) encourage members to participate in pro bono opportunities; and
(5) serve as a referral source for SABA North America members needing tax advice on behalf of their clients.
Indian HUF Entities and How the IRS Classifies Them for Tax and Information Reporting Purposes – webinar presented February 24, 2016
Financial institutions in India are starting the process of complying with their FATCA reporting obligations with respect to their U.S. account holders. Accordingly, the financial institutions are now approaching their U.S. clients to provide self-certification under FATCA for the accounts they hold. Many families will be asked to certify the status of their HUF(s) and their U.S.-based karthas or co-parcenors, and the financial accounts held by the HUF(s) with such financial institutions. For any HUFs who have a family member with U.S. connections (i.e., citizen or resident alien – whether green card or substantial presence), karthas and their advisors will have to determine whether the HUF is a FFI or a NFFE (active or passive). Additionally, for the U.S. family members who have to report their interest in the HUF, entity classification issues for U.S. tax purposes will have to be addressed. Join industry experts as they discuss general issues and address specific situations regarding HUFs and U.S. tax and information reporting issues under FATCA.
Moderator: Parag Patel, Patel Law Office, New Jersey
The recording of this presentation will be available shortly. If you dialed into the webinar, you can access the recording now by returning to the meeting space.