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Left Holding the Bag: Withholding Agent Current Issues And Traps For The Unwary
November 8 @ 2:30 pm - 3:30 pm HST
Caroline D. Ciraolo will participate in a panel titled “Left Holding the Bag: Withholding Agent Current Issues and Traps for the Unwary” at the 60th Annual Hawaii Tax Institute in Honolulu, Hawaii. The panel takes place at the Sheraton Waikiki Resort on Wednesday, November 8 from 1:30pm – 2:20pm (HST) / 7:30pm – 8:20pm (ET).
The global marketplace and increased individual mobility has created additional scenarios where U.S. taxpayers are sending payments outside the United States, thereby making them subject to U.S. withholding and reporting requirements. IRS LB&I has a compliance campaign to examine taxpayers who make such payments but fail to meet their compliance obligations. This session will identify the subset of taxpayers (withholding agents) who are responsible for withholding U.S. tax on payments to foreign payees, explain the surprising way withholding agents can become liable for tax due on money paid to others, and describe how the IRS is holding U.S. withholding agents accountable for the tax liabilities of foreign payees.
Caroline D. Ciraolo, Partner, Kostelanetz LLP
Kurt K. Kawafuchi, Managing Member, Law Offices of Kurt Kawafuchi, LLC
Michael Quigley, Partner, Kim & Chang