United States & Germany Dual Taxation Considerations and Planning Opportunities.
Economic and diplomatic relationships between the United States and Germany have resulted in significant economic interaction between the two countries. Many German resident have well-established business interests within the United States, and U.S. taxpayers – both individuals and entities - maintain similar interests in Germany. Tax advisers serving clients with ties in both countries require familiarity with the laws of each, to ensure (with collaboration from advisors in the other jurisdiction, and with reference to the U.S./Germany tax treaties) effective global tax rates are minimized.
Looming over tax treatment of American taxpayers with cross-border activities are extensive U.S. information reporting requirements. Germany is a participant in global bank and asset disclosure programs, and U.S. taxpayers with presence in Germany must coordinate their U.S. disclosures with required German tax filings. German-specific factors also are critical in classifying a foreign interest for United States tax purposes, with classification ultimately dictating which filings are required.
The program will also cover US tax compliance related to US Persons living and working in Germany. A brief overview of how US source income affects Nonresidents in the context of the US-Germany tax treaty is included as well. The program will focus on options to avoid double taxation as well as options available to become compliant. Finally, it will provide a brief discussion regarding the provisions of the Foreign Account Tax Compliance Act and the importance of additional declarations when preparing US tax returns for US persons living in Germany.
Recorded Date: January 30, 2020
CPAacademy.org offers an easy to use platform for knowledge sharing and idea exchange through the marketing and presenting of the most up-to-date educational content and developments important to the accounting profession. On CPAacademy.org, members have access to the highest quality webinar presentations by thought leaders in the profession. Members can also take advantage of opportunities to view self-study and archived sessions, enjoying the ability to choose between real-time or past events. In addition, members can access information and register for live conferences and seminars through the site. For individuals or companies interested in presenting a webinar or posting other opportunities on CPAacademy.org we offer a variety of services to make that happen. For more information please visit our presenter portal page or contact Scott Zarret, CPA at scott@cpaacademy.org.
Patrick is a partner with Culhane Meadows, a national law firm with a prominent international area practice. Patrick practices exclusively in the area of international taxation. He has extensive experience handling complex tax planning, structuring, and compliance issues for foreign businesses with United States operations, United States businesses with foreign operations and individual taxpayers with international ties. Patrick regularly works with advisors both in the United States and abroad to assist with their clients’ international tax issues. Patrick is a prolific contributor to many international tax journals, including Tax Notes and the Journal Of International Taxation. He is an active speaker and panelist for national seminars and webinars, including regularly scheduled presentations with CPAacademy.org on assorted international tax topics. Patrick holds a Juris Doctorate from Vanderbilt University Law School and an LL.M. from New York University School of Law. His bar admissions include Pennsylvania, Florida, New Jersey, and Georgia. Each year from 2016-2019, Patrick has been recognized by Super Lawyers as a Rising Star. Finance Monthly, a United Kingdom-based publication, named Patrick Estate Planning Lawyer of the Year (United States) for 2017 and 2018. Patrick and his wife reside in Phoenixville, PA.
