Thu, February 13, 2020 – 7:00 PM – 9:00 PM Centro de Formacion Sagardoy Abogados - Tutor, 24 Madrid
Join us for this VERY important informational session. Know your legal responsibilities!
Modelo 720 & FATCA: How it affects us. Future year’s returns. Modelo 720 & FATCA: How it affects us. Future year’s returns: Obligation to file the form. Current accounts abroad. Investments. Real Estate. Sanctions regime. We will comment on the frequent questions of each section and binding requests of the DGT published. The Foreign Account Tax Compliance Act (FATCA) how it will affect US and Spanish Citizens. Reporting obligations. Spanish Banks requirements.
The Foreign Account Tax Compliance Act (FATCA) is focused on strengthening information reporting and withholding compliance with respect to US persons who invest directly or indirectly through the ownership of foreign interests. To achieve its purposes, FATCA dictates non-US Financial Institutions to identify accounts falling under the FATCA scope and report certain details on these accounts to the US Authorities. FATCA imposes a 30% withholding tax if FFIs do not comply with FATCA’s requirement. The 30% withholding tax on certain US source income is imposed regardless of whether the FFI has US owners or clients. Therefore, Financial Institutions that do not have any US clients, still need to take actions for compliance with FATCA obligations.
Presenters: Luis de Alcaraz & Alejandra Pastor – Sagardoy Abogados, Madrid & Antonio Rodriguez – US Tax Consultants, Madrid
US Taxes: Form 8621 and GILTI Tax or the expats’ nightmare
U.S. expats are already subject to significantly more onerous tax rules than U.S. citizens living in the U.S., among which the Passive Foreign Investment Company (“PFIC”) is one of the most notorious. U.S. expats deemed to hold investments in PFICs must file form 8621, which is an extremely complex form that imposes significant U.S. tax on investments held in PFICs. The Tax Cuts and Jobs Acts of 2017 only added on to this complexity, particularly for those U.S. expats who operate businesses through foreign corporations. The Global Intangible Low-Taxed Income (“GILTI”) tax imposes a tax on U.S. shareholders of the foreign corporation, payable in the United States, regardless of whether any of the foreign corporation’s income is subject to tax in the U.S. or brought back to the U.S. In essence, the GILTI tax is a minimum U.S. tax inclusion for foreign corporations with U.S. owners. Understanding how to mitigate these two tax regimes is essential for any U.S. expat who is investing for retirement or operating their business abroad.
Please join us on March 19th for an introduction to PFICs and the GILTI tax and to learn how to plan for your future.
REGISTRATION IS REQUIRED.For further information and registration, please check the Upcoming events of the American Club of Madrid. http://www.americanclubofmadrid.com/upcoming-events.html
Voter registration for 2020 Elections
The ACM Business Luncheon is a networking event with the goal of promoting effective links and networks within the English-speaking business community in Madrid, having the opportunity to be exposed to new ideas and the current trends of the present society.
In this occasion we will have lunch with Jim Mercereau, who will introduce us in the world of the U.S. Primary elections, he will give us an overview of the process for Overseas Ballot Request, Primaries, Procedures and dates and of course, about the use of electronic communications in requesting and returning absentee ballots.
REGISTRATION REQUIRED. Limited to 20pax
We hope to create a one-stop shop for news and events celebrating our club and the American culture. Let us know if YOU have an idea for post you think would be a valuable (or fun) tidbit.