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White Paper – Alternative Methods of Teaching and the Effectiveness of Distance Learning for Legal Education

Posted by William Byrnes on August 26, 2014


Professor William Byrnes, Associate Dean for Graduate and Distance Education Programs at Thomas Jefferson School of Law, released remarks in the form of a white paper about teaching photodistance education methodologies called Alternative Methods of Teaching and The Effectiveness of Distance Learning For Legal Education.  The white paper makes the case for combining traditional classroom learning with online education because it is cost effective, accessible, flexible, and addresses the biggest criticism of legal education today, the lack of law school graduates who can think and practice law.  The white paper covers such topics as –

  • U.S. Department of Education’s Review of the Effectiveness of Distance Learning
  • Developing Learning Outcomes
  • Occupational Outcomes Framing Learning Outcomes
  • Information Acquisition
  • Information Delivery
  • Learning Communities
  • Learning Media
  • Learner Motivation
  • Knowledge Acquisition
  • Learning Tools

In his white paper, Professor Byrnes argues that a challenge for institutions and faculty for the pedagogical development of distance learning is to facilitate deep learning and understanding through the creation of learning materials and opportunities for various learning experiences.

in officeProfessor Byrnes explains, “The goal is to implement best practices in law schools across the country to the benefit of our esteemed institutions, our law students and the legal system at large.”  To this end, he is a primary driver of the invitation-only Work Group for Distance Learning in Legal Education that will finalize its Best Practice Report at its 10th development meeting (see https://www.eventbrite.com/e/working-group-for-distance-learning-in-legal-education-fall-2014-meeting-registration-12051364957).

White Paper: Byrnes, William H., Alternative Methods of Teaching and the Effectiveness of Distance Learning for Legal Education (August 27, 2014). Available at SSRN: http://ssrn.com/abstract=2487679

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complimentary download Lexis’ FATCA Guide Chapter 1

Posted by William Byrnes on May 8, 2014


complimentary chapter download: http://www.lexisnexis.com/store/images/samples/9780769853734.pdf

(Chapter updates since November 2013 are available at https://profwilliambyrnes.com/category/fatca/)book cover

The LexisNexis® Guide to FATCA Compliance (2nd Edition) comprises 34 Chapters of the analysis of 50 FATCA experts grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of Intergovernmental Agreements (IGAs) and local law compliance requirements (Chapters 17–34), including  information exchange protocols and systems.  The 34 chapters include many practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA.  Chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, and insights as to the application of FATCA and the IGAs for BRIC and European country chapters.  

If you are interested in discussing the online Master or Doctoral degree in international taxation and financial services, then please call, skype, or email me.  My office in San Diego at (619) 961-4211 or skype with me “professorbyrnes”. Email: profbyrnes@gmail.com

LinkedIn GroupInternational Tax & Financial Services Graduate Program

Facebook Grouphttps://www.facebook.com/groups/williambyrnes/

Meet Alumni webinar: http://mastersinlaw.tjsl.edu/news-resouces/recorded-webinars/webinar-03-31-2011/

Meet Alumni webinar: http://mastersinlaw.tjsl.edu/news-resouces/recorded-webinars/webinar-06-29-2011/

Meet Alumni webinar: http://mastersinlaw.tjsl.edu/news-resouces/recorded-webinars/webinar-02-28-2012/

Meet Alumni webinar: http://youtu.be/ho2Qn3KpzqE

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IGA list expands to 57 – Mexico IGA revised!

Posted by William Byrnes on May 1, 2014


book cover
[updated May 1 to include two IGAs posted this morning by Treasury] 60 days remain until the July 1st deadline that FATCA’s 30% withholding applies to payments from US sources. As of April 30th, the list of IGAs now to be treated in effect has expanded to 57, including 30 that have been signed and 27 that are agreed (but not yet officially signed).  8 IGAs have been added this past week, including Belgium, Bulgaria, Curaçao, Colombia, Cyprus, Estonia, Israel, and Sweden (albeit Estonia was signed over 2 weeks past but had not yet been included).  The Mexico-USA IGA of November 19, 2012 has been revised and re-issued (see Mexico (4-17-2014)).  Finally, the IGAs of Austria and Australia have now been released. 

Conspicuously, the most important US FDI jurisdictions that are not yet included on the list are China, Hong Kong and Taiwan, as well as the Middle Eastern jurisdictions such as United Arab Emirates and Saudi Arabia.  Recent US tension with Russia over the Ukraine and Crimea brought its treasury negotiations to a standstill.

But of immediate importance is the 4 days remaining for foreign financial institutions (FFIs) to register by May 5 with the IRS to obtain a GIIN and to be included on the IRS’ list of participating FFIs in order to avoid the attracting the 30% withholding by US withholding agents.   However, FFIs in IGA jurisdictions have an extension to register with the IRS – until December 22, 2014 to obtain their GIINs.

Financial Institutions that are treated as Reporting Financial Institutions under a Model 1 IGA register as Registered Deemed-Compliant Foreign Financial Institutions, whereas Financial Institutions that are treated as Reporting Financial Institutions under a Model 2 IGA register as Participating Foreign Financial Institutions.   One month ago now the IRS released the new 2014 Form W-8BEN-E that must be used by entities that are beneficial owners of a U.S. source payment, or of another entity that is the beneficial owner.  Form W-8BEN-E has thirty parts.  All filers will complete Parts I and XXIX.

Part I of the form requires general information, the QI status, and the FATCA classification of the filer.  Question 4 of Part I requests the QI status. If the filer is a disregarded entity, partnership, simple trust, or grantor trust, then the filer must complete Part III if the entity is claiming benefits under a U.S. tax treaty. Question 5 requests the FATCA classification of the filer. The classification indicated determines which one of the Parts IV through XXVIII must be completed.

Part XXIX requires certification, under penalty of perjury, by the payee or a person authorized to sign on the payee’s behalf.  This part of the final form also contains the following language that does not appear in the current form: “I agree that I will submit a new form within 30 days if any certification made on this form becomes incorrect.”

Note that if the filer is a passive NFFE, it must complete Part XXVI as well as Part XXX if it has substantial U.S. owners.  For a Passive NFFE, a specified U.S. person is a substantial U.S. owner if the person has more than a 10 percent beneficial interest in the entity.  Completion of the other parts of the final form W-8BEN-E will depend upon the FATCA classification of the filer.  For further analysis of that form, see  https://profwilliambyrnes.com/2014/04/02/irs-releases-final-fatca-form-w-8ben-e/

The following jurisdictions are treated as having a FATCA intergovernmental agreement (IGA) in effect. jurisdictions that have reached agreements in substance (beginning on the date indicated in parenthesis):

Model 1 IGA = 27

  1. Bahamas (4-17-2014)
  2. Brazil (4-2-2014)
  3. British Virgin Islands (4-2-2014)
  4. Bulgaria (4-23-2014)  <— new
  5. Curaçao (4-30-2014)  <— new
  6. Colombia (4-23-2014)   <— new
  7. Croatia (4-2-2014)
  8. Czech Republic (4-2-2014)
  9. Cyprus (4-22-2014)   <— new
  10. Gibraltar (4-2-2014)
  11. India (4-11-2014)
  12. Israel (4-28-2014) <— new
  13. Jamaica (4-2-2014)
  14. Kosovo (4-2-2014)
  15. Latvia (4-2-2014)
  16. Liechtenstein (4-2-2014)
  17. Lithuania (4-2-2014)
  18. New Zealand (4-2-2014)
  19. Poland (4-2-2014)
  20. Portugal (4-2-2014)
  21. Qatar (4-2-2014)
  22. Slovak Republic (4-11-2014)
  23. Slovenia (4-2-2014)
  24. South Africa (4-2-2014)
  25. South Korea (4-2-2014)
  26. Sweden (4-24-2014)   <— new
  27. Romania (4-2-2014)

Model 2 IGA = 0

jurisdiction that have signed and entered into a formal IGA

Practical Compliance Aspects of FATCA and GATCAThe LexisNexis® Guide to FATCA Compliance (2nd Edition) comprises 34 Chapters grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of Intergovernmental Agreements (IGAs) and local law compliance requirements (Chapters 17–34), including  information exchange protocols and systems.  The 34 chapters include many practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA.  Chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, and insights as to the application of FATCA and the IGAs for BRIC and European country chapters.  

If you are interested in discussing the Master or Doctorate degree in the areas of financial services or international taxation, please contact me https://profwilliambyrnes.com/online-tax-degree/

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Analysis of the new FATCA W-8IMY released today

Posted by William Byrnes on April 30, 2014


free chapter download here —> http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2457671   Number of Pages in PDF File: 58

On April 30, 2014 the IRS released the new Form W-8IMY (“Form W-8IMY”), formally replacing its 2006 predecessor W-8IMY. This new Form W-8IMY has 28 parts whereas the previous August 2013 FATCA draft W-8IMY only contained 26.  The new 2014 Form W-8IMY is vastly different from the seven-part 2006 predecessor form.  (Analysis of the New W-8BEN-E released April 2 is available at https://profwilliambyrnes.com/2014/04/02/irs-releases-final-fatca-form-w-8ben-e/)

Below is a summary for the W-8IMY.  For a full compliance analysis of the new form W-8IMY and the other potentially required withholding forms drafted by the > Lexis FATCA experts <, see >LexisNexis® Guide to FATCA Compliance< Chapter 11 Withholding And Qualified Intermediary, § 11.08 Applicable Withholding Forms, [5] Analysis of Form W-8IMY.

Form W-8IMY is submitted generally by a payment recipient (the “filer”) with non-beneficial owner status, i.e. an intermediary.  Such intermediary can be a U.S. branch, a qualified intermediary, a non-qualified intermediary, foreign partnership, foreign grantor or a foreign simple trust.  Form W-8IMY requires a tax identification number.

Part I of the Form adds FATCA classification.   Part I of the form requires general information, the Chapter 3 QI status, and the Chapter 4 FATCA classification of the filer.

Question 4 of Part I requests the QI status:

If the filer is a Qualified Intermediary, then the filer must complete Part III Qualified Intermediary.  If the filer is a Nonqualified Intermediary, then the filer must complete Part IV Nonqualified Intermediary.

Territory Financial Institutions complete Part V. U.S. Branches complete Part VI.

Withholding Foreign Partnership or Withholding Foreign Trusts complete Part VII.

Nonwithholding Foreign Partnership, Nonwithholding Foreign Simple Trust, and Nonwithholding foreign grantor trusts must complete Part VIII.

Question 5 requests the FATCA classification of the filer. The classification indicated determines which one of the Parts IX through XXVII must be completed.

Part II of this form is to be completed if the entity is a disregarded entity or a branch receiving payment as an intermediary. Part II only applies to branches of an FFI outside the FFI’s country of residence.

Chapter 3 Status Certifications  Parts III – VIII

Parts III – VIII of this form address the QI Status of the entity. Part III is to be completed if the entity is a QI, and requires the entity to certify that it is a QI and has provided appropriate documentation. Part IV is to be completed if the entity is a Nonqualified Intermediary (NQI), and requires the entity to certify that it is a NQI not acting for its own account.

Part V is to be completed if the entity is a Territory Financial Institution. Part VI is to be completed by a U.S. branch only if the branch certifies on the form that it is the U.S. branch of a U.S. bank or insurance company, and that the payments made are not effectively connected to a U.S. trade or business. Part VII is to be completed if the entity is a Foreign Withholding Partnership (WP) or a Withholding Foreign Trust (WT). Part VIII is to be completed if the entity is either a Nonwithholding Foreign Partnership, Simple Trust, or Grantor Trust.

Chapter 4 Status Certifications Parts IX – XXVI

Parts IX – XXVI of this form address the FATCA Status of the entity. These classifications include the new classification of a Restricted Distributor (Part XVI), but do not include the new classification of a Reporting NFFE.

Statement of Certification

Part XXVIII requires certification, under penalty of perjury, by the payee or a person authorized to sign on the payee’s behalf. Finally, the form contains the following language: “I agree that I will submit a new form within 30 days if any certification made on this form becomes incorrect.”

Structure of New Form Form W-8IMY

  • Part I Identification of Entity
  • Part II Disregarded Entity or Branch Receiving Payment.

Chapter 3 Status Certifications

  • Part III Qualified Intermediary
  • Part IV Nonqualified Intermediary
  • Part V Territory Financial Institution
  • Part VI Certain U.S. Branches
  • Part VII Withholding Foreign Partnership (WP) or Withholding Foreign Trust (WT)
  • Part VIII Nonwithholding Foreign Partnership, Simple Trust, or Grantor Trust

Chapter 4 Status Certifications

  • Part IX Nonparticipating FFI with Exempt Beneficial Owners
  • Part X Sponsored FFI That Has Not Obtained a GIIN
  • Part XI Owner-Documented FFI
  • Part XII Certified Deemed-Compliant Nonregistering Local Bank
  • Part XIII Certified Deemed-Compliant FFI with Only Low-Value Accounts
  • Part XIV Certified Deemed-Compliant Sponsored, Closely Held Investment Vehicle
  • Part XV Certified Deemed-Compliant Limited Life Debt Investment Entity
  • Part XVI Restricted Distributor
  • Part XVII Foreign Central Bank of Issue
  • Part XVIII Nonreporting IGA FFI
  • Part XIX Exempt Retirement Plans
  • Part XX Excepted Nonfinancial Group Entity
  • Part XXI Excepted Nonfinancial Start-Up Company
  • Part XXII Excepted Nonfinancial Entity in Liquidation or Bankruptcy
  • Part XXIII Publicly Traded NFFE or NFFE Affiliate of a Publicly Traded Corporation
  • Part XXIV Excepted Territory NFFE
  • Part XXV Active NFFE
  • Part XXVI Passive NFFE
  • Part XXVII Sponsored Direct Reporting NFFE

Sworn Certification

  • Part XXVIII Certification

book coverPractical Compliance Aspects of FATCA and GATCA

For in-depth analysis of the practical compliance aspects of financial service business providing for exchange of information of information about foreign residents with their national competent authority or with the IRS (FATCA), see Lexis Guide to FATCA Compliance, 2nd Edition just published!

The LexisNexis® Guide to FATCA Compliance (2nd Edition) comprises 34 Chapters grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of Intergovernmental Agreements (IGAs) and local law compliance requirements (Chapters 17–34), including  information exchange protocols and systems.  The 34 chapters include many practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA.  Chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, and insights as to the application of FATCA and the IGAs for BRIC and European country chapters.

If you are interested in discussing the Master or Doctorate degree in the areas of financial services or international taxation, please contact me https://profwilliambyrnes.com/online-tax-degree/

Posted in FATCA | Tagged: , , , , , | 3 Comments »

9 retirement savings tax tips

Posted by William Byrnes on April 17, 2014


You might be able to muddle through retirement without knowing each and every line of Uncle Sam’s tax code. But you’ll likely give the federal government more than its fair share of your nest egg if you don’t know what William Byrnes, author of National Underwriter’s Tax Facts, calls the big retirement plan tax facts.

Read the USA Today analysis, written by renown financial journalist Robert Powell:  “Stretching the retirement savings available for an additional 20 years of life expectancy requires correctly managing the complex retirement taxation rules established by Congress and the IRS,” says Byrnes, who is also associate dean at the Thomas Jefferson School of Law in San Diego, Calif.

The full analysis is available on USA Today at 9 retirement savings tax tips!

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Videos of Prof. William Byrnes’ Presentations on Distance Education

Posted by William Byrnes on March 27, 2014


1st vimeo video: Associate Dean William Byrnes’ 15 minute presentation about distance learning to the 500 policy makers of India’s National Board of Accreditation http://vimeo.com/39260008#t=3549  (starts from 1:00:00 until 1:15.00)

2nd vimeo video: William Byrnes’ second 6 minute response presentation delivered in the afternoon to India’s National Board of Accreditation policy congress in response of questions of the plenary about his approach to distance learning http://vimeo.com/39264336#t=4959  (starts from 1:22.30 until 1.28.30)

TJSL’s Associate Dean for Graduate & Distance Education Programs William Byrnes was honored with the 2012 Education Leadership Award by the World Education Congress of India’s National Board of Accreditation that brought together 500 policy makers from many countries on all the continents to examine and develop best practice policies for higher (university and graduate) education.

Professor William Byrnes’ leadership and contribution to the field of education is well known,” said Chairman of Awards & Academic Committee Edward Smith. “The position that you occupy in the fraternity is strategic and iconic. As a thinker and doer you are a role model and a believer in change. I am pleased that the Jury and Council of Board members would like to confer the Education Leadership Award to you.”

Professor Byrnes pioneered online legal education in 1994, thereafter creating the first online LL.M. program offered by an ABA accredited law school. He is a key founding member of the Work Group for Distance Education in Legal Education that in 2013 published Distance Learning in Legal Education: A Summary of Delivery Models, Regulatory Issues and Recommended Practices (http://www.law.harvard.edu/programs/plp/pdf/Distance_Learning_in_Legal_Ed.pdf). The second edition of this Best Practices Report will be released shortly (see Working Group for Distance Learning in Legal Education on Harvard’s Program on the Legal Profession website: http://www.law.harvard.edu/programs/plp/pages/distance_learning_working_group.php)

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EU to Adopt New Expanded Savings Directive

Posted by William Byrnes on March 25, 2014


EU Council Announces March 2014 Adoption of Expanded EU Savings Directive

On Saturday, March 22, 2014 the EU Council’s General Secretariat announced that it will adopt major amendments to the EU Directive on taxation of savings income at its next March 2014 meeting.  The amendments will address the current loopholes, such as application to trusts, to foundations, and to investment income that is comparable to interest income.

Brief Background on EU Savings Directive

The liberalization of capital markets and the free movement of capital within the EU borders revealed how important it was to establish cooperation with a view to preventing, in the direct taxation area, fraud and evasion linked to cross-border financial investments. The problem with taxpayers moving their investments to Member States which did not impose taxation at source while the taxpayers simultaneously under-reported to their respective State of residence (or not reporting at all) the income earned. The EU Savings Directive was adopted to address this situation, coming into effect in 2005.

The mechanism of the Directive works by imposing an obligation to any paying agent in an EU Member State which makes a payment to an individual resident in the other Member State which is the beneficial owner of the income, to report that payment of interest to the competent tax authorities of the Member State in which the paying agent is established. The competent tax authorities of that (source) State in turn transfer the information collected to the competent tax authority of the residence of the beneficial owner. Based on the information received it is possible for the State of residence of the beneficial owner to verify if the amount is declared for tax purposes and to tax the corresponding income.

Loopholes Reported in 2008

In his 2004 Report on the Regulatory, Competitive, Economic and Socio-Economic Impact of the European Union Code of Conduct on Business Taxation and Tax Savings Directive to the United Kingdom Foreign and Commonwealth Office and the Overseas Territories of The Virgin Islands (British), Turks & Caicos Islands, Anguilla and Montserrat, Professor William Byrnes undertook an in-depth analysis of the EU Savings Directive identifying several loopholes that would require later amendments for it to achieve its objectives.

The Savings Directive loopholes include:

• Territorial scope: It is limited to intra-community situations in which a paying agent from one Member State pays to an individual resident in another Member State. It does not apply to payments from outside the EU, i.e. when the paying agent is located in a third (non-EU) State or to payments to beneficial owners who reside in third States.

• Personal scope: it does not apply to persons other than individuals, in particular payments made to legal entities. This limitation provides individuals with opportunities to circumvent the Savings Directive by using an interposed legal person or arrangement.

• Material scope: it does not cover other forms of savings like insurance products, pensions, some tailored investment funds, return on derivative contracts, structured products, etc.

These and other loopholes have been formally reported by the European Commission since 2008. The main findings of a report produced by the Commission identified as a major problem lack of “consistent treatment of other comparable situations”.[1] Pursuing this aim of consistency requires that interest payments obtained by an individual through intermediate vehicles are consistently put on an equal footing with interest payments directly received by the individual. This consistency of coverage is required not only to ensure the effectiveness of the Directive, but also compliance with the rules of the internal market and fair competition between comparable financial products and structures.

A proposal was submitted to the Council which aimed at extending the scope of the Directive.[2] 

European Council Announces Amended Savings Directive Adoption in March 2014

On March 22, 2014 the European Council reported in a press release[3] that (emphasis added):

The European Council welcomes the Commission’s report on the state of play of negotiations on savings taxation with European third countries (Switzerland, Liechtenstein, Monaco, Andorra and San Marino) and calls on those countries to commit fully to implementing the new single global standard for automatic exchange of information, developed by the OECD and endorsed by the G20, and to the early adopters initiative.

The European Council calls on the Commission to carry forth the negotiations with those countries swiftly with a view to concluding them by the end of the year, and invites the Commission to report on the state of play at its December meeting. If sufficient progress is not made, the Commission’s report should explore possible options to ensure compliance with the new global standard.

In the light of this, the Council will adopt the Directive on taxation of savings income at its next March 2014 meeting.

The European Council invites the Council to ensure that, with the adoption of the Directive on Administrative Cooperation by the end of 2014, EU law is fully aligned with the new global standard.

What About the Withholding Exception for Austria and Luxembourg?

While most Member States adopted the exchange of information regime provided in the 2005 Savings Directive, three Member States with a tradition of bank secrecy—Belgium, Luxembourg and Austria—preferred to adopt, during a transitional period, a withholding tax regime. They were authorized to adopt a withholding tax (now 35%) on interest income that is paid to individual savers resident in other EU Member States. In the meantime Belgium decided to discontinue applying the transitional withholding tax as of 1 January 2010 and exchange information instead.

Therefore, only Luxembourg and Austria are currently entitled to levy a withholding tax. Luxembourg has notified the EU Commission that from next year, January 1, 2015 it will discontinue applying the transitional withholding tax and thus begin automatically exchanging information for applicable accounts from that date.

Thus, only Austria has expressed that it will maintain the withholding tax option. Austria’s finance minister is quoted in April 2013 stating: “All this data exchange will not put one red cent in my tax coffers, …. I want to have the money, not a data cemetery.”[4]  However, in light of the Council’s press release on Saturday, this position has probably changed.

The Austria’s Chancellor had also indicated that Austria may begin automatic exchange regarding the interest from savings accounts beginning 2014.[5] Although this statement is different from the Luxembourg commitment towards automatic exchange of information, it would not be surprising that Austria will soon also endorse this automatic exchange standard within the scope of applying the Savings Directive, in light of FATCA, GATCA, and the Council’s press release.

book coverPractical Compliance Aspects of Exchange of Information, FATCA and GATCA

For in-depth analysis of the practical compliance aspects of financial service business providing for exchange of information of information about foreign residents with their national competent authority or with the IRS (FATCA), see Lexis Guide to FATCA Compliance, 2nd Edition just published!

William H. Byrnes, author of six Lexis international tax titles, has achieved authoritative prominence with more than 20 books, 100 book chapters and supplements, and 1,000 media articles.  In 2008 he was appointed Associate Dean at Thomas Jefferson School of Law, previously obtaining Professor of Law with Tenure at St. Thomas University.   William Byrnes was a Senior Manager, then Associate Director of international tax for Coopers and Lybrand, and consulted for clients involved with Africa, Europe, Asia, the Indian sub-continent, and the Caribbean.   He has been commissioned by a number of governments on tax policy.

[1] See Commission Staff Working Document, “Refining the present coverage of Council Directive 2003/48/EC on taxation of income from savings”, SEC (2008), p. 559.

[2] See “Proposal for a Council Directive amending Council Directive 2003/48/EC on taxation of savings income in the form of interest payments”, COM (2008) 727 final, of November 13, 2008.

[3] Conclusions, European Council, Brussels, Euco 7/1/14, 21 March 2014.

[4]“All this data exchange will not put one red cent in my tax coffers,” finance minister Maria Fekter said on 13 April. “I want to have the money, not a data cemetery.”  Stamatoukou, Eleni, “EU Savings Directive to be modified”, New Europe Online, (April 15, 2013) Available at http://www.neurope.eu/article/eu-savings-directive-be-modified.

[5] Austria’s position regarding the extension of the EU Savings Directive requires that such extension be also imposed through international agreements with San Marino, Switzerland, Lichtenstein, Andorra, and Monaco.  However, it is unclear if Austria has since backtracked and made these five agreements a pre-condition for its own automatic information exchange on savings income for depository accounts.  See Bodoni, Stephanie, EU Push For Savings-Tax Deal Fought By Luxembourg, Austria, Bloomberg (Nov 14, 2013).  Available at http://www.bloomberg.com/news/2013-11-14/eu-set-to-fail-to-meet-savings-tax-goal-on-luxembourg-opposition.html.

 

Posted in FATCA, OECD, Taxation, Uncategorized | Tagged: , , , , | 2 Comments »

LexisNexis FATCA compliance book released

Posted by William Byrnes on March 24, 2014


Associate Dean William Byrnes’ 2nd Edition of LexisNexis Guide to FATCA Compliance” was published February 3, 2014.  The 600+ page book of legal analysis features TJSL JD students Sean Livermore as the managing editor and Jason Miller as the co-author of the Turkey chapter with PwC Partner Umurcan Gago with whom Jason worked as his summer intern in Istanbul.

Sean Livermore opened up about why he chose Thomas Jefferson School of Law.  “It was a great opportunity to engage with partners of Big Law and the Big 4, made possible by the publication opportunities of Associate Dean Byrnes. The chance to be featured on LexisNexis fits nicely with my interests in pursuing an international legal career with several years of experience in Asia having studied in Japan and developed curricula for the Seoul Metropolitan Office of Education.”

book cover

“It was neat having the resources of PwC to help me write these articles,” related Jason Miller, who has now published in three LexisNexis publications and one for WoltersKluwer. “PwC has someone who specializes in every area, and everyone was always accommodating and eager to help me.”

Sean Livermore continued, “Professor Byrnes introduced me to an opportunity to work with an economic and tax study for a foreign government that opened my eyes to various types of tax work, as well as twenty hour work days.”

Professor William Byrnes interjected. “Over fifty of my students are currently involved in various LexisNexis, Wolters Kluwer, National Underwriter and Mertens publications.  It’s like a law review experience on steroids.”

“I undertook over thirty in-house workshops and interviews with tier 1 banks, firms, and government departments.  Through these I developed several new contributing authors, including Peter Cotorceanu who is the Head of UBS’ Product Management for Trusts and Foundations; Devang Ambavi, Rajul Jain, and Shinjini Kumar (PricewaterhouseCoopers experts for India), and Jinghua Liu and Qiguang Zhou (Baker McKenzie experts for China).”

“I look forward to having my new cohort students engage with these experts for the 2015 Edition that I may teach the students how to build an international network, and of course about international tax opportunities.  At the Tax Society lunch this week – Tuesday, March 25th – we are hosting renown European Court of Justice expert and author Dr. Dennis Weber of University of Amsterdam who will discuss ECJ tax jurisprudence that he analyzes in his publications.”

The 600 page LexisNexis Guide to FATCA Compliance will provide the financial enterprise’s FATCA compliance officer the tools for developing and maintaining a best practices compliance strategy.  This Guide may be leveraged in combination with the tools for identification of U.S. indicia of LexisNexis Risk Solutions (http://www.lexisnexis.com/risk/).

LexisNexis® Guide to FATCA Compliance

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TJSL Tax Law Society Hosts Dr. Dennis Weber Tuesday, March 25

Posted by William Byrnes on March 19, 2014


Dennis picFor event details and rsvp information see > TJSL Tax Law Society Will Host International Tax Professor

Dr. Weber heads the European Direct Tax Law practice at Loyens & Loeff, the largest European continental law firm.  He specializes in advising clients in European tax law proceedings for the Dutch courts, the European Court of Justice and foreign courts. Dr. Weber is a professor of European Corporate Tax Law and the director of the University of Amsterdam’s Centre for Tax Law. He is a deputy judge in the regional Court of Appeal of ‘s-Hertogenbosch and an editor of many books, such as: Taking the Financial Sector (IBFD), EU Income Tax Law: Issues for the Years Ahead (IBFD) and Common Consolidated Corporate Tax Base (CCCTB): Selected Issues (Kluwer). 

“I met Dr. Weber last year during a Thomas Jefferson Tax Law Society career service event when he revealed how Holland is often the center of the world of international finance, and how tax law students can take advantage of often overlooked employment opportunities in this area,” explained the Tax Law Society’s Vice President of Operations Mark Hackmann (3L). “I was excited to obtain a generous sponsorship from Professor William Byrnes for the Tax Society to bring Dr. Weber back to campus to re-engage with our students.”

See the event announcement and details at TJSL Tax Law Society Will Host International Tax Professor

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Client’s Seeking Market Value Adjusted Annuities

Posted by William Byrnes on March 16, 2014


As clients have begun to feel the shifting winds with respect to the general economy, the annuity market is now undergoing its own type of evolution. While products that tie fluctuations in an annuity’s cash surrender value to prevailing market interest rates may have seemed unacceptably risky to most clients just a few months ago, changes in today’s interest rate environment now have clients flocking to find these features.

Annuities with market value adjustment (MVA) features may be the next hot product for clients looking to beat the return on other conservative investment products, so make sure you are ready for this emerging product trend.

Read the full analysis of Professor William Byrnes and Robert Bloink at Think Advisor !

2013_tf_insurance_emp_benefits_combo_covers-m_2Authoritative and easy-to-use, 2014 Tax Facts on Insurance & Employee Benefits shows you how the tax law and regulations are relevant to your insurance, employee benefits, and financial planning practices.  Often complex tax law and regulations are explained in clear, understandable language.  Pertinent planning points are provided throughout.

Organized in a convenient Q&A format to speed you to the information you need, 2014 Tax Facts on Insurance & Employee Benefits delivers the latest guidance on:

  • Estate & Gift Tax Planning
  • Roth IRAs
  • HSAs
  • Capital Gains, Qualifying Dividends
  • Non-qualified Deferred Compensation Under IRC Section 409A
  • And much more!

Key updates for 2014:

  • Important federal income and estate tax developments impacting insurance and employee benefits including changes from the American Taxpayer Relief Act of 2012
  • Concise updated explanation and highlights of the Patient Protection and Affordable Care Act (PPACA)
  • Expanded coverage of Annuities
  • New section on Structured Settlements
  • New section on International Tax
  • More than thirty new Planning Points, written by practitioners for practitioners, in the following areas:
    • Life Insurance
    • Health Insurance
    • Estate and Gift Tax
    • Deferred Compensation
    • Individual Retirement Plans

Plus, you’re kept up-to-date with online supplements for critical developments.  Written and reviewed by practicing professionals who are subject matter experts in their respective topics, Tax Facts is the practical resource you can rely on.

Posted in Insurance, Pensions, Retirement Planning | Tagged: , , , , | Leave a Comment »

LexisNexis releases next edition of Money Laundering, Asset Forfeiture and Recovery Global Guide

Posted by William Byrnes on March 6, 2014


book cover

Graduating Thomas Jefferson juris doctor candidate Emmanuel Rayes co-authored with Dr. David Utzke the chapter “Virtual-Currency Regulatory Developments” for LexisNexis new release of Money Laundering, Asset Forfeiture and Recovery and Compliance — A Global Guide (LexisNexis).  Ashley Paulson, currently working in a DEA internship position and also about to graduate from Thomas Jefferson, leveraged her professional network and work expertise to create three new compliance oriented chapters for banks, including one on politically exposed persons (‘PEPs’).

Emmanuel Rayes reported “Associate Dean William Byrnes provided many great resources in helping me prepare Emmanuel Rayesthis publication. He has valuable connections in the legal and business fields not only in the United States but all over the World. Dean Byrnes introduced me to Dr. Utzke who is the lead IRS agent for virtual currencies and offshore compliance. Dr. Utzke’s guidance and insight was pivotal in completing this publication.”

professionalpicture_Medium“At the DEA one of my supervisors was impressed that I was working with Associate Dean William Byrnes,” related Ashley Paulson. “With the experience gained from my government work and from consulting other expert attorneys in this area, I was able to analyze three areas of chief concern for financial institutions: suspicious activity reporting (‘SAR’), currency transaction reporting (‘CTR’) and PEPS.  My interest in PEP compliance grew after the International Consortium of Investigative Journalists exposed thousands of instance of major banks thwarting PEP guidelines, leading to corresponding allegations of corruption by those PEPs and their families.” 

“Virtual currencies are changing the perception of what money is and what money can do,” Emmanuel Rayes described.  “The amount of excitement and interest surrounding this topic is comparable to the introduction of the Internet or the Smartphone.”

 “After passing the Bar, I plan to stay involved with this publishing as a Thomas Jefferson alumni,” declared Ashley Paulson.  “I encourage students to attend William Byrnes’ lectures and learn about these unique opportunities for his students to engage with experts to assist them in authoring articles on current topics.”  

Mr. Rayes added, “I think that being a featured author in a major LexisNexis publication that so many lawyers and banks rely upon is a career game changer.  It’s already opening doors.”

“I agree”, said Ms. Paulson, “Having been an author for chapters that banks are referencing, and my experience with the DEA, has distinguished me from other graduates for career opportunities.”

“I match my Thomas Jefferson students with co-authorship opportunities in my graduate publication seminar that they may connect with professionals and begin to build a network,” explained William Byrnes.  “I am hosting a Tax Society lunch on March 25th featuring renown European Court of Justice expert and author Dr. Dennis Weber and will discuss the next set of networking opportunities with those attending.”

Money Laundering, Asset Forfeiture and Recovery and Compliance — A Global Guide

William H. Byrnes, IV,

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The Child Tax Credit May Cut Your Tax

Posted by William Byrnes on March 4, 2014


IRS Tax Tip 2014-18 reminds taxpayers whom have a child or children under 17, then the Child Tax Credit may save money at tax time.  Key facts the IRS wants taxpayers to know about the Child Tax Credit:

• Amount.  The non-refundable Child Tax Credit may help cut the federal income tax by up to $1,000 for each qualifying child claimed on a tax return.

• Qualifications.  A child must pass seven tests to qualify for this credit:

1. Age test. The child was under age 17 at the end of 2013.

2. Relationship test. The child is a son, daughter, stepchild, foster child, brother, sister, stepbrother, or stepsister. A child can also be a descendant of any of these persons. For example, a grandchild, niece or nephew will meet this test. Adopted children also qualify. An adopted child includes a child lawfully placed with a taxpayer for legal adoption.

3. Support test. The child did not provide more than half of his or her own support for 2013.

4. Dependent test. Claim the child as a dependent on your 2013 federal income tax return.

5. Joint return test. A married child can not file a joint return with their spouse.

6. Citizenship test. The child must be a U.S. citizen, U.S. national or U.S. resident alien.

7. Residence test. In most cases, the child must have lived with the taxpayer for more than half of 2013.

• Limitations. Taxpayer’s filing status and income may reduce or eliminate the credit.

• Additional Child Tax Credit.  If the taxpayer receives less than the full Child Tax Credit, may still qualify for the refundable Additional Child Tax Credit. This means taxpayer may receive a refund even if no tax is owed.

• Schedule 8812.  A taxpayer may need to file Schedule 8812, Child Tax Credit, with the tax return. A taxpayer claiming the Additional Child Tax Credit must complete and attach Schedule 8812.

• Interactive Tax Assistant Tool.  Use the ITA tool to determine whether it is possible to claim the Child Tax Credit.

For more than half a century, Tax Facts has been an essential resource designed to meet the real-world tax-guidance needs of professionals in both the insurance and investment industries.

2014_tf_on_individuals_small_businesses-m_1Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for updated tax information that can help them provide the right answers to the right people at the right time. This brand-new resource provides fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts is famous.

“Our brand-new Tax Facts title is exciting in many ways,” says Rick Kravitz, Vice President & Managing Director of Summit Professional Network’s Professional Publishing Division. “First of all, it fills a huge gap in the resources available to today’s advisors. Small business is a big market, and this book enables advisors to get up-and-running right away, with proven guidance that will help them serve their clients’ needs. Secondly, it addresses the biggest questions facing all taxpayers and provides absolutely reliable answers that help advisors solve today’s biggest problems with confidence.”

The company also points out that the expert authors—Robert Bloink, Esq., LL.M., and William H. Byrnes, Esq., LL.M., CWM®—are delivering real-life guidance based on decades of experience.

tax-facts-online_medium

The authors’ knowledge and experience in tax law and practice provides the expert guidance for National Underwriter to once again deliver a valuable resource for the financial advising community,” added Kravitz.

Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction.  For more information, please go to www.nationalunderwriter.com/TaxFactsIndividuals or call 1-800-543-0874.

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Renown International Tax professor and lawyer, Dr. Dennis Weber, presents at Tax Society lunch

Posted by William Byrnes on February 28, 2014


On Tuesday, March 25 at 12 p.m. the Tax Society will host the renown International Tax academic and lawyer Dr. Dennis Weber.  Dr. Weber will discuss his advisory practice for cross border tax cases, and that of Loyens & Loeff where he is head of the European Direct Tax Law practice, before the European Court of Justice.  Loyens & Loeff is the largest European continental law firm.

“I met Dr. Dennis Weber last year during a Thomas Jefferson Tax Society career service event when he revealed how Holland is often the center of the world of international finance, and how tax law students can take advantage of often overlooked employment opportunities in this area,” explained Tax Society Liaison Mark Hackman.  “I was excited to obtain a generous sponsorship from William Byrnes for the Tax Society to bring Dr. Dennis Weber back to campus to re-engage with our students.” 

Dennis pic

“I look forward to returning to Thomas Jefferson, this time to discuss tax cases recently before the ECJ that are impacting the European Union common market,” Dennis Weber iterated.

“Moreover”, he continued, “the OECD BEPS project is on every tax counsel’s mind, and such discussions normally involve The Netherlands because, as a business friendly jurisdiction for fifty years, it has attracted multinational operations, employment and tax revenue using a ‘carrot’ policy.  Other countries are competing for multinationals’ operations, employment and tax revenue with a ‘stick’ policy of imposing high compliance costs to dissuade international activities.  The next five years will be an interesting time as the G20 goes head to head to try to peel away these operations and tax revenue from each other.”

Mark Hackman continued. “We hope to attract the next generation of candidates to learn about Professor Byrnes’ international networking and publication opportunities through his Thomas Jefferson courses.  My tenure with the Tax Society has been rewarding and helped me obtain my position with the San Diego County Tax Collector, and now it’s time to pass this torch.”

 “Dr. Weber and I will continue to explore online possibilities for joint international tax courses for our programs that may bring additional benefits for the undergraduate law degree, based on our discussions in January with the UvA Law Dean Edgar du Perron,” revealed Associate Dean Byrnes.

Dennis Weber affirmed, “Our faculty has been impressed with Professor Byrnes’ lectures and academic interactions with us, and this has led me to return to Thomas Jefferson to continue to develop the relationship.  We have invited him to lecture with our faculty for our Colombian university partnership programs in May.”

“The Tax Society is organizing an April lunch discussion with Dr. Valcir Gassen, who is spending the year at Thomas Jefferson through the support of Brazil’s Ministry of Education CAPES Foundation”, interjected Mr. Hackmann.  “Dr. Gassen will talk with students about Brazil-U.S. trade and investment, and divulge opportunities for Thomas Jefferson law graduates.”

RSVP for the on-campus Tax Society lunch Tuesday, March 25 to Mark Hackman at hackmamm@tjsl.edu

Dr. Dennis Weber is a professor of European Corporate Tax Law and the director of the University of Amsterdam’s Centre for Tax Law.  He is an author of many books, such as Taxation of Companies – Capital Gains on Shares; the EU Treaty Freedoms (IBFD) and CCCTB: Selected Issues (Kluwer).  He heads the European direct tax law practice at Loyens & Loeff and specializes in advising clients in European tax law proceedings for the Dutch courts, the European Court of Justice and foreign courts. He is also a deputy judge in the regional court of appeal of ‘s-Hertogenbosch.

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Sales Essentials: Prospecting and Referrals on Wednesday March 5

Posted by William Byrnes on February 27, 2014


Byrnes book on ProspectingOn Wednesday March 5 (Prof. Robert Bloink) and on Wednesday April 2 (Assoc. Dean William Byrnes) are presenting on 2 soft skills topics about obtaining and maintaining clients.  March 5 will focus on lead development (see below).  April 2 will focus on client cloning, including: asking intriguing questions, C2C qualified introductionsrepeating your successful  formulae and finally, client crowd sourcing.

The webinars, kindly sponsored (thus no cost to attendees) by our friends at Advisys and its Back Room Technician platform, are based on the content from our newly released book in the National Underwriter Sales Essentials series: http://www.nationalunderwriter.com/national-underwriter-sales-essentials-life-health-prospecting-1.html (National Underwriter Sales Essentials: Prospecting)

Complicated products and financial strategies make the need for intelligent financial guidance more important than ever before. However, providing effective guidance is now more time consuming than ever. You must be both knowledgeable and service oriented to advise clients successfully. 

Wednesday, March 5th at
11:00 AM ET / 10:00 AM CT / 8:00 AM PT

“Sales Essentials: Prospecting and Referrals”  Enroll now >>

Robert is co-author of The National Underwriter Company’s soon to be published book, Sales Essentials: Prospecting, along with William H. Byrnes, Esq., LL.M, CWM. In the past five years, Robert worked to put in force in excess of $2 billion of death benefit for insurance industry producers. His financial products practice incorporates sophisticated wealth transfer techniques as well as counseling institutions about their insurance portfolios. He is a professor of tax for the Graduate Program of International Tax and Financial Services, Thomas Jefferson School of Law.
Robert joins us through special arrangements with the National Underwriter Company, the industry’s leading publisher of expert authored reference materials
for insurance, tax and financial planning professionals.

A few of the important topics we’ll cover include:

  • Phases of relationship building to cultivate a web of clients and referrals.
  • In-person networking: cultivating prospects and referrals through meetings at local events.
  • How to build relationships by adding value to the prospect’s business in the initial stages of the relationship.
  • The importance of focusing on the prospect and leaving detailed discussions of the financial professional’s business goals for later.
  • How to recognize when it’s time to close the deal. (Hint: when the prospect or referral knows, likes and trusts the advisor.)

Register Now – Click Here

This 45-minute webinar will be loaded with content and suggestions that can be used immediately with your next customer appointment or prospect. Learn the best practices of today’s top producers and advisors. Create success with a small-time commitment.

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Client Opportunity – Secondary Market Annuities

Posted by William Byrnes on February 26, 2014


Staying ahead of client demands in the annuity product game is no simple feat for even the most informed of financial advisors, and the latest trend may prove even more crucial to successful advising—it involves not a new product or rider, but an entire market for annuities.

Newly developed uniform transfer standards and increased availability have caused so-called “secondary market annuities” to surge in popularity amongst clients in their quest to find financial products with above-average interest rates to supplement retirement income. What once was a niche market is gaining traction with the ordinary investor, and it is time for all advisors to get up to speed.

Read the full analysis of Professor William Byrnes and Robert Bloink at Think Advisor !

2013_tf_insurance_emp_benefits_combo_covers-m_2Authoritative and easy-to-use, 2014 Tax Facts on Insurance & Employee Benefits shows you how the tax law and regulations are relevant to your insurance, employee benefits, and financial planning practices.  Often complex tax law and regulations are explained in clear, understandable language.  Pertinent planning points are provided throughout.

Organized in a convenient Q&A format to speed you to the information you need, 2014 Tax Facts on Insurance & Employee Benefits delivers the latest guidance on:

  • Estate & Gift Tax Planning
  • Roth IRAs
  • HSAs
  • Capital Gains, Qualifying Dividends
  • Non-qualified Deferred Compensation Under IRC Section 409A
  • And much more!

Key updates for 2014:

  • Important federal income and estate tax developments impacting insurance and employee benefits including changes from the American Taxpayer Relief Act of 2012
  • Concise updated explanation and highlights of the Patient Protection and Affordable Care Act (PPACA)
  • Expanded coverage of Annuities
  • New section on Structured Settlements
  • New section on International Tax
  • More than thirty new Planning Points, written by practitioners for practitioners, in the following areas:
    • Life Insurance
    • Health Insurance
    • Estate and Gift Tax
    • Deferred Compensation
    • Individual Retirement Plans

Plus, you’re kept up-to-date with online supplements for critical developments.  Written and reviewed by practicing professionals who are subject matter experts in their respective topics, Tax Facts is the practical resource you can rely on.

Posted in Insurance, Retirement Planning | Tagged: , , , | Leave a Comment »

LexisNexis Guide to FATCA Compliance – 600 pages on compliance analysis

Posted by William Byrnes on February 21, 2014


LexisNexis FATCA Compliance Manual published

book coverFifty contributing authors from the professional and financial industry provide 600 pages of expert analysis within the LexisNexis® Guide to FATCA Compliance (2nd Edition): many perspectives – one voice crafted by the primary author William Byrnes.

The LexisNexis® Guide to FATCA Compliance (2nd Edition) comprises 34 Chapters grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of FATCA’s application for certain trading partners of the U.S. (Chapters 17–34), including intergovernmental agreements as well as the OECD’s TRACE initiative for global automatic information exchange protocols and systems. The 34 chapters include many practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA.  Chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, insights as to the application of FATCA and the IGAs within new BRIC and European country chapters.

Non-U.S. residents may contact Nicole Hahn, LN International Accounts Manger, by e-mail or phone to order: Nicole.Hahn@lexisnexis.com or +1 518.487.3004.

This second edition of the LexisNexis® Guide to FATCA Compliance has been vastly improved based on over thirty in-house workshops and interviews with tier 1 banks, with company and trusts service providers, with government revenue departments, and with central banks. The enterprises are headquartered in the Caribbean, Latin America, Asia, Europe, and the United States, as are the revenue departments and the central bank staff interviewed.

Nine NEW chapters cover FATCA as it relates to: (1) the trust industry, (2) Ireland, (3) Spain, (4) Brazil, (5) China, (6) India, (7) Luxembourg, (8)Russia, and (9) Turkey.

Several new contributing authors joined the FATCA Expert Contributor team this edition. This second edition has been expanded from 25 to 34 chapters, with 150 new pages of regulatory and compliance analysis based upon industry feedback of internal challenges with systems implementation. The previous 25 chapters have been substantially updated, including many more practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA. The nine new chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, insights as to the application of FATCA and the IGAs within new BRIC and European country chapters.

This second edition will provide the financial enterprise?s FATCA compliance officer the tools for developing and maintaining a best practices compliance strategy, starting with determining what information is needed for planning the meetings with outside FATCA experts. This Guide may be leveraged in combination with the tools for identification of U.S. indicia of LexisNexis Risk Solutions (http://www.lexisnexis.com/risk/).

Chapter 1 Background and Current Status of FATCA
Chapter 2 Practical Considerations for Developing a FATCA Compliance Program
Chapter 3 FATCA Compliance and Integration of Information Technology
Chapter 4 Financial Institution Account Remediation
Chapter 5 FBAR and Form 8938 Reporting and List of International Taxpayer IRS Forms
Chapter 6 Determining U.S. Ownership of Foreign Entities
Chapter 7 Foreign Financial Institutions
Chapter 8 Non-Financial Foreign Entities
Chapter 9 FATCA and the Offshore Trust Industry
Chapter 10 FATCA and the Insurance Industry
Chapter 11 Withholding and Qualified Intermediary
Chapter 12 FATCA Withholding Compliance
Chapter 13 ”Withholdable” Payments
Chapter 14 Determining and Documenting the Payee
Chapter 15 Framework of Intergovernmental Agreements
Chapter 16 Analysis of Current Intergovernmental Agreements
Chapter 17 European Union Cross Border Information Reporting
Chapter 18 The OECD Role in Exchange of Information: The Trace Project, FATCA, and Beyond
Chapter 19 Germany-U.S. Intergovernmental Agreement and its Implementation
Chapter 20 Ireland-U.S. Intergovernmental Agreement and its Implementation
Chapter 21 Japan-U.S. Intergovernmental Agreement and its Implementation
Chapter 22 Mexico-U.S. Intergovernmental Agreement and its Implementation
Chapter 23 Switzerland-U.S. Intergovernmental Agreement and its Implementation
Chapter 24 The United Kingdom-U.S. Intergovernmental Agreement and its Implementation
Chapter 25 Exchange of Tax Information and the Impact of FATCA for Brazil
Chapter 26 Exchange of Tax Information and the Impact of FATCA for The British Virgin Islands
Chapter 27 Exchange of Tax Information and the Impact of FATCA for Canada
Chapter 28 Exchange of Tax Information and the Impact of FATCA for Spain
Chapter 29 Exchange of Tax Information and the Impact of FATCA for China
Chapter 30 Exchange of Tax Information and the Impact of FATCA for Netherlands
Chapter 31 Exchange of Tax Information and the Impact of FATCA for Luxembourg
Chapter 32 Exchange of Tax Information and the Impact of FATCA for Russia
Chapter 33 Exchange of Tax Information and the Impact of FATCA for Turkey
Chapter 34 Exchange of Tax Information and the Impact of FATCA for India

Index – See more at: http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327#sthash.jNxiRHxp.dpuf

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Tax and Financial Professionals online program

Posted by William Byrnes on February 20, 2014


When William Byrnes returned to the United States in 1998 to establish the International Finance and Taxation program leveraging online communication technologies, both international tax programs and distance learning programs were in their infancy. Through engaging a renown and talented faculty of industry professionals, and the support of an immensely engaged student body from professional and financial service firms, the international tax program blossomed over the past 15 years to become a cutting edge industry leader that it is today. Just recently, National Law Journal wrote “Perhaps no one in legal academia has more experience with online master’s degrees than William Byrnes, Associate Dean for Graduate and Distance Education Programs at Thomas Jefferson School of Law.” (May 20, 2013)

Each year William Byrnes chooses fourteen international tax students from the graduate online program to assist within tax compendium published by LexisNexis, WoltersKluwer, National Underwriter Co. (the Tax Facts series), and Merten’s Federal Income Taxation. By the time these students have reached international alumni status, many have developed into authors with several chapter and article citations.

William Byrnes created this graduate program around the needs of tax and financial professionals looking for advancement and efficiency for their career, be that to attract new clientele with global issues, better manage the budgets of outside international counsel, or to enhance their CV for the next round of promotion. Explore an international tax & financial services career by listening to his interview responses, then interacting with him via Skype or Google Hangout.

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How a Counterintuitive Social Security Strategy Can Fund an Early Retirement

Posted by William Byrnes on February 17, 2014


Astute financial producers recognize that some of the most successful planning strategies are those customized to meet the individual client’s needs, and, in some cases, this means defying conventional wisdom and focusing on the numbers at hand.  Effective Social Security planning is no different.

tax-facts-online_medium

While it may seem obvious to some advisors that clients should be counseled to delay collecting Social Security in order to maximize benefit levels, in reality this may not be the most effective strategy for many clients.  By going against the grain and claiming benefits early, this counterintuitive Social Security strategy can actually help clients make the most of their traditional retirement savings accounts.

Read the full analysis of Professor William Byrnes and Robert Bloink at Think Advisor !

ThinkAdvisor.com supports the professional growth and vitality of the Investment Advisory community, from RIAs and wealth managers of all kinds, to independent broker-dealer and wirehouse representatives. We provide unparalleled access to the knowledge, information and critical resources they need to succeed at every stage in their career, including professional development, education and certification, industry news and analysis, reference tools and services, and community networking opportunities.

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Earned Income Tax Credit (EITC) for Low- and Moderate-Income Workers: a Significant Tax Benefit

Posted by William Byrnes on February 10, 2014


Last Friday (January 31, 2014) the IRS opened the tax filing season for 2013 taxes.  In Newswire (IR-2014-9 and -10), also released January 31, the IRS seeks to reach out to low and moderate income workers to alert them to take advantage of the Earned Income Tax Credit, known as the “EITC”.  The IRS stated that the EITC is often overlooked by the low and moderate workers, many whom do their own tax filing.

This year, taxpayers have until Tuesday, April 15, 2014 to file their 2013 tax returns and pay any tax due.  The IRS expects to receive more than 148 million individual tax returns this year, and more than 80% of tax returns are now filed electronically.

Approximately 75% of tax filers typically receive refunds, 90% of these refunds issued in less than 21 days.  Last year, taxpayers received an average refund of $2,744.  The IRS stated that “E-file” when combined with a direct deposit is the fastest way to receive a refund.  75% of refund recipients now choose direct deposit.

The Earned Income Tax Credit (EITC)

The IRS estimates that 20% of eligible low and moderate income workers miss out on taking advantage of the the EITC, and thus lose any potential refund generated by it.  Either the taxpayer does not claim the EITC when filing or does not file a tax return at all because their income is below the filing threshold.   The IRS further stated that one-third of the taxpayers eligible for EITC changes each year as their personal circumstances, such as work status or family situation, changes, affecting eligibility. 

The EITC varies depending on income, family size and filing status.  Last year, over 27 million eligible workers and families received more than $63 billion total in EITC, with an average EITC amount of $2,300.

Workers, self-employed people and farmers who earned $51,567 or less last year could receive larger refunds if they qualify for the EITC.  That could mean up to $487 in EITC for people without children, and a maximum credit of up to $6,044 for those with three or more qualifying children. Unlike most deductions and credits, the EITC is refundable. In other words, those eligible may get a refund even if they owe no tax

Common EITC Mistakes

Taxpayers are responsible for the accuracy of their tax return regardless of who prepares it.  The rules for EITC are complicated.  The IRS urges taxpayers to seek help if they are unsure of their eligibility (read about Taxpayer Clinics below).

There are several requirements to consider:

  • Your filing status can’t be Married Filing Separately.
  • You must have a valid Social Security number for yourself, your spouse if married, and any qualifying child listed on your tax return.
  • You must have earned income. Earned income includes earnings such as wages, self-employment and farm income.
  • You may be married or single, with or without children to qualify. If you don’t have children, you must also meet age, residency and dependency rules.
  • If you are a member of the U.S. Armed Forces serving in a combat zone, special rules apply.

Some common EITC errors are:

  • Claiming a child who does not meet the relationship, age or residency tests
  • Filing as “single” or “head of household” when married
  • Over or under reporting of income and or expenses to qualify for or maximize EITC
  • Missing Social Security numbers or Social Security Number and last name mismatches for both taxpayers and the children

Online Tools at IRS.gov Available to Help

People can find out if they qualify for the EITC by answering a few questions about income, family size and filing status, among other things using the EITC Assistant, a special online tool.  The EITC Assistant will help determine eligibility and will figure an estimated EITC refund.  A taxpayer can even get a printout explaining why he or she qualifies or has been denied.

Free Taxpayer Clinics Help Taxpayers File – Located Around the USA

Eligible taxpayers can also use another helpful online resource, the VITA Site Locator tool to locate one of nearly 13,000 community-based volunteer tax sites consisting of over 90,000 volunteers that can help them file their return for free.  (In San Diego, Thomas Jefferson School of Law has an active VITA program).

Tele-Tax, for example, help taxpayers see if they qualify for various tax benefits, such as the Child Tax Credit and Additional Child Tax Credit for eligible families, the American Opportunity Tax Credit for parents and college students, the saver’s credit for low-and moderate-income workers saving for retirement and energy credits for homeowners making qualifying energy-saving home improvements. The automated IRS services can also help home-based businesses check out the new simplified option for claiming the home office deduction, a straightforward computation that allows eligible taxpayers to claim $5 per square foot, up to a maximum of $1,500, instead of filling out a 43-line form (Form 8829) with often complex calculations.

Free Online Tax Software for Filing

When taxpayers are ready to fill out and file their returns, another online option enables anyone to e-file their returns for free. Free File offers two free electronic filing options: brand-name tax software or online Fillable Forms. Taxpayers who make $58,000 or less can choose free options from 14 commercial software providers. There’s no income limit for the second option, Free File Fillable Forms, the electronic version of IRS paper forms, which is best suited to people who are comfortable preparing their own tax return.

Online Refund Tool

Even after taxpayers file, there are more online tools that can provide them with valuable assistance long after tax season ends. One of the most popular is Where’s My Refund? a tool available on IRS.gov that enables taxpayers to track the status of their refund. Initial information will normally be available within 24 hours after the IRS receives the taxpayer’s e-filed return or four weeks after the taxpayer mails a paper return to the IRS. The system updates every 24 hours, usually overnight, so there’s no need to check more often.

Can’t Afford to Pay the Tax Bill by April 15th?  Use the Online Payment Agreement Tool 

For taxpayers whose concern isn’t a refund, but rather, a tax bill they can’t pay, the Online Payment Agreement tool can help them determine whether they qualify for an installment agreement with the IRS. And those whose tax obligation is even more serious, the Offer in Compromise Pre-Qualifier can help them determine if they qualify for an offer in compromise, an agreement with the IRS that settles their tax liability for less than the full amount owed.

Are You Withholding Enough or Too Much Tax During the Year?

Another useful year-round tool, the IRS Withholding Calculator, helps employees make sure the amount of income tax taken out of their pay is neither too high nor too low. This tool can be particularly useful to taxpayers who, after filling out their tax returns, find that the refund or balance due was higher than expected.

Beware of EITC Scams and Frauds

Scams that create fictitious qualifying children or inflate income levels to get the maximum EITC could leave taxpayers with a penalty.  If an EITC claim was reduced or denied after tax year 1996 for any reason other than a mathematical or clerical error, taxpayers must file Form 8862, Information To Claim Earned Income Credit After Disallowance, with the next tax return to claim the EITC.

Tax Help Through YouTube, Twitter, Tumblr

The IRS also offers more than 100 short instructional videos, tax tips and other useful resources year-round through a variety of social media platforms. They include:

2014_tf_on_individuals_small_businesses-m_1The newest addition to the Tax Facts Library, Tax Facts on Individuals & Small Business focuses exclusively on what individuals and small businesses need to know to maximize opportunities under today’s often complex tax rules.  It is the essential tax reference for financial advisors, & planners; insurance professionals; CPAs; attorneys; and other practitioners advising small businesses and individuals.  See http://www.nationalunderwriter.com/tax-facts-on-individuals-small-business.html

Organized in a convenient Q&A format to speed you to the information you need, Tax Facts on Individuals & Small Business delivers the latest guidance on:
» Healthcare
» Home Office
» Contractor vs. Employee — clarified!
» Business Deductions and Losses
» Business Life Insurance
» Small Business Valuation
» Small Business Entity Choices
» Accounting — including guidance on how standards change as the business grows
» Capital Gains
» Investor Losses
» New Medicare Tax and Net Investment Income tax
» Individual Income Taxation

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The National Underwriter Company Publishes Tax Facts on Individuals & Small Business

Posted by William Byrnes on February 4, 2014


Tax and financial advisors will now have a new tool for helping individuals and small businesses navigate today’s toughest tax questions

NEW YORK, /PRNewswire/ — In order to aid professionals faced with complicated, confusing tax questions, National Underwriter has released the newest addition to its highly popular Tax Facts library, Tax Facts on Individuals & Small Business, an essential tax reference for financial advisors & planners, insurance professionals, CPAs, attorneys, and other practitioners advising small businesses and individuals.

For more than half a century, Tax Facts has been an essential resource designed to meet the real-world tax-guidance needs of professionals in both the insurance and investment industries.

2014_tf_on_individuals_small_businesses-m_1Due to a number of recent changes in the law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for updated tax information that can help them provide the right answers to the right people at the right time. This brand-new resource provides fast, clear, and authoritative answers to pressing questions, and it does so in the convenient, timesaving, Q&A format for which Tax Facts is famous.

“Our brand-new Tax Facts title is exciting in many ways,” says Rick Kravitz, Vice President & Managing Director of Summit Professional Network’s Professional Publishing Division. “First of all, it fills a huge gap in the resources available to today’s advisors. Small business is a big market, and this book enables advisors to get up-and-running right away, with proven guidance that will help them serve their clients’ needs. Secondly, it addresses the biggest questions facing all taxpayers and provides absolutely reliable answers that help advisors solve today’s biggest problems with confidence.”

The company also points out that the expert authors—Robert Bloink, Esq., LL.M., and William H. Byrnes, Esq., LL.M., CWM®—are delivering real-life guidance based on decades of experience.

“The authors’ knowledge and experience in tax law and practice provides the expert guidance for National Underwriter to once again deliver a valuable resource for the financial advising community,” added Kravitz.tax-facts-online_medium

Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction.  For more information, please go to www.nationalunderwriter.com/TaxFactsIndividuals or call 1-800-543-0874.

ABOUT NATIONAL UNDERWRITER
For over 110 years, National Underwriter has been the first in line with the targeted tax, insurance, and financial planning information you need to make critical business decisions. With respected resources available in print, online, and in eBook formats, National Underwriter remains at the forefront of the evolving insurance industry, delivering the thorough and easy-to-use resources you rely on for success. National Underwriter is a Summit Professional Network.

ABOUT SUMMIT PROFESSIONAL NETWORKS
Summit Professional Networks supports the growth and vitality of the insurancefinancial services and legalcommunities by arming professionals with the knowledge and education they need to succeed at every stage of their careers. We provide face-to-face and digital events, websites, mobile sites and apps, online information services, and magazines giving professionals multi-platform access to our critical resources, including Professional Development; Education & Certification; Prospecting & Data Tools; Industry News & Analysis; Reference Tools and Services; and Community Networking Opportunities.

Using all of our resources across each community we serve, we deliver measurable ROI for our sponsors through a range of turnkey services, including Research, Content Development, Integrated Media, Creative & Design, and Lead Generation.

For more information, go to http://www.summitprofessionalnetworks.com/.

Press Contact:
Marcia Mermelstein
Summit Professional Networks
201-526-2340
mmermelstein@SummitProNets.com

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Professor Byrnes Lectures for University of Amsterdam’s International Tax Program

Posted by William Byrnes on January 22, 2014


UvA teaching

Following his October presentation in Moscow at Moscow Finance University organized with University of Amsterdam, Professor William Byrnes was invited to lecture last week for the intersession international tax course of the University of Amsterdam’s Centre for Tax Law. While at the University of Amsterdam, he engaged with Dean Dr. Edgar du Perron on collaborative distance education opportunities, and attended the European Law Student Association’s (ELSA) annual Groot Juridisch Dictee of the Amsterdam chapter.

William Byrnes noted, Dr. Dennis Weber, the Director of the Amsterdam Centre for Tax Law, is a renowned jurist and author on tax issue brought before the European Court of Justice. He is frequently referred to as a powerhouse among European Tax Law faculty. In 2015, Amsterdam will begin offering the LL.M. of International Taxation in English for a very selective group of professionals. With his robust full-time tax faculty and cadre of Ph.D. candidates from around the world, I expect it to quickly become the premier international tax degree within Europe, perhaps globally.” 

Professor Dennis Weber included, “I visited Thomas Jefferson’s campus last February when I lectured to its tax students about international tax risk management and also about practical aspects of careers in the tax field.  I became very intrigued with how Associate Dean William Byrnes dynamically engaged students on campus and worldwide through leveraging communication and multimedia technologies. We are investigating potentially collaborating on joint online initiatives in the future and look forward to discussing these further when I return  to San Diego this March to deliver my next international tax lectures.”

UvA Dean“Of all my international invitations” Professor Byrnes added, “University of Amsterdam is my favorite because I am an alumni and have fond memories and friends from my three years on campus when I studied international tax law, and participating as an active member of ELSA Amsterdam.  The University of Amsterdam led to my initial academic opportunities in South Africa because my fellowship dissertation on transfer pricing profit-margin based methodologies was, at that time, quite unique and South Africa was re-thinking its tax system.  With the G20 and OECD’s new agenda against base erosion and profit shifting (BEPS), transfer pricing is now a prominent topic of study in most tax law programs, but two decades ago only Amsterdam offered me the opportunity to delve deeply into it via a shared research program at the IBFD.”cts of careers in the tax field.  I became very intrigued with how Associate Dean William Byrnes dynamically engaged students on campus and worldwide through leveraging communication and multimedia technologies. We are investigating potentially collaborating on joint online initiatives in the future and look forward to discussing these further when I return  to San Diego this March to deliver my next international tax lectures.”

UvA ELSA

Professor Byrnes continued, “Also, Dr. Weber, Bruno Da Silva, and I had the opportunity to discuss several future collaborative publications stretching out through 2015 and beyond, including authoring a Lexis book on international tax for the Asian academic and professional market to be translated into several local languages, reworking a Lexis publication on tax treaties, and finally, expansion of my Lexis transfer pricing publication from the U.S. perspective to a global, comparative approach.  Bruno Da Silva, who is just completing his doctoral candidacy at UvA on the topic of information exchange, and I just collaborated on the second edition of LexisNexis Guide to FATCA Compliance.  His representation of the China Territory of Macau, his OECD research and his work with Loyens and Loeff is establishing him as a leader among his European colleagues for understanding cross border information information flows.”

“Moreover, I explored with Dr. Edgar du Perron, Dean of University of Amsterdam Faculty of Law, and Dr. Weber the ‘flipping the classroom’ approach to distance education and how we may implement some joint international tax courses in this regard that can receive status as professional designations from various financial service authorities and associations.  Such courses could become the starting point for Amsterdam to leverage for the undergraduate law courses.  It was interesting to learn from Dean Perron that a group of entrepreneurial Amsterdam law students have captured lecture recordings of some of their courses, splicing them into multimedia course outlines and then selling them, albeit potentially without obtaining the faculty members authorization.”

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Best Practices for Distance Learning in Legal Education

Posted by William Byrnes on January 10, 2014


The American Association of Law Schools (AALS) President reported at the Sunday morning Section Officers’ breakfast on January 4, attended by Associate Dean William Byrnes of Thomas Jefferson School of Law, that this year’s conference had the second highest registration in AALS history.
william1614

During the AALS annual conference in New York City, LexisNexis sponsored the breakfast held at the Hilton Midtown for the Workgroup on Distance Education for Legal Education. The sit down breakfast, filled at room capacity of stakeholders from among law schools, is the third annual breakfast during AALS and seventh meeting of the workgroup.

The Lexis sponsored breakfast provided Professor Rebecca Purdom (pictured left), renown environmental law academic and leader of Vermont Law School’s Environmental online program, the opportunity to lead a stakeholder discussion on the Workgroup’s Report of Best Practices before the second edition publication in March. Professor Purdom also presented the agenda of the March 2014 three-day Workgroup meeting sponsored by Washington University School of Law (St. Louis). Professor Purdom stated, “The Workgroup evolved from a 2011 project presented at the Harvard Law School – New York Law School initiative of conferences ‘The Future of Legal Education 2.0’. Over the past two years, law schools’ interest has substantially grown in the workgroup’s best practices and case examples output as the schools leap forward into providing online courses and programs for their JD and LLM students.”

William Byrnes, as chair of the Report subgroup (Best Practices for Distance Learning in Legal Education:  A “Blue Paper” Summary of Delivery Models, Regulatory Issues, and Recommended Practices), has been coordinating input from academics from a representation of backgrounds, law school rankings, and regions, discussing and organizing contributions from workgroup members. Replying to the question: “What were some of highlights of the AALS conference this year?” Professor Byrnes answered, “The most significant “wake up” call of the AALS conference was the presentation about the ABA variance granted William Mitchell College of Law for a flexible hybrid, distance delivered JD degree. The newly announced hybrid short residence – online JD degree combines intensive, one week on-campus seminars once a semester with online course work during the semester.  This variance is a game changer regarding thinking about delivery of U.S. legal education and I expect distance hybrid programs to be wildly popular.”

The American Bar Association general restrictions for earning distance education credits (Standard 306) are being relaxed as well.  Under current ABA accreditation standards, a JD student may not earn any distance education during the first year of law school, and after the first year the student is restricted to no more than four distance education credit hours in any one semester, and a maximum 12 credits total may apply to the juris doctorate degree.  The new accreditation standard (Standard 311) will remove the maximum distance education credits per semester restriction, and increase the allowance  to 15 credits toward the degree.  However, in light of the newly announced variance, it is expected that several schools will also seek to expand the curriculum and practice-oriented opportunities afforded by distance education, especially schools in low population density regions.

William Byrnes said “As the pioneer of distance learning delivered law degrees by ABA institutions, I am glad to see other law schools finally understanding the strengths offered by technology. At Thomas Jefferson, my understanding of distance education pedagogy has deepened, and is frequently called upon by other schools, promoting Thomas Jefferson an academic leader among the ABA schools.”  

“How will this impact students?”  William Byrnes continued “For students, it opens the possibility, by example, of combining 15 hours of distance credits for electives with externship credits and independent study credits to complete a full academic year while perhaps undertaking a practical externship in a foreign country.  The student could begin the overseas, practical experience in January of the second year and return December the third year, allowing a full  12 months immersion, and not be penalized with a late graduation.  The last semester at the home school is a good idea to allow the student to engage in the necessary local state bar procedure courses and other bar preparation common for impending graduate, as well as reintegrate with  student organizations and friends.  Of course, technology like video/web conference applications such as Skype, Google Chat, and Polycom allow students off campus to remain engaged with home school students organizations and the like.  Still, technology doesn’t replicate throwing frisbee on Pacific Beach with friends or replace the unexpected meeting at the Starbucks down the street from the law school.”

“Quality of education was a concern on many minds which I think will in turn increase interest in the workgroup’s best practices project and report. I also expect several more variances and online programs to be applied for in 2014”. Professor Byrnes concluded “The March 2014 distance education workgroup meeting has opened a third day to address requests from law schools to provide practical online course examples of tools and techniques.”

The first edition of the workgroup’s best practices report may be downloaded from the Harvard website.  The vastly expanded, and refined, second edition of Best Practices for Distance Learning in Legal Education:  A “Blue Paper” Summary of Delivery Models, Regulatory Issues, and Recommended Practices will be published at the March 6 – 8, 2014 workshop.  Contact William Byrnes for more details (https://profwilliambyrnes.com/about-2/).

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video interview on distance education

Posted by William Byrnes on November 18, 2013


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William Byrnes Presents at Moscow Conferences

Posted by William Byrnes on October 31, 2013


Byrnes pic of FU conference

Associate Dean William Byrnes recently returned from a week in Moscow (October 21 – 25) wherein he participated in two conferences, a presentation to the tax and transfer pricing partners at Pepeliaev (one of the largest Russian law firms), and meetings with government Ministry officials.  Professor Byrnes, a renown international tax academic, was invited and sponsored by the Financial University of the Russian Federation and the University of Amsterdam’s Centre for Tax Law.

A conference organized by the Moscow branch of the International Financial Association, the world’s leading 20,000 member organization for the study of international fiscal policy matters, was held at Morgan Stanley’s Moscow office.  William Byrnes joined presenters from the tax law faculty of the University of Amsterdam, including Dr. Dennis Weber, Dr. Stef van Weeghel, and Dr. Hein Vermeulen, as well as Bart Zoetmulder from the law firm Loyens and Loeff, Continental Europe’s largest.  Byrnes participation included analyzing the impact of various aspects of the forthcoming United States and Russian intergovernmental agreement for automatic financial information exchange.

Professor Byrnes said: “I think that Dr. Dennis Weber, a powerhouse among European Tax Law professors, took notice of my academic work because I am an actual graduate from the University of Amsterdam wherein I studied international tax law and from there I began my international tax career.”

Byrnes continued: “The Amsterdam Centre for Tax Law Director, Dr. Dennis Weber, sponsored by his university, visited Thomas Jefferson’s campus and presented lectures to our residential students on the often overlooked world of international tax management opportunities.  After our engaging discussions in Moscow about overlapping mutual opportunities, I am just now working out the logistics for our sponsorship of his return in March for a deeper engagement with the Tax Society, led by 2nd year student Mark Hackman, the 3rd year law students leveraging my publications programs for their career development, and myself to complete discussions exploring the potential to offer a couple joint programs in a hybrid residential-online format.”

Financial University and the University of Amsterdam hosted a conference on emerging international tax issues in the context of the Russian Federation’s tax administration.  William Byrnes joined high level presenters from the Ministry of Finance, from the Tax Administration, and tax professors from Financial University and from the University of Amsterdam.

Dr. Weber stated: “Dean Byrnes made a very inspirational speech during the conference. We already asked him if he wants to teach during our new International Tax Law master program in Amsterdam. Our students will like and learn a lot from the way he combines law, tax policy and economics.”

William Byrnes said: “My contribution to this day-long discussion forum was to shed light on alternative perspectives of US tax policy than normally heard by Russian or Dutch tax officials, a role in which I think I succeeded based upon the interest in my presentation.  I’ve been asked by my Dutch colleagues for my macro-economic analysis work of tax-regulatory impact as well as information on effective rates resulting from US international tax policy in that it may be useful for current far-reaching legislative developments in their country.”

Dean William Byrnes continued: “I had the most interesting meeting with the Advisor to the Minister of Justice, Yury Zudov, wherein we discussed Orthodox theology in the context of society, the development of law, and also for university education.  Before joining the government, Yury Zudov was responsible for international relations for St. Tikhon’s Orthodox University in Moscow, and still serves on its faculty exploring the area of jurisprudence.  Southern California, including San Diego, has a sizeable Orthodox population and the newly established Orthodox St. Katherine college, and thus I foresee future opportunities.”

At the firm of Pepeliaev, Professor William Byrnes and Dr. Dennis Weber presented about leveraging hybrid residential / online education to build and maintain firm knowledge-capacity to its founding partner Sergey Pepelieav, its Head of the Tax Practice Group Leonid Kravchinsky, its transfer pricing partner Valentina Akimova, and its Staff Training and Development Manager Larisa Gerasimova.  Tax Partner Andrey Tereshchenko agreed to author the Russian chapter contribution in Professor Byrnes forthcoming Second edition of Lexis’ Guide to FATCA Compliance, and the firm will contribute to other of Professor Byrnes Lexis and Wolters Kluwer publications.

William Byrnes’ concluded: “Our week of presentations and meetings ended coincidentally with the opening day of Moscow Fashion Week, which like Rio’s, is a vibrant environment for creative designers and advisors to explore these growth markets.”

For more information about the Graduate and Distance Education Programs at TJSL, visit http://mastersinlaw.tjsl.edu/lpap/

For more information about University of Amsterdam Centre for Tax Law, visit http://actl.uva.nl/

William H. Byrnes, IV and Dennis Weber

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William Byrnes author of 2 tax titles published September 2013

Posted by William Byrnes on October 21, 2013


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Summit Professional Network’s National Underwriter published two books authored by Associate Dean William Byrnes and Robert Bloink: 2014 Tax Facts on Investments and 2014 Tax Facts on Insurance & Employee Benefits

William Byrnes explained National Underwriter Company’s place in the market: “National Underwriter has been the leading publisher for over 110 years to the insurance industry.  Tax Facts was first published over 60 years ago and has become in the words of Michael E. Kitces, Director of Financial Planning of Pinnacle Advisory Group:

“…  THE benchmark standard that all other resources are measured by, for financial planners that might need to look up a question about any kind of tax-related issue involving a client. The Tax Facts series sits on a bookshelf right next to my desk for easy and regular access, and only leaves when I replace it with each year’s update!”  (source: http://pro.nuco.com/Pages/AboutUs.aspx)

William Byrnes added “Tax Facts has built strong a subscriber base of over 20,000 financial planning professionals.  I think financial planning professionals relate to the approach of contextualizing client problems in a Question – Answer format.  Clients don’t come with neatly packaged issues, but instead want to tell their stories and ask questions.  Thus, Tax Facts takes that approach, by example leveraging case studies and typical client questions in the expanding online version.”

William Byrnes continued “Robert Bloink’s experience as a former IRS Counsel and national insurance markets advisor combines well with my big 4 and publication background.”

When asked “What is new about the 2014 edition?” Robert Bloink replied “We have included a new section on cross border employment and estate tax issues, captive insurance and alternative risk transfer, reverse mortgages, DOMA, Affordable Care Act, and REITs as well as expanding coverage of annuities, structured settlements, retirement planning and deferred compensation.”

Alexis Long worked with Thomas Jefferson joint degree juris doctorate and LLM alumnus, Marcus Threats, on the REIT Q&A section which sprung from his senior writing project.  Mr. Threats said that “I obtained a legal education to address challenges that I had experienced in the property investments markets.  While the opportunity for a dual degree at Thomas Jefferson attracted me to the law school, the authorship with a renown professional publisher has really made my Thomas Jefferson education stand out.”

William Byrnes interjected: “This Thursday Adjunct Professor Alexis Long begins the next Publications course via the online LLM and interested students should contact her or myself.  We are already planning the 2014 year and about to complete our JD and LLM publication teams.”

William Byrnes continued: “By the way, in November Robert and I expect to announce the publication of our third Tax Facts title addressing entrepreneur’s income tax and small business tax issues and hope it gains market traction in line with these two titles.”

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Interview with William H. Byrnes, IV, Associate Dean at Thomas Jefferson School of Law

Posted by William Byrnes on September 5, 2013


Professor William H. Byrnes was a pioneer of online legal education, creating the first LL.M. offered online through a law school accredited by the American Bar Association. Now as Associate Dean for Graduate & Distance Education Programs at Thomas Jefferson School of Law, Professor Byrnes teaches courses including Federal Tax, International Tax, and International Business Transactions. Professor Byrnes has an impressive record in academics and research, and was kind enough to set aside time to speak with MastersinAccounting.info

Read the full interview at > William Byrnes Interview <

How did your professional experiences shape your approach to the classroom?

As a Senior Manager then Associate Director of Coopers & Lybrand, a three year associate to a renowned senior figure in the international tax industry, and undertaking a three year fellowship at the International Bureau of Fiscal Documentation on the topic of transfer pricing. I advised clients in many countries. Large diverse multinational groups required a robust sensitivity for intercultural business practices and social differences.

In the nineties, I was a tax professor in South Africa during the time of its change to a full democracy with the corresponding upheavals. During those years, I experienced the challenges of classroom integration of cultures, languages, and economic backgrounds. Moreover, being a pioneer of online education in the field of tax during those years, I developed a pedagogical understanding of knowledge and expertise acquisition, and of mapping education processes to learning outcomes. …. .

I bring all of these experiences holistically to a “flipped” classroom, learner-centered approach.  ….

Read the full interview at > William Byrnes Interview <

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video interview with William Byrnes

Posted by William Byrnes on August 16, 2013


When William Byrnes returned to the United States in 1998 to establish the International Finance and Taxation program leveraging online communication technologies, both international tax programs and distance learning programs were in their infancy. Through engaging a renown and talented faculty of industry professionals, and the support of an immensely engaged student body from professional and financial service firms, the international tax program blossomed over the past 15 years to become a cutting edge industry leader that it is today.

Just recently, National Law Journal wrote “Perhaps no one in legal academia has more experience with online master’s degrees than William Byrnes, Associate Dean for Graduate and Distance Education Programs at Thomas Jefferson School of Law.” (May 20, 2013)

His article that reviews the development of the first Internet delivered LL.M program in the United States may be downloaded at > William Byrnes’ SSRN academic page <

The article comprises four sections: In Part 1 the economics reasons for, and logistics considerations of, the Internet delivered Program are addressed. Part 2 reviews the pedagogical approach to legal education employed in the United States, criticisms thereof, and finally examines an emerging pedagogical trend in the United Kingdom. Part 3 reviews the teaching tools employed in the LL.M. Program, and Part 4 reviews the practical aspects of developing the LL.M. Program, obtaining ABA acquiescence, and reviews the Internet delivered law courses that came before it. Finally, the article concludes with some personal observations.

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Practical Guide to U.S. Transfer Pricing coordinating author speaks …

Posted by William Byrnes on August 1, 2013


practical_guide_bookWilliam Byrnes has been appointed a primary author for his sixth Lexis title.  

Read Professor Byrnes’ comments at http://www.tjsl.edu/news-media/2013/9861

 

For the 2013 OECD policy initiative regarding multinational’s transfer pricing, see “Addressing Base Erosion and Profit Shifting” available at http://www.keepeek.com/Digital-Asset-Management/oecd/taxation/addressing-base-erosion-and-profit-shifting_9789264192744-en

 

and the more recently published “Action Plan on Base Erosion and Profit Shifting”: http://www.oecd.org/ctp/BEPSActionPlan.pdf

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Producing Leaders in the Legal Academy

Posted by William Byrnes on July 26, 2013


Excerpts from the Loyola Lawyer (Fall 2012). 

William H. Byrnes, IV is a pioneer in online education. .. 

Byrnes has an affinity for the civil law and civilian education. He notes: “The insights I received from New Orleans and the civil law allowed me to see different perspectives. At a regular common law institution, I would have never been able to do this.”

“The problem with common law (case law) is that it implies there is only one way to solve a problem,” he says. “Thus, you seem to be stuck in a pigeonhole when a judge rules on a case. But this is not so in the civil law. The civil law really highlights that there are different types of logic that can be used to approach a problem. …”

Read the article at > Loyola Lawyer Fall 2012 <

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