Miami Based Law Firm Reports on the Effects of President Obama's Signing of New Tax Law Affecting Foreign Bank Accounts and More

Top Quote Cantor & Webb P.A., a Miami based international tax and estate planning law firm, reports on the impact that President Obama's signing of the Hiring Incentives to Restore Employment (HIRE) Act, will have upon United States persons, foreign trustees and financial institutions. End Quote
  • (1888PressRelease) March 19, 2010 - Miami - Cantor & Webb P.A., a Miami based international tax and estate planning law firm, reports that upon President Obama's signing into law today of the Hiring Incentives to Restore Employment (HIRE) Act, there will be a major impact not only upon United States persons who may be owners or otherwise beneficially interested in offshore accounts, trusts or other entities but also upon the financial institutions at which such accounts or trusts are maintained.

    The firm managing partner Steven L. Cantor explained how this new legislation contains a number of provisions which will increase information reporting and enforcement measures with regard to offshore accounts and entities. Among various provisions related to foreign accounts and entities, The HIRE Act requires (a) increased withholding obligations on payments to foreign banks, trusts and corporations which do not supply certain information to the Internal Revenue Service, such as the names of United States citizens and residents who directly or indirectly own foreign financial accounts, (b) increased reporting obligations including an annual obligation to report any direct or indirect interests in certain foreign entities engaged in passive investments or offshore mutual funds, (c) increased penalties for failure to file certain informational returns, and (d) an increase in the statute of limitations for assessment by the Internal Revenue Service if there is a "substantial" omission of income from offshore assets.

    Firm partner Hal J. Webb, states "we expect to see an increase in our work load not only from international clients, but also from foreign trustees and financial institutions which will face increased United States tax and reporting compliance obligations".

    Cantor & Webb P.A. - winner of the 2007/2008 North American Private Client Team of the Year award from the Society of Trust and Estate Practitioners and one of three finalists for the 2009/2010 awards - focuses exclusively in representation of high net worth private international clients and their businesses in the areas of tax planning, estate planning, wealth preservation, commercial and property matters.

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