As the world becomes more global, an exponentially increasing number of individuals have some sort of international ties – whether through family, assets, employment, or a multitude of other factors. For tax practitioners, this has made a working knowledge of the United States tax laws related to international ties an absolute necessity. This webinar introduces the basic concepts associated with international tax as it relates to individuals – including classification of taxpayers, implications from an income tax and transfer tax perspective, required information forms, and options for curing prior failures to properly report. This webinar will provide practitioners the functional knowledge of international tax needed to speak knowledgeably with clients on international issues when they arise, and advise them appropriately of considerations in this realm.
Identify aspects of U.S. international tax law that affect individuals with ties to the United States.
Identify ways to meet the United States’ international tax law requirements.
Patrick McCormick is a Principal attorney in Offit Kurman’s Business Law & Transactions group, focusing his practice entirely on international tax matters. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Mr. McCormick has worked with clients in over 80 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States multinational tax rules. His narrow focus has facilitated expertise in the field, trusted by clients and advisors around the world to obtain optimal results on international tax matters.
Mr. McCormick is regarded as a primary and prolific authority on American-side international tax matters. He speaks regularly on all aspects of international tax to tens of thousands of attendees annually, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, and Law360.
Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.
Mr. McCormick counsels a range of clients from individuals to businesses with their international tax and legal needs. When counseling individual clients, Mr. McCormick assists with residency planning, asset ownership structuring, and minimization of global income tax bills for foreign-sourced income items. His business client representation includes an extensive scope of multinational transactions, including classification of foreign entities, options for structuring multinational transactions, and minimization of American anti-deferral tax mechanisms. Mr. McCormick’s specific and comprehensive practice allows him to assist clients when international factors are most relevant.
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