Assoc. Dean Byrnes Hosts Meeting on US-Mexico Tax Agreement

 
Published: December 4, 2012 share

Thomas Jefferson School of Law Associate Dean William H. Byrnes and Mauricio Cano del Valle from Amicorp Group will discuss both the US and Mexican tax and reporting implications of the recently enacted US – Mexico FATCA Agreement at a very important emergency lunch presentation of the San Diego Chapter of the Society of Trust and Estate Practitioners (STEP SD), It will be held Friday, December 7, 2012 at Noon at the downtown offices of McKenna Long & Aldridge LLP, located at 600 West Broadway, Suite 2600, in downtown San Diego.

 

 

Dean Byrnes, contracted for Lexis' Handbook on FATCA Compliance, will be interviewed by GRaduate Programs Director Jason Fiske about the challenges of the 500 pages of proposed complex regulations, notices, and agreements for the Society of Trust & Estate Practitioners (STEP) luncheon on Friday, December 7.  Previously, the pair have leveraged this interview technique for Lexis' New York FATCA CLE for financial institutions, and for Lexis' new CLE division for its large law firm training products.  Dean Byrnes has been globally undertaking FATCA presentations in such countries as India, Jamaica, Brazil, Spain, Netherlands, and the United Kingdom.

 

“FATCA is the Y2K of this decade for foreign financial institutions, foreign entities, and US withholding agents,” said Dean Byrnes.  “Like Y2K, the costs of compliance for large institutions are in the range of $100 million to $250 million over the next two years.  But unlike Y2K whose Jan 1, 2000 deadline passed without much last impact, FATCAs impact will be deep and ongoing.  The cost of non-compliance is a 30% withholding on investment income from the US - enough big stick to drive non-compliers out of the US market.  The basic gist of FATCA is that any foreign institution or entity that receives US investment income report to the IRS annually detailed account information on all of its US clients, with an outlook that the institution account for every US ultimate beneficiary of an account regardless of any layers of entities in between.”

 

It's a situation of "what's good for the goose,"  said Dean Byrnes. "Other countries are now copying the FATCA legislation and the inverse will apply to US institutions, which will be foreign financial institutions respective to, by example, The UK, Canada, Mexico, Japan, etcetera.  US financial groups with foreign account deposits and investors have steep compliance curves, and some financial centers, like Miami and New York, are in danger of an exodus of foreign clientele."   

 

Dean Byrnesis the author of many books and multiple articles on international taxes published with Lexis-Nexis, Wolters Kluwer and Thomson-Reuters, among others. He has also been commissioned by a number of governments on tax policy. He is an expert on cross border tax matters. Mauricio Cano del Valle, TEP is a Mexican tax specialist, having worked on international tax matters for over a decade. Before joining the Amicorp Group in 2005, Cano del Valle gained experience working for the Mexican tax authorities and for other large firms such as Deloitte in Mexico City. He is the author of a book and some papers on taxes and game theory. Both Professor Byrnes and Cano del Valle are members of the San Diego chapter of the Society of Trust and Estate Practitioners.

 

More on the presenters: Prof. William H. Byrnes, TEP is an associate Dean at Thomas Jefferson School of Law. He is the author of many books and multiple articles on international taxes published with Lexis-Nexis, Wolters Kluwer and Thomson-Reuters, among others. He has also been commissioned by a number of governments on tax policy. He is an expert on cross border tax matters. Mauricio Cano del Valle, TEP is a Mexican tax specialist, having worked on international tax matters for over a decade. Before joining the Amicorp Group in 2005, Cano del Valle gained experience working for the Mexican tax authorities and for other large firms such as Deloitte in Mexico City. He is the author of a book and some papers on taxes and game theory. Both Dean Byrnes and Cano del Valle are members of the San Diego chapter of the Society of Trust and Estate Practitioners.

 

WHO SHOULD ATTEND? We encourage all current STEP members, applicants and estate and trust professionals (including but not limited to attorneys, accountants, trust officers, and other providers of ancillary services in the estate planning area) considering STEP membership to attend.

 

Lunch will be served.

 

Information on STEP, along with membership applications, will be available.

 

REGISTRATION FEES:

STEP Members $30
Non-members $45

 

Checks should be made payable to “STEP SD” and sent to:

Talandia Kachelmeier
McKenna Long & Aldridge LLP
PO Box 2329
Rancho Santa Fe, CA 92067

 

 

RSVP’s are mandatory. Please RSVP to Talandia Kachelmeier at tkachelmeier@mckennalong.com

 

LOCATION:  McKenna Long & Aldridge LLP
600 West Broadway, Suite 2600
San Diego, CA 92101