Severiano Ortiz - Articles and Speaking Engagements

List of Authored Articles

• A Galley, Head… and Tax Deduction? Tax Savings and Boat Ownership. Tax Benefits, Tax Reform, and Fractional Boat Memberships: This article addresses the intersection of the U.S. tax code as applied to houses, boats, and now fractional boat memberships. RSM US LLP. October 2. 2018.

• Cushioning the Double-Tax Blow: The Section 962 Election. The passage of the 2017 Tax Cuts and Jobs Act (TCJA) was heralded as the beginning of a new age in international taxation. Finally, the injustice of the double tax on dividends received by United States shareholders from foreign corporations was put to rest for good … at least for those United States shareholders who were also already using a corporate tax structure. For those who were not, some temporary relief may be available in the form of a section 962 election. RSM US LLP. September 21, 2018.

• IRS Changes the Streamlined Filing Compliance Procedures and Offshore Voluntary Disclosure Program (OVDP): Determining Your Most Advantageous Route is Imperative. What are the new IRS rules related to the international disclosure programs and how best to choose which route is best for your client. Holland & Knight LLP. June 30, 2014.

List of Past Speaking Engagements

• Identifying Business and Investment Trusts. Presented lecture on how to identify whether a trust is in fact a trust for U.S. tax purposes. Often times we are working with "trusts" that are actually Investment or Business Trusts and more properly treated as disregarded entities, corporations, or partnerships from a U.S. tax perspective (much to the surprise of our clients). RSM US LLP – National Internal Training. December 2, 2019.

• U.S. Tax Implications of Offshore Trusts. Presented lecture on assessing trust structures from a U.S. income tax perspective. RSM US LLP – Internal Private Client Training. October 1, 2019.

• Cross-Border Estate Planning. This panel focused on provisions of the US tax code relevant to assessing and implementing cross-border estate planning. Points of discussion included identifying the tax status of the taxpayer and the taxpayer's family (i.e. citizenship, tax residency, domicile), the type and situs of the taxpayer's worldwide assets (i.e. tangible or intangible and US or foreign), the impact of income and estate tax treaties, and common planning pitfalls and considerations. American Bar Association Section of Taxation – 2019 May Meeting. May 11, 2019.

• Analyzing Foreign Trusts. This panel focused on the application of the US tax laws as they relate to identifying foreign versus domestic trust structures. This panel outlined a roadmap from which to analyze trust deeds and discussed some of the key nuances in the grantor trust rules that cause the practitioner to reexamine the trust based on direct/indirect transfers to the trust or changes in the income tax residency of the trust parties. American Bar Association Section of Taxation – 2019 May Meeting. May 11, 2019.

• Foreign Trusts and How to Recognize Them. Presented lecture on Identifying foreign trusts and how to tell the difference between a U.S. domestic versus a foreign trust, and how to identify whether such trust is a grantor or nongrantor trust for U.S. tax purposes. RSM US LLP – Internal Private Client Training. December 13, 2018.

• Cross-Border Tax Issues Affecting the Private Client Services Client. Our presentation covered the basics of cross-border estate/gift/income tax planning with a focus on identifying tax residency and domicile, domestic versus foreign trusts, international information compliance, and delinquent filing procedures. RSM US LLP – National Internal Training. November 28, 2018.

• Review of International Informational Reporting Forms and Related IRS Compliance. Conducted an internal training for our private client department to teach its tax professionals about the application of the U.S. Income Tax Code and related international informational filings. RSM US LLP – Internal Private Client Training. September, 28, 2018.

• Application of the U.S. Gift and Estate Tax Code to Cross-border Families. Conducted an internal training for our private client department to teach its tax professionals about the application of the U.S. Estate and Gift Tax Code to non-resident aliens and cross-border families. RSM US LLP – Internal Private Client Training. August 10, 2018.

• Section 956 Final Regulations. This presentation discusses the Final Section 956 Regulations, including, the changes from the September Proposed Regulations and the application of the rules to partnerships. PwC US – International Tax Services Practice Technical Update Meeting. January 17, 2017.

• CFC Decontrol in Light of Proposed Regulation 385. This presentation discusses the basics of a controlled foreign corporation and the complications of de-controlling it with respect to Proposed Regulation 385, local country constraints, and the impact of section 367(b) and 904(f). PwC US International Tax Services Business Development Meeting. August 11, 2016.

• Welcome to International Tax: Fundamentals of Inbound, Outbound, and Tax Treaties: Inbound Taxation.This panel will address the basics of what is known in the international tax planning community as inbound tax planning, meaning tax planning for money or business flowing into the U.S.: When does a non-U.S. person become subject to U.S. taxation? What exactly is U.S. source income, effectively connected income (“ECI”), or a U.S. trade or business and how is it taxed? And what are some of the statutory and treaty provisions that a non-U.S. person or company should be aware of that affect U.S. taxation? This panel will address these basic, yet foundational, elements of tax planning for taxpayers that the Internal Revenue Code considers to be non-resident aliens or non-U.S. persons. American Bar Association Section of Taxation – 2016 May Meeting. May 7, 2016.

• Final Regulations on Form 8938, Reporting for Specified Foreign Financial Assets, Regarding Specified Domestic Entities. Final Regulation (T.D. 9752), was published and became effective February 23, 2016. This final regulation adopts the 2011 Proposed Regulation § 1.6038D-6, with certain modifications. It establishes when a domestic corporation, domestic partnership, or trust is considered to be a Specified Domestic Entity with an obligation to report its Specified Foreign Financial Assets on IRS Form 8938. American Bar Association Section of Real Property, Trust & Estate Law: Income and Transfer Tax Planning Group. March 17, 2016.

• US Activities of Foreigners & Tax Treaties - Residence: Beyond the Basics.  This program will examine the concept of “residence” for alien individuals, including the variety of statutory and regulatory rules that apply for income tax, estate and gift tax and other purposes, the many definitions and uses of the term, and the effect of tax treaties. The panel will consider planning issues and traps for the unwary (and burdens for the wary) that may arise in connection with an individual’s acquisition, maintenance and termination of US residency status. American Bar Association 2015 Joint Fall CLE Meeting. September 18, 2015.

• The Basics of U.S. Tax Planning for Non-U.S. Persons/Non-Resident Aliens. This panel will address the basics of what is known in the international tax planning community as inbound tax planning: When does a non-U.S. person become subject to U.S. taxation? What exactly is U.S. source income, effectively connected income (“ECI”), or a U.S. trade or business? And what are some of the statutory or treaty provisions that a non-U.S. person should be aware of that affect how he or she is taxed? This panel will address these basic, yet foundational, elements of tax planning for individuals that the Internal Revenue Code considers to be non-resident aliens or non-U.S. persons. American Academy of Attorney-Certified Public Accountants – 2015 Annual Meeting & Education Conference. July 1, 2015.

• Hot Topics in International Tax: Foreign Tax Compliance. This panel will address several recent developments in international tax, with a focus on issues that young lawyers and new practitioners are likely to encounter in practice. The panelists will discuss a variety of topics, including BEPS action plans and their impact on cross-border tax structuring, outbound planning and compliance issues, and civil and criminal tax issues for U.S. taxpayers with foreign assets or accounts. American Bar Association Section of Taxation – 2015 May Meeting. May 8, 2015.

• HUF HUF and Blow the IRS Away: An Analysis of a Hindu Undivided Family (HUF) - Is it an Entity or a Trust? Neither? A Tenancy in Common? How does it Comply with U.S. Tax Laws? Absent any IRS guidance on a HUF, how should practitioners counsel their clients in light of the increased information sharing due to FATCA and inter-governmental agreements? This panel explores the cross-section of U.S. tax classifications, income and transfer tax implications, and compliance issues related to a HUF: Tenancy in common? Trust? Entity? Income Tax? Estate/Gift? FATCA? FBAR? American Bar Association Section of Taxation – 2015 May Meeting. May 9, 2015.

• Pre-Immigration Planning: Rescuing the Client Who Failed to Plan or File the Required Forms. Learn about the common pitfalls practitioners face in completing the required forms, when a mistake requires more than simply ling a delinquent form, how to choose the right type of disclosure program for a client, and the strategies and risks involved in the Offshore Voluntary Disclosure Program, the Offshore Streamlined Program, the Domestic Streamlined Program, and the Delinquent Return Procedures. American Bar Association Section of Real Property, Trust & Estate Law – 2015 Spring Symposia. May 1, 2015.

• Final Regulations on Form 8938, Reporting of Specified Foreign Financial Assets. Final regulation (T.D. 9706), was published and became effective December 12, 2014. This final regulation adopts the 2011 temporary regulations as final regulations, with certain modifications. It did not yet, however, adopt Proposed Regulation § 1.6038D-6 (which would require entities to file Form 8938). Further, the IRS did not adopt recommendations for guidance pertaining to the reasonable cause exception relating to IRC § 6038D penalties. American Bar Association Section of Real Property, Trust & Estate Law – Income and Transfer Tax Planning Group. March 19, 2015.

• Civil and Criminal Tax Penalties - Legislative and Administrative Developments. This presentation provided a summary of updated legislative and administrative developments with regard to IRS penalties and IRS international disclosure procedures. American Bar Association Section of Taxation – 2015 Midyear Meeting. January 31, 2015.

• Offshore Tax Compliance: Often Forgotten Informational Forms and the IRS's Offshore Voluntary Disclosure Programs. This presentation provided a summary of the most common international informational reporting forms as well as those forms that are often forgotten by clients and professionals alike. Illinois CPA Society – 2014 Tax Conference. November 12, 2014.

• Offshore Tax Compliance: Often Forgotten Informational Forms and the IRS's Offshore Voluntary Disclosure Programs. This presentation provided a summary of the most common international informational reporting forms as well as those forms that are often forgotten by clients and professionals alike. American Academy of Attorney–Certified Public Accountants – Fall Meeting & Education Conference. November 6, 2014.

• Serving Two Masters: The Practitioner's Duties Under Circular 230 and as an Advocate for a Client. This presentation focused on the practitioner's often forgotten duties under Circular 230 as well as those of the practitioners ethical obligations under their law license. American Bar Association Section of Taxation – 2014 May Meeting. May 9, 2014.