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Economic and diplomatic relationships between the United States and India have resulted in a significant interaction between taxpayers in the two countries. Many Indian-resident taxpayers have well-established business interests within the United States, and U.S. taxpayers – both individuals and entities - maintain similar interests in India. Tax advisers serving clients with ties in both countries require familiarity with each’s laws to ensure (with collaboration from advisors in the other jurisdiction, and regarding the U.S./India income tax treaty) effective global tax rates are minimized.
Looming over the tax treatment of American taxpayers with cross-border activities are extensive U.S. information reporting requirements. India is a participant in global bank and asset disclosure programs, and U.S. taxpayers with a presence in India must coordinate their U.S. disclosures with required Indian tax filings. Indian-specific factors also are critical in classifying a foreign interest for United States tax purposes, with classification ultimately dictating which filings are required.
Learning Objectives:
- Recognize the laws of the U.S. and India that play a part in ensuring minimal global tax rates
- Identify U.S. information reporting requirements
- Define how to coordinate U.S. disclosures with required Indian tax filings
- List India-specific factors that determine classifying a foreign interest for U.S. tax purpose
Patrick McCormick, JD, LLM
McCormick Tax, P.C.
Principal Attorney
pjm@mccormicktax.com
(215) 630-0861
Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. 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. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.
Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.
Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.
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.
Vivek Agarwal
Habibullah & Co.
Managing Partner
vivek@hcoca.com
As managing partner of Habibullah & Co., Vivek has lead his firm in new business growth. His team has been continuously guiding and consulting foreign companies and expats workings in India on their tax related issues. He is also responsible for firm International Relations and business. In past Vivek was also Chairman of Gorakhpur Branch of The Institute of Chartered Accountants of India (ICAI) and was nominated as member of various committee of Professional interests by ICAI.
About Our Presenter
Our firm covers every aspect of United States international tax, trusts, and estates rules; we also assist our clients on more domestic-oriented United States tax needs. We work directly with clients; we also serve as “outsourced international tax counsel” for accounting, law, and advisory firms around the world. In that role, we assist wherever beneficial with those firms’ client needs in the international tax context, allowing those firms to hang onto clients/continue to work with those clients rather than losing them to firms with internal international tax teams. Our firm’s independent status gives us enormous flexibility in how we structure representations, ensuring we can serve in optimal fashion for whatever client needs arise.
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