Carol Tello is a member of Sutherland's Tax Practice Group and focuses primarily on international tax matters. Her practice includes a broad range of cross-border tax planning and Internal Revenue Service (IRS) controversy matters for both business entities and individuals. Much of her work has been for insurance companies in the cross-border context. She has particular experience in cross-border restructuring transactions, inbound corporate transactions, withholding matters, and treaty interpretation issues, as well as cross-border taxation of corporate executives and the U.S. taxation of non-U.S. citizens. She also advises clients on tax issues involving intellectual property transactions. Her prior experience includes service in the IRS Office of Associate Chief Counsel (International) and as a Special Assistant to the Assistant Commissioner (International). While at the IRS, she participated in a number of income tax treaty negotiations, was the IRS National Office adviser in several Tax Court cases, and worked on various regulations and other guidance, including significant participation in developing regulations concerning the taxation of software transactions. Carol is the author of the BNA TMP 915-3 Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4, as well as numerous articles on various tax issues. She also has been recognized in Euromoney's The Guide to World's Leading Tax Advisers (2011). Representative Experience Carol's extensive representative experience includes: · Working with U.S. multi-national corporations on cross-border business restructurings. · Serving as technical adviser in litigation regarding foreign tax credit generator issues. · Working with foreign multi-national corporations on U.S. acquisitions. · Working with foreign multi-national corporations on permanent establishment/U.S. trade or business issues. · Working with foreign governments concerning U.S. investments, including U.S. real property. · Working with foreign governments concerning U.S. tax issues of their employees and successfully representing them before the IRS on these and other related matters. Professional Honors and Awards · Recognized in The Guide to World's Leading Tax Advisers (2011) · Elected as a Fellow of the American College of Tax Counsel (2011) Professional and Community Involvement · Chair, Section of Taxation FAUST Committee, American Bar Association · D.C. Regional Vice President, USA Branch of the International Fiscal Association (IFA) · Fellow, American Bar Foundation · Member, Task Force on International Tax Reform, Tax Section, American Bar Association (which published its report in The Tax Lawyer in 2006) Recent Publications · Co-author, "Economic Substance Directive: Some Substance, Many Questions," State Tax Notes (August 22, 2011) · Author, "Dealing with Codified Economic Substance in the Context of International Issues: Self-Help, the Only Game in Town," The Tax Executive (May 2011) · Co-author, "The FBAR Reset: Final Regulations Provide Mixed Guidance," Tax Notes (April 25, 2011) · Author, "U.S. Response to Unreported Offshore Income and Assets of U.S. Taxpayers," International Taxation India (February 2011) · Author, "Summer's Last Gasp: Notice 2010-60-Preliminary Guidance Under FATCA," 39 Tax Management International Journal 12, Bureau of National Affairs (BNA) Tax Management (December 2010) · Author, "U.S. Withholding and Reporting Regimes - One Old, One New," International Taxation (October 2010) · Co-author, "Foreign Tax Credit," International Taxation (September 2010) · Author, Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4, BNA TMP 915-3d (2010) · Author, "Reporting, Withholding, and More Reporting: HIRE Act Reporting and Withholding Provisions," Tax Management International Journal (May 14, 2010) · Co-author, "New PFIC Guidance Provided: But More Remains to Be Done," Tax Management International Journal (December 11, 2009) · Co-author, "Increased Audit Activity Planned for U.S. Federal Excise Tax on Insurance Premiums," Tax Notes International, Vol. 54, No. 6 (May 11, 2009) · Co-author, "New Switzerland-U.S. Tax Treaty Likely to Contain Key Enhancements," Tax Notes International, Vol. 54, No. 4 (April 27, 2009) · Co-author, "IRS Listens to Taxpayers and Limits Taxation of Patent Cross Licenses," Practical US/International Tax Strategies (March 15, 2007) · Author, "U.S. Foreign Tax Credits for Foreign Persons Under Section 906-What is the Effect of Section 865(e)(2)," 31 Tax Management International Journal 304 (June 2002) · Author, "Inversion Transactions: New Style Transactions Raise New Policy Issues," 432 Tax Management Memorandum (June 3, 2002) · Author, "The Upside Down World of Corporate Inversion Transactions," 30 Tax Management International Journal 161 (April 2001) · Author, "Financial Products Anti-Abuse Provisions in the New U.S. Income Tax Treaties Rejected by U.S. Senate," 2 Derivatives and Financial Instruments 123 (March/April 2000) Speaking Engagements · Speaker, "Challenging Aggressive Tax Planning Domestically: The Impact of Tax Treaties on Source State Options," 12th Annual Tax Planning Strategies: U.S. and Europe Conference (March 30, 2012) · Panelist, "Foreign Tax Credit," Internal Revenue Service/George Washington University Conference (December 15, 2011) · Speaker, Inbound Issues Roundtable (December 13, 2011) · Speaker, "FACTA," Philadelphia Tax Conference (November 17, 2011) · Speaker, "FATCA Issues for U.S. Companies" and "FBAR Issues for U.S. Companies and Employees," TEI Annual Meeting (November 1, 2011) · Speaker, "FATCA - How Will Your Company Be Impacted?," Chicago Tax Club (October 27, 2011) · Speaker, "Thinking About FATCA Implementation and FBAR Filing Requirements and Issues," Tulsa TEI Chapter Meeting (October 18, 2011) · Speaker, "Latest and Greatest in the Federal Tax Arena," TEI New York Chapter Meeting (September 27, 2011) · Speaker, "The Foreign Account Tax Compliance Act and Its Implementation," IFA/CIOT/US/UK Joint Meeting (September 9, 2011) · Speaker, The Knowledge Center Webinar: "2011 Foreign Account Tax Compliance Act" (July 22, 2011) · Speaker, Webinar: Notice 2011-34: More FATCA GuidanceHow It Will Affect You (June 29, 2011) · Speaker, "Current Issues in International Taxation," TEI Houston Meeting (June 16, 2011) · Speaker, The Knowledge Center 2011 Foreign Account Tax Compliance Act Live Webcast (June 10, 2011) · Speaker, Webinar: Notice 2011-34: More FATCA GuidanceHow It Will Affect You (May 3, 2011) · Co-chair, "Tax Treaty Abuse or Good Planning: Navigating GAARS, SAARS, and Other Anti-Treaty Shopping Rules," 11th Annual Tax Planning Strategies - U.S. and Europe Conference (April 14-15, 2011) · Speaker, Webinar: Codified Economic Substance Doctrine: You'll Know It When You See it? A Guide to Navigating The New Economic Substance World (March 30, 2011) · Speaker, "Addressing Codified Economic Substance in the International Realm - New Restrictions or Not?" TEI New York Chapter 47th Annual Tax Symposium (December 8, 2010) · Speaker, "Recent FATCA Guidance: Notice 2010-60," IFA USA Branch New England Region Thirteenth Annual Fall Conference (November 18, 2010) · Speaker, "Revenue Provisions in H.R. 1586," IFA USA Branch District of Columbia Region Afternoon Mini-Seminar and Social Hour (October 7, 2010) · Speaker, The Knowledge Group, LLC Webinar: "The New FATCA Regulatory Guidance: Understanding Its Scope and How It Applies," (September 28, 2010) · Speaker, "State and Local Tax Considerations for Foreign-Owned Entities," TEI's Atlanta Chapter Meeting (June 7, 2010) · Co-chair, "The Global Assault on Banks and Financial Managers," Tax Planning Strategies - U.S. and Europe (June 3-4, 2010) · Speaker, "Tax Planning for Domestic and Foreign Partnerships, LLCs, Joint Ventures, and Other Strategic Alliances 2010," Practising Law Institute (PLI) CLE Program, Chicago (May 12-14, 2010) · Speaker, "Navigating Complex Tax Features of Foreign Investments Absent Clear IRS Guidance," Stafford Webinar: Passive Foreign Investment Company Tax Regulation (April 8, 2010) · Speaker, The Knowledge Group, LLC Webinar: "Understanding the IRS New Contract Manufacturing Rules" (February 23, 2010) · Speaker, "What You Should Be Thinking About Concerning Foreign Tax Credit Developments," TEI New York Chapter's 46th Annual Tax Symposium (December 10, 2009) · Speaker, "Understanding the New Qualified Intermediary Program for Foreign Financial Institutions: Issues Under the Current Regulations," Webinar: Understanding the New Qualified Intermediary (QI) Program for Foreign Financial Institutions (August 25, 2009) · Speaker, Webinar: Understanding the New Qualified Intermediary (QI) Program for Foreign Financial Institutions (June 17, 2009) · Speaker, "Tax Planning for Domestic & Foreign Partnerships, LLC's, Joint Ventures and Other Strategic Alliances," PLI, Chicago (May 15, 2009) · Speaker, "Structure, Set Up and Roll Out of Multinational Carried Interest and Management Investment Schemes," International Law Section, American Bar Association (April 15, 2009) · Speaker, "Corporate Migration: Holding & Financing Regimes," The 9th Annual Tax Planning Strategies Conference (April 2-3, 2009) · Panel Co-chair, The 8th Annual Tax Planning Strategies Conference (April 3-4, 2008) · Panel Co-chair, The 7th Annual Tax Planning Strategies Conference (April 19-20, 2007) · Speaker, "U.S. Tax Treaties," 37th Annual Conference of the USA Branch of the IFA (February 26, 2009) · Speaker, "International Topics," 8th Annual Conference, Tax Executives Institute (TEI)-LMSB Financial Services Industry (October 28-29, 2008) · Speaker, "Section 901 Regulations," TEI New Jersey Chapter (November 17, 2006) · Speaker, "Recent Regulatory Guidance," TEI Mid-Year Meeting (April 3-6, 2005) News Sutherland Partner Elected to the American College of Tax Counsel
November 28, 2011 Carol Tello Appears on India's "The Firm"
August 11, 2011 Sutherland Tax Partner Carol P. Tello Authors Tax Management Portfolio, Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4, No. 915-3d
July 23, 2010 Legal Alerts Legal Alert: Getting Specific: IRS Issues Guidance on Withholding for Specified Notional Principal Contracts Under Section 871(m), Delays Statutory Effective Date
January 27, 2012 Legal Alert: Proposed Section 892 Regulations Provide Relief From the "All or Nothing" Rule and Permit SWF Limited Partners to Avoid Commercial Activity Attribution
November 8, 2011 Legal Alert: LB&I Internal Directive Limits Application of the Economic Substance Doctrine and Related Penalties, but Raises Concerns about Transparency and Consistency of Process
July 21, 2011 Legal Alert: It's Just a Phase: The "Phased Implementation" of FATCA Under Notice 2011-53
July 18, 2011 Legal Alert: Last Minute FBAR Extensions for "Signature Authority Only" Filers - Making Sense of the Announcements
June 21, 2011 Legal Alert: FinCEN Extends FBAR Filing Deadline for Certain Officers and Employees - Does This Portend Changes?
June 3, 2011 Legal Alert: The Secret Is Out! Proposed Treasury Regulations Shed New Light on the Controlled Group Deferred Loss "Supersecret Rule," Including Its Application to CFCs
April 25, 2011 Legal Alert: Repeal of Expanded Form 1099 Reporting Requirements Signed into Law
April 18, 2011 Legal Alert: Spring Is in the Air, and So Is FATCA! Notice 2011-34 Offers Another Dose of Much-Anticipated Guidance
April 12, 2011 Legal Alert: Resetting the FBAR: Foreign Financial Account Reporting Regulations are Finalized With Significant, But Not Always Helpful, Clarifications
March 4, 2011 Legal Alert: Ready, Aim, Fire! FY 2012 Budget Proposals (Once Again) Target Insurance Companies
February 16, 2011 Legal Alert: Supreme Court Holds Chevron Deference Applicable to "Interpretive" Regulations
January 26, 2011 Legal Alert: Supreme Court Resolves "Hot Button" Tax Issue - Holds Chevron Deference Applicable to "Interpretive" Regulations
January 20, 2011 Legal Alert: New International Tax Provisions Take Aim at Foreign Tax Credit Planning But Also Provide Some Relief Under Section 6501(c)(8)
August 18, 2010 Legal Alert: FATCA Proposed Legislation Enacted as Part of HIRE Act
March 18, 2010 Legal Alert: FY 2011 Budget Contains a Number of Tax Proposals Targeting Insurance Companies
February 2, 2010 Legal Alert: IRS Announces It Will Require the Disclosure of Uncertain Tax Positions
January 26, 2010 Legal Alert: IRS Rules That Quota Share Reinsurance Arrangements Are "Insurance" and Continues to Apply Prior Principles
December 18, 2009 Legal Alert: Significant Changes Made to FATCA Legislation as Part of House Passed Extenders Bill
December 11, 2009 Legal Alert: IRS Issues Initial Rulings on "Contingent" Annuities
December 7, 2009 Legal Alert: Significant Proposed Legislation Would Increase Compliance Costs for U.S. Payors and Impact Worldwide Recipients of U.S. Source Income
November 10, 2009 Legal Alert: Worker, Homeownership, and Business Assistance Act of 2009 Adds Five-Year Carryback Period for 2008 or 2009 Operations Losses of Life Insurance Companies
November 6, 2009 Legal Alert: October Trick or Treats for PFICs
November 3, 2009 Legal Alert: Deferred Compensation Timing Rules, Rather Than Subchapter L, Govern Insurance Company's Deduction for Retiree Medical Benefits
October 28, 2009 Legal Alert: IRS Approves "Longevity" Annuity
September 28, 2009 Legal Alert: IRS Concludes That U.S. Lending Activities Conducted Through a Dependent or Independent "Agent" Constitute a U.S. Trade or Business
September 24, 2009 Legal Alert: New IRS PFIC Rulings, More Guidance Available
August 10, 2009 Legal Alert: Proposed Neal Bill Reintroduced to Limit Deductibility of Offshore Related Insurance Premiums
August 3, 2009 July Inbound Roundtable Newsletter
July 23, 2009 Legal Alert: Health Bill Resurrects Treaty Limitation Provision That Attempts To Target Only Haven Controlled Foreign Groups But Misses The Mark
July 21, 2009 Legal Alert: FBAR Filing Requirement for Non-U.S. Persons Temporarily Suspended
June 8, 2009 Legal Alert: FBAR 2008 Revised Instructions Broaden the Class of Filers
June 3, 2009 Legal Alert: IRS Provides Guidance on PPA Rules for Employer-Owned Life Insurance
June 2, 2009 May Inbound Roundtable Newsletter
May 21, 2009 Legal Alert: IRS Rules on Long-Term Care Coverage Provided Through an Annuity Contract
May 12, 2009 Legal Alert: IRS Rules on Secondary Market Sales of Life Insurance Contracts
May 5, 2009 Legal Alert: Permanent Subpart F Rules Proposed for Insurance Companies
April 21, 2009 Legal Alert: Increased Audit Activity for U.S. Federal Excise Tax on Insurance Premium
April 6, 2009 Legal Alert: Swiss Announce Negotiations for a New Tax Treaty With the United States
March 24, 2009 Legal Alert: Proposed Legislation Would Sweep Certain Offshore Corporations Into the U.S. Tax Net and Subject Their Worldwide Income to U.S. Tax
March 9, 2009 Legal Alert: First IRS Guidance Under Subpart F on U.S. Tax Treatment of Gain From the Sale of Surplus CO2 Emissions Allowances
June 25, 2008 Legal Alert: IRS Listens to Taxpayers and Limits Taxation of Patent Cross Licenses
February 20, 2007 Publications Summer Brings FATCA Relief After an April Shower of FATCA Guidance: Notices 2011-34 and 2011-53
September 9, 2011 Posted with permission Tax Management International Journal Economic Substance Directive: Some Substance, Many Questions
August 22, 2011 Reposted with permission State Tax Notes Dealing with Codified Economic Substance in the Context of International Issues: Self Help, the Only Game in Town
Spring 2011 Copyright © 2011 by the author and Tax Executives Institute. Reprinted from the Spring 2011 issue of The Tax Executive U.S. Response to Unreported Offshore Income and Assets of U.S. Taxpayers
February 2011 Originally published in International Taxation India. Reprinted with permission. Summer's Last Gasp: Notice 2010-60-Preliminary Guidance Under FATCA
December 10, 2010 Reprinted with permission Tax Management International Journal, Bureau of National Affairs (BNA) Tax Management U.S. Withholding and Reporting Regimes - One Old, One New
October 2010 Reprinted with permission International Taxation September Inbound Roundtable Newsletter
September 2010 Reporting, Withholding, and More Reporting: HIRE Act Reporting and Withholding Provisions
May 14, 2010 Reprinted with permission Tax Management International Journal,Bureau of National Affairs (BNA) Tax Management New PFIC Guidance Provided: But More Remains to Be Done
December 11, 2009 Reprinted with permission Tax Management International Journal,Bureau of National Affairs (BNA) Tax Management Permanent Subpart F Exemption Proposed, Certain Unresolved Issues Remain
June 29, 2009 Reprinted with permission Tax Management International Journal,Bureau of National Affairs (BNA) Tax Management Increased Audit Activity Planned for U.S. Federal Excise Tax on Insurance Premiums
New Switzerland-U.S. Tax Treaty Likely to Contain Key Enhancements
April 27, 2009 Tax Notes International IRS Listens to Taxpayers and Limits Taxation of Patent Cross Licenses
March 15, 2007 Reprinted with permission, Practical US/International Tax Strategies Inversion Transactions: New Style Transactions Raise New Policy Issues
June 3, 2002 Tax Management Memorandum U.S. Foreign Tax Credits for Foreign Persons Under Section 906-What is the Effect of Section 865(e)(2)
June 2002 Reprinted with permission Tax Management International Journal,Bureau of National Affairs (BNA) Tax Management Financial Products Anti-Abuse Provisions in the New U.S. Income Tax Treaties Rejected by U.S. Senate
March/April 2000 Derivatives and Financial Instruments Co-author, "Foreign Tax Credit," International Taxation(September 2010) Events 12th Annual Tax Planning Strategies: U.S. and Europe Conference
March 30, 2012 Internal Revenue Service/George Washington University Conference
December 15, 2011 Inbound Issues Roundtable
December 13, 2011 TEI Annual Conference
October 30-November 2, 2011 The Chicago Tax Club's 2011 Fall Seminar
October 26-27, 2011 Tax Executives Institute Luncheon
June 16, 2011 11th Annual Tax Planning Strategies - U.S. and Europe Conference
April 14-15, 2011 Codified Economic Substance Doctrine: You'll Know it When You See It? A Guide to Navigating the New Economic Substance Webinar
March 30, 2011 TEI New York Chapter 47th Annual Tax Symposium
December 8, 2010 IFA USA Branch New England Region Thirteenth Annual Fall Conference
November 18, 2010 IFA USA Branch District of Columbia Region Afternoon Mini-Seminar and Social Hour
October 7, 2010 The New FATCA Regulatory Guidance: Understanding Its Scope and How It Applies
September 28, 2010 TEI Atlanta Chapter Meeting
June 7, 2010 Tax Planning Strategies - U.S. and Europe
June 3-4, 2010 Tax Planning for Domestic and Foreign Partnerships, LLCs, Joint Ventures, and Other Strategic Alliances 2010
May 12-14, 2010 Strafford Webinar: Passive Foreign Investment Company Tax Regulation
April 8, 2010 The Knowledge Group, LLC Webinar: Understanding the IRS New Contract Manufacturing Rules
February 23, 2010 TEI New York Chapter's 46th Annual Tax Symposium
December 10, 2009 Webinar: Understanding the New Qualified Intermediary (QI) Program for Foreign Financial Institutions
August 25, 2009 Webinar: Understanding the New Qualified Intermediary (QI) Program for Foreign Financial Institutions
June 17, 2009 PLI, Chicago
May 15, 2009 International Law Section, American Bar Association
April 15, 2009 9th Annual Tax Planning Strategies - U.S. and Europe Conference
April 2-3, 2009 37th Annual Conference of the USA Branch of the International Fiscal Association (IFA)
February 26, 2009 8th Annual Conference, Tax Executives Institute (TEI)-LMSB Financial Services Industry
October 28-29, 2008 The 8th Annual Tax Planning Strategies Conference
April 3-4, 2008 The 7th Annual Tax Planning Strategies Conference
April 19-20, 2007 Tax Executives Institute New Jersey Chapter
Friday, November 17, 2006 Tax Executive Institute Mid-Year Meeting
April 3-6, 2005 |