Complying with FATCA: The Foreign Accounts Tax Compliance Act (Completed)

Date: Friday, February 22, 2019
Instructor: Miles Hutchinson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law for CTEC
2 hours Federal Tax Related for EAs and OTRPs

FATCA was enacted by Congress in 2010 as part of the HIRE Act. It attempts to restore tax fairness by focusing on foreign financial assets of US Citizens that are not being properly reported and taxed. With the announcement of final regulations in February, 2013, the US Department of the Treasury and the IRS have been busy designing, implementing and executing intergovernmental agreements, new and revised forms, and instructions to force US Citizens and foreign financial institutions into compliance.

Join experienced CGMA and financial analyst, Miles Hutchinson as he discusses the basic principles of FATCA, the affected businesses and individuals, the new and revised forms to effect compliance and provide you with simplifying charts and tables to help you determine your steps to full compliance. He will provide practical instructions and guidance for applying FATCA and will identify the key issues that will help you avoid potential penalties for noncompliance.

Who Should Attend
Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, Compliance Managers, and Risk Managers.

Topics Covered

  • What is FATCA
  • Who is affected-there's more to this than just the FFI reporting requirements
  • Briefing on the two Model Agreements between the U.S. government and foreign governments or foreign institutions
  • Impacts of FATCA on forms W-9, W-8, 1099, 8966, 8938, & FBAR-FinCEN 114
  • Tables on the expanding compliance requirements
  • Guidelines for minimizing withholding obligations for noncompliance
  • Useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
  • Exceptions to reporting and the grandfathering provisions
  • Penalty risks for noncompliance, including the extended statute of limitations
  • Case studies — A Tale of Two Offenders with significantly different outcomes; plus two additional cases
  • References to key resources to help keep you up-to-date

Learning Objectives

  • Identify simplified charts and tables to help you determine the steps to full compliance
  • Describe guidance for applying FATCA and will identify the key issues that will help you avoid potential penalties for noncompliance

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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