FATCA: How to Comply with Minimal Withholding, Tax, & Penalty Impact (Completed)

Date: Tuesday, December 10, 2019
Instructor: Miles Hutchinson
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

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. Don’t be the last one to learn of your reporting and withholding obligations and don’t fall victim to the huge penalties that can accrue for noncompliance. Join us for this complicated law and how to comply with your withholding and reporting obligations.

Who Should Attend
Tax Officers, CFOs, Compliance Officers, and Risk Managers of international businesses or dealing with U.S. persons abroad, Foreign Financial and Non-financial Institutions, U.S. Financial and Non-financial Institutions with foreign business activities or affiliates, and advisers of U.S. persons with assets located in foreign countries.

Topics Covered

  • Discuss the basic principles of 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
  • 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

  • Differentiate reporting and withholding obligations
  • Avoid falling victim to huge penalties that can accrue for noncompliance
  • Recognize how to comply with your withholding and reporting obligations

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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