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

Author: Miles Hutchinson

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.

Publication Date: December 2019

Designed For
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

  • What is FATCA
  • Who is affected
  • Case Study — a tale of 2 offenders and significantly different outcomes
  • Briefing on the 2 Model Intergovernmental Agreements
  • Timeline for withholding, registration & reporting compliance
  • Registration Process
  • Explanation of impacts of FATCA on Forms 1099, 8938, & FinCen 114
  • Useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
  • Exceptions to reporting
  • Penalty risks for noncompliance, including the extended statute of limitations
  • References to other rich resources to help you keep up‐to‐date

Learning Objectives

  • Differentiate reporting and withholding obligations
  • Recognize how to avoid falling victim to huge penalties that can accrue for noncompliance
  • Recognize how to comply with your withholding and reporting obligations
  • Identify when the taxpayer will still be required to file Form 8938
  • Describe the the FFIs must do in order to comply with FATCA obligations
  • Identify which actions withholding agents should consider taking with respect to making potentially witholdable payments under FATCA
  • Recognize under which conditions a penalty may not be imposed by the IRS
  • Describe what the electronic search for US indicia provides
  • Recognize which assets are subject to FATCA reporting


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $59.00

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