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 Miles Hutchinson, CGMA, as he walks through this complicated new law and how to comply with your withholding and reporting obligations.
Publication Date: December 2021
Designed For
Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, and Auditors.
Topics Covered
- Basics of FATCA and how to comply
- Who is affected-there's more to this than just the FFI reporting requirements
- Case Study — Atale of two 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
- Identify how to comply with your withholding and reporting obligations
- Identify which IRS form is used by U.S. Individual taxpayers to report information about certain foreign financial accounts and offshore assets
- Identify the amount that holders may be required to withhold on certain payments to foreign payees if those payees do not comply with FATCA
- Recognize what would be classified as an FFI, for purposes of FATCA reporting
- Describe which entity is required to have a certification of pre-existing accounts
- Recognize which type of required reporting is consistent between FATCA and FBAR
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Miles Hutchinson
Miles Hutchinson is a CGMA and experienced businessman with over 40 years in the field. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,500 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools.
His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.