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

Author: Miles Hutchinson

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

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: February 2024

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
• Briefing on the two Model Intergovernmental Agreements
• Impacts of FATCA on forms 1099, 8938, & FBAR-FinCEN 114 (fka TD F 90-22.1)
• Obtain useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
• The exceptions to reporting
• Know the penalty risks for noncompliance, including the extended statute of limitations
• Review a case study "" A tale of two offenders with significantly different outcomes
• References to key resources to help keep you up-to-date
• Timeline for withholding, registration, and reporting compliance
• Registration Process

Learning Objectives

• Identify 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 the IRS form that would generally not be affected by FATCA
• Identify the entity required to have a COPA

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None