Training Course Syllabus:
FATCA (Foreign Accounts Tax Compliance Act) - How to Comply with Minimal Withholding, Tax and Penalty Impact
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.
Objectives of the Presentation
What is FATCA
Who is affected - there is more to this than just the FFIīs
Briefing on the two model intergovernmental agreements
Learn the impacts of FATCA on forms 1099, 8938,& FBAR-FinCEN 114 (fka TD F 90-22.1)
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
Case study - a tale of two offenders with significantly different outcomes
References to other rich resources to help you keep up-to-date
Why Should you Attend
Donīt be the last one to learn of your reporting and withholding obligations and donīt fall victim to the huge penalties that can accrue for noncompliance. Join us for this 90 minute webinar on this complicated new law and how to comply with your withholding and reporting obligations.
Miles Hutchinson, experienced CPA and financial analyst, will discuss 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 will Benefit
CFOs, Controllers, Tax Attorneys, Tax Managers, Compliance Managers, All Institutions making payments to a Foreign Financial Institution or other Foreign Nonfinancial Entity on behalf of US Persons