Foreign Accounts Tax Compliance Act (Currently Unavailable)

Author: Miles Hutchinson

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 two hour webinar on this complicated new law and how to comply with your withholding and reporting obligations.

Publication Date: March 2014

Designed For
Business professionals who need a quick explanation of the new regulations along with clear "how tos" and detailed references to help you and yoru staff ramp up to comply with the details of this complex body of regulations.

Topics Covered

• What is FATCA
• Who is affected — there is more to this than just the FFI's
• Briefing on the two Model Intergovernmental Agreements
• Explanation of the impacts of FATCA on forms 1099, 8938, TD F 90-22.1 (FBAR)
• 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 additional resources to help you keep up-to-date

Learning Objectives

• Recognize the simplified charts and tables to help you determine the steps to full compliance
• Distinguish between practical instruction and guidance for applying FATCA and will identify the key issues that will help you avoid potential penalties for noncompliance.

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None