Complying with FATCA – The Foreign Accounts Tax Compliance Act



Speaker : Miles Hutchinson

Miles Hutchinson is a |  more...

Topic ID : 193

Duration : 90 Mins

Live : Coming Soon..

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Course Description:

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.

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.

Course Objective:

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

Course Outline:

In just ninety minutes you will:
  • Understand the basics of FATCA and how to comply 
  • Learn who is affected-there is more to this than just the FFI reporting requirements
  • Receive a 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)
  • Obtain useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
  • Identify 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
  • Bonus: receive important web links to help you keep up-to-date with FATCA

Target Audience:

  • Bank Managers
  • Compliance Officers
  • Information Reporting Officers
  • Tax Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Auditors