Complying with FATCA – The Foreign Accounts Tax Compliance Act
Product ID : MILE-0013
Level : Intermediate
Duration : 90 Minutes
Miles Hutchinson is a CGMA and experienced businessman. He has over 40 years of practical business leadership experience. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a one billion dollar 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. 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.
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.
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
Who Should Attend
- Bank Managers
- Compliance Officers
- Information Reporting Officers
- Tax Managers
- Accounting Managers
Why Should You Attend
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.