FATCA (Foreign Accounts Tax Compliance Act) - How to Comply with Minimal Withholding, Tax and Penalty Impact

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Deadline: May 14, 2014 | Date: May 14, 2014

Venue/Country: 38868 Salmon Ter, Fremont, U.S.A

Updated: 2014-04-17 17:56:13 (GMT+9)

Call For Papers - CFP

Description:

US authorities are determined to uncover hidden accounts of US persons holding assets abroad and ensure they are properly taxed. Learn about this complex law, the various types of agreements required to be executed between the IRS and foreign entities and foreign financial institutions, the account review requirements, the grandfather provisions and the reporting provisions of this new law.

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.

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.

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.

Objectives of the Presentation:

What is FATCA

Who is affected - there is more to this than just the FFI's

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

Who can 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

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