Complying with FATCA - the Foreign Accounts Tax Compliance Act
Monday, February 10, 2014 from 10:00 AM to 11:30 AM (PST)
This training on Foreign Accounts Tax Compliance Act will teach the attendees best practices to ensure compliance with FATCA. Learn how to comply with your withholding and reporting obligations.
Why Should You Attend:
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.
This webinar will help the attendees learn of their reporting and withholding obligations and avoid huge penalties that can accrue for noncompliance. This 90 minute webinar will focus on this complicated new law and how to comply with your withholding and reporting obligations.
Areas Covered in the Webinar:
By attending this webinar, participants 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, and TD F 90-22.1 (FBAR)
- 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 Will Benefit:
- Bank Managers
- Compliance Officers
- Information Reporting Officers
- Tax Managers
- Accounting Managers
Miles Hutchinson, is a CPA and experienced businessman. Mr. Hutchinson has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. He is a professional speaker and consultant who has presented over 2,000 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.
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