New FATCA Reporting and Withholding Requirements and Ongoing FBAR Compliance Challenges
Navigating Complex Requirements for Reporting Foreign Assets
Recording of a 110-minute CLE teleconference with Q&A
Conducted on Tuesday, January 24, 2012
Recorded event now available
This teleconference will discuss the FATCA reporting and withholding requirements, including Form 8938 reporting for 2011 tax returns and certain withholding obligations that taxpayers and their advisors should begin preparing for in the coming months. The program will also review continuing FBAR compliance challenges since the final 2011 regulations.
Description
With new IRS guidance released in December 2011, it has become clear that FATCA foreign asset reporting will be required for 2011 tax returns. This mandate overlaps with FBAR reporting to an extent, but also includes expansive additional reporting.
In addition, taxpayers with relationships with non-US parties will need to begin to understand the myriad of FATCA withholding obligations in order to determine what steps need to be taken to ensure compliance as these withholding obligations become effective.
Finally, although FBAR regulations for reporting requirements for foreign financial accounts were issued in 2011, nearly a year later some confusion remains.
Listen as our authoritative panel guides you through the complex FATCA and FBAR compliance challenges and outlines best practices in tax reporting and compliance for the future.
Outline
- Foreign Account Tax Compliance Act (FATCA) overview
- FATCA information reporting
- Section 6038D
- T.D. 9567
- Form 8938 and instructions
- Unresolved issues
- FATCA withholding
- Sections 1471-1474
- Withholding requirements
- Reporting requirement
- IRS Notices, effective dates
- Report of Foreign Bank and Financial Accounts (FBAR)
- Comparison with FATCA reporting
- Unresolved issues
Benefits
The panel will review these and other key questions:
- What must be reported on Form 8938 and what practices should taxpayers and their advisors adopt for good compliance?
- Where do FBAR and FATCA reporting requirements overlap and what additional requirements does FATCA present?
- What steps should US taxpayers and their advisors consider now to prepare for FATCA withholding?
You will learn how to respond to continuing FBAR compliance challenges since the final 2011 regulations. You will be thoroughly briefed on the new FATCA reporting and withholding requirements. You will learn best practices for the 2011 tax return preparation and planning towards compliance through 2012.
Faculty
Daniel L. Gottfried,
Partner
Rogin Nassau, Hartford, Conn.
His practice encompasses domestic and international business transactions, as well as federal, state, and international tax planning, including corporate mergers, acquisitions and dispositions, joint ventures, partnerships and S corporations. He is regularly called on to assist business clients with cross-border expansion, including expansion into the U.S. and abroad.
Michael J. Miller,
Partner
Roberts & Holland, New York
He has provided U.S. tax advice to domestic and international clients for more than 15 years. Working with foreign clients, he has structured inbound U.S. investments and operations to avoid creation of U.S. permanent establishment and developed structures to take advantage of U.S. income tax treaties, the withholding tax exemption for portfolio interest, and other rules for minimizing U.S. tax.
Ordering
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Customer Reviews
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Fowler White
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Withers Bergman LLP
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Mikunda, Cottrell & Co., Inc.
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Gaffey Deane & Talley, PLC
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Danielle Burns
Duane Morris LLP
Tax Law Advisory Board
Tax Partner
Steptoe & Johnson
Of Counsel
Morrison & Foerster
Partner, Federal, State and International Tax Planning
Rogin Nassau
International Tax and Tax Controversies Partner
DLA Piper
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
Transactional Tax Partner
McKenna Long & Aldridge
Partner, Cross-Border Transactions Tax
Fraser Milner Casgrain
Federal Tax Partner
Nixon Peabody
Partner, Tax-Exempt Organizations
Steptoe & Johnson
Partner, Corporate Tax and Due Diligence
Pepper Hamilton
Tax Controversy Partner
Crowell & Moring
Of Counsel
Skadden Arps
Peter Stathopoulos
Managing Director, State and Local Tax Practice
Bennett Thrasher
Partner & Co-Chair, State & Local Tax Practice
Sutherland Asbill & Brennan
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