2014 FATCA Regulatory Updates: Navigating the Intricacies of Latest IRS Guidance

Implementing Treasury and IRS Amendments for NFFEs; Determining FFIs and Payee Status; Complying With IGAs, Withholding and Reporting Rules

Recording of a 110-minute CLE/CPE webinar with Q&A


Conducted on Thursday, June 26, 2014

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will provide counsel with guidance necessary to navigate the intricacies of the latest IRS guidance on FATCA compliance. The panel will review new Treasury and IRS amendments for NFFEs, FFI and payee status definitions, intergovernmental agreements (IGAs), and withholding and reporting rules.

Description

The IRS has been very active regarding information on FATCA compliance this year. In Feb. 2014, the IRS issued regulations providing guidance under FATCA and conforming the requirements in Chapters 3 and 51 of the IRC with the requirements of FATCA. 

The IRS has negotiated a number of IGAs with other countries to implement FATCA. On May 2, 2014, the IRS issued a notice regarding transition relief in the levying of penalties for noncompliance when good faith compliance is demonstrated. Despite the 2014-2015 transition status, the IRS still requires timely compliance. Since the IRS did not define “good faith” and FATCA compliance is complex, counsel and advisors must have deep knowledge of the rules.

The substantive regulations released in Feb. 2014 supplement and clarify the regulations that were issued the prior January. The IRS also released regulations that coordinate FATCA’s diligence, reporting and withholding requirements with existing regulations. 

Listen as our experienced panel reviews the changes to FATCA and the coordinating regulations. Attendees will benefit from a discussion on NFFEs, FFI and payee status determinations, and changes to the withholding and reporting rules. Our panel will also analyze the latest issued IGAs and FATCA compliance during the transition relief period.

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Outline

  1. Overview of FATCA requirements
  2. FATCA regulation changes
    1. NFFE
    2. FFI Definition
    3. FFI Branches
    4. Rules for groups
    5. Withholding and reporting rules
  3. Coordinating regulation changes
    1. Payee status
    2. Withholding certificates and documentation
    3. Reporting
    4. Withholding
  4. Intergovernmental agreements
  5. IRS transition relief

Benefits

The panel will review these and other key questions:

  • What changes did the proposed regulations make to FATCA and the coordinating regulations?
  • What are the latest issued IGAs?
  • How much of an impact will transition relief have on compliance? How can affected entities show good faith?

Faculty

Professor William H. Byrnes, IV
Professor William H. Byrnes, IV

Associate Dean
Thomas Jefferson School of Law

Mr. Byrnes is an international tax professor with more than 20 books and 1,200 articles. He was a Senior Manager,...  |  Read More

Laurie Hatten-Boyd
Laurie Hatten-Boyd
Global FATCA Tax Lead
KPMG

Ms. Hatten-Boyd leads the firm’s Tax Information Reporting & Withholding group. She routinely engages in a...  |  Read More

Nishida, Danielle
Danielle Nishida

Director, International reporting and withholding, Washington National Tax Group
KPMG

Ms. Nishida joined KPMG in April 2013 and practices in information reporting. She was previously an attorney in the...  |  Read More

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