Final FATCA Deadline Looms: Preparing for Compliance and Implementation

Navigating Complex IRS Regulations for Reporting Foreign Assets and Making Foreign Payments

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

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Conducted on Tuesday, October 29, 2013

Recorded event now available

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Course Materials

This course will discuss the information reporting and withholding requirements under the recently issued Foreign Account Tax Compliance Act (FATCA) regulations. The program will focus on the latest developments in two key areas: the obligation of U.S. taxpayers to report foreign accounts, and the obligation of taxpayers making payments abroad to report and withhold against those payments.


FATCA affects any U.S. taxpayer who makes payments to foreign financial institutions or who holds foreign accounts. FATCA is more than simply a reporting scheme—it is a comprehensive, multinational program that aims to increase tax compliance, and to discourage money laundering, through sweeping reporting and withholding requirements. The directives are aimed chiefly at foreign financial institutions, but they affect any U.S. taxpayer that makes payments to foreign institutions or other foreign entities.

Although enacted amid significant criticism and concern, it has become clear that FATCA is here to stay. Portions of FATCA are already in force, and it will continue to be implemented in phases over the next several years.  Comprehensive final regulations under FATCA were adopted by the Treasury on Jan. 17, 2013.

This teleconference will discuss the information reporting and withholding requirements under the recently issued regulations. It will answer the key questions: 1. which taxpayers have to report, 2. what transactions must be reported, and 3. which transactions are subject to withholding. The panel will review the key principles that withholding agents and other fiduciaries need to know when dealing with payments to foreign institutions and other foreign entities.

The program will review in detail the new reporting requirements imposed on U.S. persons holding foreign financial assets, whether they reside within or outside the geographic United States. The panel will also review the continuing related (but different) Foreign Bank and Financial Accounts Report (FBAR) requirements for U.S. taxpayers with financial interests in, or signature or other authority over, foreign accounts.

Listen as our authoritative panel guides you through the complex FATCA compliance challenges, and outlines best practices in tax reporting and compliance.



  1. Overview of the Foreign Account Tax Compliance Act
    1. The general compliance scheme
    2. Status of current guidance
    3. Challenges for U.S. taxpayers
  2. FATCA requirements: foreign financial assets
    1. Overview of code section 6038D
    2. Impact on U.S. individuals
    3. Review of Form 8938
    4. Unresolved issues
  3. FATCA requirements: foreign financial institutions and other foreign entities
    1. Overview of code sections 1471-1474
    2. Intergovernmental agreements
    3. Impact on foreign financial institutions
    4. Impact on other foreign financial entities
    5. Impact on U.S. financial institutions
    6. Impact on other U.S. taxpayers
    7. Excepted entities
    8. Withholding requirements
    9. Reportable transactions
    10. Unresolved issues


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 U.S. taxpayers and their advisors consider now to prepare for FATCA withholding?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.


Avi M. Lev
Avi M. Lev

Hinckley Allen

Mr. Lev's practice is focused in taxation. He analyzes the tax impacts of business transactions, designs...  |  Read More

Michael J. Miller
Michael J. Miller

Roberts & Holland

Mr. Miller has provided U.S. tax advice to domestic and international clients for more than 15 years. Working with...  |  Read More

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