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
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.
Overview of the Foreign Account Tax Compliance Act
- The general compliance scheme
- Status of current guidance
- Challenges for U.S. taxpayers
FATCA requirements: foreign financial assets
- Overview of code section 6038D
- Impact on U.S. individuals
- Review of Form 8938
- Unresolved issues
FATCA requirements: foreign financial institutions and other foreign entities
- Overview of code sections 1471-1474
- Intergovernmental agreements
- Impact on foreign financial institutions
- Impact on other foreign financial entities
- Impact on U.S. financial institutions
- Impact on other U.S. taxpayers
- Excepted entities
- Withholding requirements
- Reportable transactions
- 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
Mr. Lev's practice is focused in taxation. He analyzes the tax impacts of business transactions, designs... | Read More
Mr. Lev's practice is focused in taxation. He analyzes the tax impacts of business transactions, designs tax-efficient structures, and represents taxpayers in controversies with the IRS and state tax authorities. He also assists nonprofit associations with tax compliance, corporate governance, and for-profit partnerships.Close
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
Mr. Miller 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. He is an editor of the International column for the Journal of Taxation and is currently Chair of the Business Entities Committee of the New York City Bar and Chair-Elect of the U.S. Activities of Foreign Taxpayers Committee of the American Bar Association Tax Section.Close