Latest FATCA Reporting and Withholding Developments for 2013

Navigating Complex Requirements for Reporting Foreign Assets

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


Conducted on Tuesday, November 6, 2012

Recorded event now available

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Program Materials

This CLE webinar will discuss the Foreign Account Tax Compliance Act (FATCA) reporting and withholding requirements, including Form 8938 reporting and FATCA withholding obligations. Where relevant, the program will also review continuing Foreign Bank and Financial Accounts Report (FBAR) compliance challenges.

Description

Although enacted amid significant criticisms and concerns, it has become clear that FATCA is here to stay. This includes foreign asset reporting that was required for 2011 tax returns. The foreign asset reporting mandate overlaps with FBAR reporting to an extent, but also includes expansive additional reporting.

In addition, taxpayers with relationships with non-U.S. parties will need 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.

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

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Outline

  1. Foreign Account Tax Compliance Act (FATCA) overview
  2. FATCA information reporting
    1. Section 6038D
    2. T.D. 9567
    3. Form 8938 and instructions
    4. Unresolved issues
  3. FATCA withholding
    1. Sections 1471-1474
    2. Withholding requirements
    3. Reporting requirement
    4. Intergovernmental Agreements
    5. IRS Notices, effective dates

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 U.S. taxpayers and their advisors consider now to prepare for FATCA withholding?
  • What are the Intergovernmental Agreements for Implementing FATCA and which countries have already signed on?

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

Faculty

Daniel L. Gottfried
Daniel L. Gottfried

Partner
Rogin Nassau

His practice encompasses domestic and international business transactions, as well as federal, state, and international...  |  Read More

Michael J. Miller
Michael J. Miller

Partner
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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