Mastering FATCA Compliance and Implementation for NFFEs: Navigating Who, What, When and How Much
Understanding the Complexities of the Withholding Requirements
Recording of a 110-minute CPE/CLE webinar with Q&A
This webinar will provide tax executives, tax counsel and tax advisors with a drill down into the intricacies of Foreign Account Tax Compliance Act (FATCA) compliance relevant to non-financial foreign entities, including Chapter 4 withholding, non-financial foreign entities (NFFE) status and potential exemption, new requirements for the W-8 series of forms, how Chapter 4 withholding interacts with FDAP withholding, and steps to implement an effective Chapter 4 compliance program.
- NFFEs—identification and classification
- Qualifying as an exempted NFFE
- IRS required disclosures for certain NFFEs
- W-8 implications
- Chapter 4 withholding
- Determining withholding agents
- Withholdable payments
- Interaction with Chapter 3 and Chapter 61 withholding
- Noncompliance penalties
- Best practices for compliance implementation
This discussion will focus on the rules applicable to NFFEs and withholding agents, including:
- Who is a Chapter 4 withholding agent?
- What types of payments are subject to Chapter 4 withholding? What payments are not “withholdable” items?
- Which NFFEs qualify for exemption from FATCA?
- What information needs to be provided to a Chapter 4 withholding agent to avoid withholding, and who should provide the documentation?
- What are the new requirements applicable to the W-8 series of forms?
- How does Chapter 4 withholding interact with FDAP withholding, amounts taxed as effectively connected income, and income tax treaties?
- How does recovery of and crediting of Chapter 4 withholding by foreign payees work?
- What are the penalties for failure to withhold?
- What steps should withholding agents take to implement an effective Chapter 4 compliance program?
Ian M. Comisky
Mr. Comisky has more than 30 years of experience concentrating his practice in the areas of civil and criminal tax... | Read More
Mr. Comisky has more than 30 years of experience concentrating his practice in the areas of civil and criminal tax litigation, white collar criminal defense, and complex corporate and commercial litigation. Mr. Comisky frequently advises individuals on their U.S. tax and foreign asset reporting (FBAR and FATCA) obligations, and has represented hundreds of individuals with undisclosed foreign bank accounts through the IRS voluntary disclosure programs.Close
Director, International Tax
Mr. Leary brings more than 25 years’ experience to his role as a Director in the firm’s International Tax... | Read More
Mr. Leary brings more than 25 years’ experience to his role as a Director in the firm’s International Tax Group. He provides tax advisory services at the international, national, regional and local levels, including more than 40 foreign jurisdictions. He has extensive expertise in transactional planning and mergers and acquisitions, IRS practice and procedures, transfer pricing, tax process engineering and several other areas. Prior to joining the firm, Mr. Leary built his international tax skillset at PricewaterhouseCoopers and BKD.Close
Matthew D. Lee
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white... | Read More
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. He has significant experience in conducting corporate internal investigations and advising banks and financial institutions as to compliance issues involving FATCA, the Bank Secrecy Act, the USA Patriot Act, anti-money laundering laws and regulations, and economic sanctions. He also represents financial institutions in enforcement proceedings brought by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Close