Mastering FATCA Compliance for NFFEs: Navigating Who, What, When and How Much
Understanding the Complex Withholding Requirements
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax executives, tax counsel and tax advisers with a drill down into the intricacies of Foreign Account Tax Compliance Act (FATCA) compliance relevant to non-financial foreign entities (NFFES), including Chapter 4 withholding, 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 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?
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
Jeffrey M. Rosenfeld, Esq.
Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels clients in a broad array of tax... | Read More
Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels clients in a broad array of tax matters including domestic and international tax matters, state and local tax planning, tax-efficient structuring of domestic and international mergers, acquisitions, divestitures, reorganizations, spin-offs, redemptions and liquidations, formation, operation and acquisition of Subchapter S Corporations, partnerships and limited liability companies. He counsels clients regarding undeclared foreign bank accounts, including “FBAR” reporting obligations.Close