FATCA - the Foreign Accounts Tax Compliance Act

         The Foreign Account Tax Compliance Act (FATCA) is a US law aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by US citizens.

         This training course will give you an understanding of the recent issues and a standards which are part FATCA reporting. As companies enter into arrangements with their global counterparts, a understanding of FATCA has become increasingly important.

         It is understood that America's global tax law is now being enforced. FATCA requires foreign banks to reveal Americans with accounts over $50,000 and considering the risks of being frozen out of U.S. markets, everyone is complying.

         FATCA applies to both financial and non-financial operating business. FATCA could apply to your business? There is no threshold. The processes for customers will have to be amended to take into account the information required under FATCA.

         FATCA represents a complex and costly compliance task for financial services firms globally by the US tax authorities. It includes changes in the account opening processes for new customers to take into account the new information required under FATCA. Insurers and insurance brokers will have to comply with new information gathering and reporting rules when U.S. insurance and reinsurance premiums are sent outside the U.S.

         All firms must determine if they wish to continue to do business with US customers and whether they wish to continue to trade in US assets. If they wish to continue, they will need to enter into an agreement with the IRS (Internal Revenue Service) and comply with certain reporting requirements. FATCA is in process, and is already being implemented.

         The objective of this webinar is to give a comprehensive overview of the requirements so that Non-US firms understand if FATCA applies to them and if so do they wish to continue to work with US based payments, even pass through payments.

         FATCA was enacted by Congress in 2010 as part of the HIRE Act. It attempts to restore tax fairness by focusing on foreign financial assets of US citizens that are not being properly reported and taxed. With the announcement of final regulations in February 2013, the US Department of the Treasury and the IRS have been busy designing, implementing and executing intergovernmental agreements, new and revised forms, and instructions to force US citizens and foreign financial institutions into compliance.

         This webinar will help the attendees learn of their reporting and withholding obligations and avoid huge penalties that can accrue for noncompliance. This 90 minute webinar will focus on this complicated new law and how to comply with your withholding and reporting obligations.

         Those firms that fail to comply with FATCA will be subjected to a stringent 30% withholding tax on any US sourced transfers even if they do not have any US customers.

• Liability relating to failure to comply
• Personal Liability
• Fines, Penalties and even Sanctions

• Clearly understand the reasons for FATCA and the impact globally
• How the protocol for registration of legal entities into the IRS portal will work?
• Have a good working knowledge of the FATCA standards, and challenges of FATCA
• Help you review your existing systems
• Clarity of the review pronouncements and issues surrounding such
• How these standards are applied so you can apply them to your own business: Help you implement processes to classify new entities and perform updates
• All firms must determine if they wish to continue to do business with US customers and whether they wish to continue to trade in US assets. If they wish to continue, they will need to enter into an agreement with the IRS (Internal Revenue Service) and comply with certain reporting requirements
• Understanding of the current proposal and how these will impact the businesses
• IRS Form 8957, IRS Form W9
• How to obtain a GIIN?

• CFO's
• Bank Managers
• Compliance Officers
• Information Reporting Officers
• Tax Managers
• Controllers
• Accounting Managers
• Auditors