The U.S. Treasury Department and IRS have released the final regulations under the Foreign Account Tax Compliance Act (FATCA). Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
FATCA is here to stay. It’s broad-reaching and complex. So how do you implement its regulations in a pragmatic way for your organization? This webinar goes beyond an overview of FATCA to a practical discussion of what your organization must do to be compliant, with recommendations from seasoned tax professionals on how to prepare for the long-term impacts.
After participating in this webinar, you will be able to:
•Describe how the final FATCA regulations will impact your company
•Identify key issues facing U.S. withholding agents in both the financial services and non-financial services industries
•Develop an action plan of what your organization should be doing now to prepare and become compliant for FATCA
•Recognize legal and operational challenges surrounding FATCA compliance
Eligible for 1 CPE Credit
Ross Belhomme and Peter Grant will present a 45 minute webinar on the Foreign Account Tax Compliance Act (FATCA) and its impact on global exchange of information regimes, including the development of the Common Reporting Standard (CRS) by the OECD. Ross and Peter will discuss how clients and advisers have adapted to the new landscape and what they can expect to see in future from the increasingly complex reporting requirements.Read more >
The US Foreign Account Tax Compliance Act (FATCA) has its July 1 implementation deadline just about one month from now. As crunch time approaches, are firms prepared with the systems, processes and identifiers they need to have in place? Do they understand all the relevant facets of the rules and do they have the resources to comply? This webcast will look at the intricate facets of FATCA compliance from the point of view of those affected.
- Are the necessary processes and capabilities in place or close enough to operational to adequately accommodate FATCA compliance efforts starting July 1?
- Is spending for FATCA compliance rising? Is it proving very costly or too costly?
- What is the scope of the operational demands for FATCA compliance?
- How is FATCA compliance changing data governance and data management operations in the industry?
- What aspects of data technology operations are most important to FATCA compliance?
- What aspects of overall firm operations are most important?
The due diligence requirements for new and pre-existing accounts are now set and deadlines are quickly approaching. There are less than 10 months until FATCA goes live and foreign financial institutions across the globe need to start getting ready now. FATCA’s Final Regulations and the model intergovernmental agreements (“IGAs”), although complex when first read, can be simplified to make implementation more efficient.
In this complimentary webcast, Navigant’s FATCA experts Richard Kando and Jeffrey Locke will discuss concrete steps, challenges and best practices that all financial institutions need to know to successfully operationalize FATCA’s due diligence requirements.
By now many have heard of the US Foreign Account Tax Compliance Act (FATCA) and its impact on the US and international capital markets. The FATCA provisions, which will be phased in beginning on January 1 2014 could dramatically alter the way US corporations raise funds abroad, the way non-US financial institutions are forced to comply with US tax law, as well as the way many foreign investors invest in US securities.
The panel will discuss:
The background of FATCA;
The FATCA 30% tax on "withholdable payments" such as interest, dividends, and securities sales proceeds beginning January 1 2014 and on "passthru payments" beginning January 1 2017; and,
The impact of FATCA on capital markets transactions including equity and debt offerings, swap transactions and other structured products.
The due diligence requirements for new and pre-existing accounts consume nearly 100 pages of the FATCA Proposed Regulations. The end game - proper classification of account holders - is the same for both the update of onboarding procedures and the pre-existing account review, but the best way to approach each of these regulatory challenges may be different.
Join us on Wednesday, June 27th at 1pm Eastern as Navigant FATCA specialists Richard Kando and Jeffrey Locke discuss the challenges and best practices that foreign financial institutions should consider when operationalizing FATCA’s due diligence requirements.
The Foreign Account Tax Compliance Act (“FATCA”) is likely the most far-reaching statute to combat offshore tax evasion in recent history. FATCA generally mandates foreign financial institutions (“FFI”) and non-financial foreign entities (“NFFE”) to identify accounts owned by, or for the beneficial interest of, United States taxpayers to the Internal Revenue Service. The penalty for non-compliance is steep: a 30% withholding tax on certain payments.
This webcast provides an overview of FATCA and examines the legal and regulatory impacts on foreign financial institutions.
What You Will Learn:
--The Law and IRS Guidance
Who Should Attend:
Representatives from Compliance, Tax, Operations, Legal and Client Services from financial institutions. Also, in-house and outside counsel interested in or currently working on matters involving international tax, anti-money laundering or anti-corruption will benefit from this program.
Please join Richard Kando and Jeffrey Locke of Navigant Consulting, and Philip West, Esq., a partner at Steptoe and Johnson LLP, as they address these issues as well as your questions.
Aileen Barry, Director, National Tax Investigations, DLA Piper
Alan Granwell, Partner, International Tax, DLA Piper
Michael H. Plowgian, Attorney-Advisor in the Office of the International Tax Counsel at the US Department of the Treasury
Brendan Fox, Tax Manager, Lloyds Banking Group
Most of the main tax season deadlines have come and gone. It’s now time to collect your notes and start preparing your review to internal stakeholders. How do you compile this information and present this data in a clear manner that will help drive process improvements for next year?
Sovos is presenting a complimentary webinar that addresses these concerns that will be hosted by Wendy Walker who has over 15 years of reporting and compliance experience, including organizations like Zions Bancorporation and Chase.
Why are season reviews so powerful?
1. Creates alignment and more efficient communication with all the people, departments, and vendors involved with year-end processing.
2. Improves the overall process by bringing visibility to the impact tax reporting processes can have when they go well and when they don’t.
3. Creates better risk management (with penalties increasing twice this year) by facilitating valuable discussions and feedback needed to improve the accuracy of data, meet state and federal deadlines, and identify shortfalls and limitations of current systems and processes.
This webinar will discuss six ways to help your review make a difference.
•Document the details!
•Decide when to conduct the review.
•Determine who should attend the season review.
•Set ground rules for the meeting in advance.
•Set basic questions to use as a guideline for discussion.
•Share and build on the results of the lessons learned.
Wendy Walker is an experienced tax information reporting professional with over 15 years of reporting and compliance experience. In her former roles at Zions Bancorporation and Chase, she managed compliance and operations functions (and teams) associated with US withholding tax and 1099, 1042-S, and state reporting. Additionally, Wendy was the FATCA Reporting Officer at Zions, responsible for researching and advising the various lines of business of their obligations.
New FATCA 30% tax on “withholdable payments.”
New FATCA tax on “dividend equivalent” payments.
Repeal of the U.S. “bearer bond” exception.
Regulation is a key driver in the industry and in an unprecedented age of openness and transparency continues to be the no. 1 driver for asset managers investing in data and reporting initiatives. Companies want to mitigate the risk of inaccurate information being in the public domain and many are embarking on data management projects – which will save time, reduce errors and automate processes. The key themes we see center on capability to deliver a systematic, repeatable and auditable data publication process for client-facing data.
This webcast will focus on how upcoming regulations will impact the industry and how asset managers need to prepare to ensure they stay ahead in a highly competitive market. Specific topics to be covered include: the latest version of AIFMD, the final throes of the Retail Distribution Review, the latest on KIID for PRIPS, UCITS V, how being important or “SIFI” is no longer so desirable, Volcker, FATCA and last but certainly not least Pillar III of Solvency II. Finally, we will touch on what is around the corner and run through some recommendations with respect to preparing for the swathe of upcoming regulatory change.
Ronan Brennan, CTO, is responsible for the strategic development of MoneyMate’s product technical architecture, product delivery and implementation. Ronan has over 15 years' technology experience and over 10 years’ experience in the funds industry. Ronan is the key evangelist for MoneyMate and participates as a speaker/panellist in many industry events each year, in addition to publishing a company blog and writing white papers and articles. Ronan has an honours degree in Computer Science from Trinity College Dublin.