FATCA for Government Agencies: What You Need to Know in 2015
In an effort to increase tax compliance and head off potential tax evasion activities of U.S. citizens abroad, the 111th United States Congress has enacted the Foreign Account Tax Compliance Act (FATCA) on March 18, 2010. It requires foreign financial institutions (FFIs) to report to the Internal Revenue Service (IRS) the information on the financial assets held by U.S. persons overseas. A number of countries such as Canada, France, and Japan have signed intergovernmental agreements (IGAs) with the U.S. to strengthen the implementation and compliance of the countries' respective financial institutions.
This continuous advancement of FATCA as a standard business procedure poses a critical need for Governments and tax authorities to establish robust practices that will ensure risk mitigation and compliance management. They must integrate a comprehensive solution that will address various FATCA legal and data complexity issues which are expected to arise if they want to succeed in implementing FATCA. It is significant they develop forceful solution selection process to maximize opportunities FATCA Solution market offers.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders will help Governments and tax authorities understand the important aspects of this significant topic. They will provide an in-depth discussion of FATCA implementation as well as related issues. Speakers will also offer best practices in developing and implementing an effective FATCA Solution Selection Process.
Key issues include that will be covered in this course are:
- FATCA - An Overview
- Effective FATCA Solution for Reporting and Compliance
- Legal and Data Issues Expected to Arise
- Government and Tax Authority Requirements
- What the Market Offers
Conor Crowley, Managing Director
Technology Issues: Implementing a technical platform to support the Tax Authority's FATCA & AEOI process:
- Future proofing: With the advent of automatic exchange of information, including AEOI and BEPS, Tax Authorities now have more than just FATCA obligations to worry about, and need to ensure they have a solution in place that meets tomorrow's requirements as well as today's.
- 2. Cots vs Bespoke – Pros and cons of building a solution in-house and purchasing something out of the box. How to know what is right for your organization.
- 3. Lessons learned from three different implementations, including the reality of FATCA compliance – what it really means for your Tax Authority. This includes a demo of what a portal looks like and how it works.
Josh Gelernter, Manager - International Tax Consulting
Grant Thornton LLP
- Foreign Financial Institutions – a quick primer per the US Treasury Regulations and Intergovernmental Agreements
- Defining a US-sourced Withholdable Payment: What payments are potentially subject to FATCA withholding
- Required due diligence – Collecting data from investors, shareholders and partners: A closer look at the new Withholding Tax Certificates (Form W-8BEN; W-8BEN-E; W-8IMY and W-8EXP)
Bill Leary, Director, International Tax Group
- Non-financial institutions focus, compliance driven side
Who Should Attend:
- Government Agencies
- Financial Institutions
- Bank and Financial Institutions’ Executives
- Tax Authorities
- Central Banks
- Chief Financial Officers
- Banking Institutions
- Broker and Dealers
- Insurance Company Officers
- Hedge Fund Officers
- Private Equity Funds Managers
- Attorneys and Consultants for Financial Companies
Bringing extensive experience in the IT sector, Conor joined Vizor as a founding member in 2000 and has been the creative force behind Vizor Software ever since. In his capacity as Managing Director, Conor is responsible for the design and architecture of the product, and has led the R&D teams through to the realization of Vizor Software as an enterprise-class regulatory system. Conor also works extensively with customers to design innovative solutions on large-scale projects and is responsible for incorporating customer feedback into product innovation cycles. Conor holds a degree in Computer Science from Trinity College Dublin.
Bringing extensive experience in the IT sector, Conor joined Vizor as a founding member in 2000 and has been the …
Josh is an experienced manager in Grant Thornton's New York office. Josh has over 8 years of experience advising some of the largest multi-national companies on numerous cross-border transactions and multi-country tax planning opportunities, including inbound investment into the United States. Josh has assisted a Fortune 100 company on a multi-national tax efficient supply chain management restructuring. He also managed a multi-billion dollar spin-off, assisting the new company with its tax registrations in Europe, Asia and South America. He has also assisted a large retail company with its global tax compliance. Josh has advised a variety of clients on their FATCA obligations and due diligence requirements. He has performed entity classification analyses, registered FFIs on the IRS FATCA portal, analyzed payments to foreign payees to determine whether withholding was required and at what rates and prepared and reviewed withholding tax certifications.
Prior to joining Grant Thornton, he was a manager in Ernst & Young’s international tax practice in the New York office for 6 years before transferring to the New Jersey international tax practice. Josh is a member of the New York state bar association.
Josh received his Juris Doctor degree from Fordham University School of Law. He also received his B.A. Accounting degree from City University of New York - Queens College.
Josh is an experienced manager in Grant Thornton's New York office. Josh has over 8 years of experience advising some …
Bill is a Director in the International Tax Group at Doeren Mayhew, where he provides international tax services in Houston, Texas.
Bill brings more than 30 years experience to his role, providing tax advisory services at the international, national, regional and local levels, including more than 40 foreign jurisdictions. From transactional planning and mergers and acquisitions, to IRS practice and procedures, transfer pricing, tax process engineering and more for inbound and outbound clients, Bill works with his clients to efficiently manage the tax position of their cross-border operations.
Prior to joining the firm, Bill built his international tax skill set at PricewaterhouseCoopers in its Houston and Washington National Office, Arthur Andersen & Co., and BKD, LLP. Bill is trained as a lawyer and is a C.P.A.
Bill is a Director in the International Tax Group at Doeren Mayhew, where he provides international tax services in Houston, …
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About Vizor SoftwareVizor Software https://vizorsoftware.com/ Since 2000 Vizor Software has been the standard for financial regulatory technology. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. To learn more about how Vizor Software, please contact us, visit our webpage or follow Vizor on Twitter, LinkedIn, Google+ and Pinterest
About Grant Thornton LLP
Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton has revenue in excess of $1.3 billion and operates 57 offices across the United States with more than 500 partners and 6,000 employees.
Grant Thornton works with a broad range of publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations. Core industries served include consumer and industrial products, financial services, not-for-profit, private equity, and technology. Grant Thornton focuses on serving dynamic organizations that pursue growth holistically — whether through revenue improvement, leadership, mission fulfillment, or innovation.
Grant Thornton supports the kinds of policies that allow these companies to reach their full potential and is particularly qualified to serve clients in the middle market that face the challenges of growth and expansion. By fostering responsible entrepreneurship, Grant Thornton helps these organizations grow and fuel a thriving economy.
About Doeren Mayhew
Doeren Mayhew is a leading group of CPAs and trusted advisors who help mid-sized companies grow and prosper. Founded in 1932, we are today a top 100 firm recognized globally and applauded nationally among INSIDE Public Accounting’s “Best of the Best.”
With offices in Texas, Michigan and Florida, Doeren Mayhew’s staff of nearly 250 is dedicated to meeting client needs in various industries and service sectors. Combining a deeply rooted history, expertise and a progressive mindset, Doeren Mayhew offers insight, oversight to ensure best practices and foresight as to what’s ahead for businesses.
Doeren Mayhew is an independent member firm of Moore Stephens North America, Inc. a regional member of Moore Stephens International, Ltd., which is one of the world's major accounting and consulting networks with 292 independent firms and 626 offices in 103 countries.