FATCA Guidance for Foreign Banks: Are You Prepared?
Overview:Pursuant to U.S. Treasury Code Sections 1471 through 1474 and Notice 2013-43, effective for payments after June 30, 2014, all foreign financial institutions (FFIs) will be obliged to enter into disclosure compliance agreements with the U.S. Treasury (unless an exemption or FATCA Intergovernmental Agreement applies), and all non-financial foreign entities (NFFEs) that are not excepted under the regulations must certify their ownership or be subject to the same 30 percent withholding. This new reporting and withholding regime will no doubt represent challenges to adopters while impacting all facets of tax, banking and financial reporting.
The Knowledge Congress group’s FATCA Guidance for Foreign Banks: Are You Prepared? LIVE Webcast aims to explore how to develop a practical plan for managing and remediating potential risks associated with Foreign Account Tax Compliance Act (FATCA), implementation and compliance and actions U.S. taxpayers can take to address previously undisclosed foreign accounts and other reportable assets.
- Overview/background-Willys Schneider
- Brief description of FATCA, including its purpose, chronology of enactment, issuance of final regulations and various notices
- Effective, and other significant, dates
- Overview of IGA regime as alternative to compliance with final regulations
- Latest issuances by IRS, including regulations on coordination with other withholding regimes, model FFI agreement, status of W-E BEN-E form
- Comparision of compliance obligations of non-U.S. bank in IGA, vs. non-IGA jurisdiction (and, perhaps, Model 1 v.s 2 IGA); issues with branches-
- Due diligence; FBAR and FACTA; voluntary disclosure; targeted U.S. individuals and banks-David Lewis
- Identify and compare FBAR and FATCA reporting obligations including penalties for non-disclosure;
- Discuss alternatives of U.S. persons who have not yet reported offshore accounts by i) noisy disclosure, ii) quiet disclosure, and iii) IRS Offshore Voluntary Disclosure Program and potential costs/outcomes/consequences of each;
- Summarize and discuss USDOJ and IRS enforcement actions involving banks and individuals; and
- Briefly suggest tax advisor best practices when advising clients regarding these topics.
- Future-proofing FATCA programs against the requirements of the UK CD/ OT regime and the OECD’s AEOI program – Laurence Kiddle
- The complexities of on-boarding customers for multiple regimes, determining tax residence with minimal impact on the customer
- Automating FATCA on-boarding to provide competitive advantage: short case studies and practical experience on how businesses are managing FATCA on-boarding
- Future-proofing FATCA investment: preparing for FATCA, IGA and OECD reporting
Who Should Attend:
- International Tax Lawyers/Consultants
- Tax Compliance Officers
- Tax Consultants/Managers
- Tax Advisers and Preparers
- Senior Management
- Finance Executives
- Internal Auditors of All Levels
- Financial Reporting Personnel
- Vice Presidents and Directors
- International Contract Managers
- Executives and Senior Officers of Banks, Thrifts, Credit Unions, and other
- Financial Industry Analysts
- Service providers
- Other Related and Interested Professionals
Willys H. Schneider is a Partner at Kaye Scholer LLP, focusing on tax law. Her practice is broad-based, covering tax issues relating to mergers and acquisitions; formation and operation of REITs, partnerships and limited liability companies; structured finance and securitization; formation of private equity funds; and cross-border transactions. Willys also advises a number of charitable and other tax exempt institutions and currently serves on Kaye Scholer’s Pro Bono Committee. Willys is a member of the Board of the International Tax Institute and of Poets & Writers. She has served as an Articles Editor of The Tax Lawyer, the quarterly journal of the Section of Taxation of the American Bar Association, and has chaired various subcommittees of the ABA Taxation Section.
Willys is the author of numerous articles and book chapters in multiple publications dealing with a variety of income tax issues, including Investment Management: Law and Practice, published by Oxford University Press.
Willys frequently participates as a panelist in programs on tax issues. She is proficient in French and German.
Willys H. Schneider is a Partner at Kaye Scholer LLP, focusing on tax law. Her practice is broad-based, covering tax …
Joseph A. Riley is a partner in Willkie’s Tax Department. He specializes in the taxation of investment funds, including hedge funds and mutual funds, both U.S. and non-U.S. His practice includes taxation of securities, international tax advising, the U.S. Foreign Account Taz Compliance Act (“FATCA”), tax reporting for investors in investment funds, IRS assistance, and other associated tax issues faced by investment managers.
Joseph A. Riley is a partner in Willkie’s Tax Department. He specializes in the taxation of investment funds, including hedge …
David represents individuals and businesses on federal tax matters. He handles civil tax examinations and appeals and criminal tax investigations. David has helped many clients navigate through the IRS’s voluntary disclosure programs and related concerns. He also teaches Tax Practice and Procedure in the Masters of Taxation program of The University of Akron. He frequently serves as a presenter for legal and accounting tax continuing education programs. David serves his local bar association as Treasurer.
David represents individuals and businesses on federal tax matters. He handles civil tax examinations and appeals and criminal tax investigations. …
Laurence Kiddle is the Commercial Director for FATCA at Thomson Reuters. He is responsible for delivering the Thomson Reuters FATCA solution, which brings together market leading software from the Governance, Risk and Compliance and Tax and Accounting divisions in an end-to-end FATCA Compliance package.
Laurence's previous role was Head of Indirect Tax Compliance Operations, leading a team focussed on designing and integrating tax automation solutions. Prior to joining Thomson Reuters he worked at Arthur Andersen and Deloitte, where he led process/ tax technology consulting projects focused on the Financial and Energy sectors.
Laurence is a Chartered Tax Advisor. He holds a Master's degree in Information Processing and a Bachelors' degree in English Literature.
Laurence Kiddle is the Commercial Director for FATCA at Thomson Reuters. He is responsible for delivering the Thomson Reuters FATCA …
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About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. For more information, go to www.fatca.thomsonreuters.com/.
About Kaye Scholer LLP
About Willkie Farr & Gallagher LLP
Willkie Farr & Gallagher LLP is a leading international law firm that provides strategic legal representation and counsel to market-leading public and private companies worldwide. Founded in 1888, the firm has approximately 550 lawyers based in key financial centers: New York, Washington, Paris, London, Milan, Rome, Frankfurt and Brussels. Our Tax Department works closely with Corporate, Asset Management, Real Estate, and Business Reorganization and Restructuring practice groups to provide seamless advice on our client’s business transactions. In coordination with our Litigation Department, we regularly represent clients before the Internal Revenue Service and Treasury Department on matters involving advance rulings, audits and tax policy issues.
About Krugliak, Wilkins, Griffiths & Dougherty Co., LPA
Krugliak, Wilkins, Griffiths & Dougherty Co., L.P.A. enjoys a 56 year history marked by steady growth and successes achieved by serving clients in varied industries such as manufacturing, banking and financial institutions, warehousing, wholesale and retail product distribution, natural resources, service, medical products, health care, non-profits, and more with five offices serving Ohio and individual attorneys licensed to practice in several other states. Practice strengths include taxation, Federal and state court commercial litigation, business and corporate law, mergers and acquisitions, finance, estate planning, oil and gas, and labor and employment among more than 25 practice areas of law. Firm clients include mostly closely held businesses. Many KWGD attorneys have earned the highest professional rankings from their peers as recognized by Martindale Hubbell, Best Lawyers® and Super Lawyers®. For more information visit www.kwgd.com