Final FATCA Regulations: Its Scope and Impact on US Taxpayers in 2013
Overview:
Earlier this year, the Treasury and IRS released final Foreign Account Tax Compliance Act (FATCA) regulations to stop international tax evasion. US taxpayers must have a complete understanding of the new regs to ensure that their FATCA program complies with the final regulation. In this live webcast, KC’s panel of key thought leaders and practitioners will discuss the final regulations addressing the key issues:
- Background and scope of FATCA regulations and their impact on taxpayers and industry
- FATCA registration portal, grandfathered obligations and dates to keep in mind
- Intergovernmental and FFI agreements
- Overview of the provisions related to banking institutions, insurance companies, investment entities and funds
- Required documents and best practices in compliance
- Potential risk and penalties
- Preparation of Form 8938 under the final regulations
- Up-to-the-minute regulatory updates
Join this two-hour live webcast and hear the panel’s thoughts and opinions on how to best comply with the new regulations and avoid pitfalls and costly penalties at your organization.
Agenda:
SEGMENT 1:
Willys H. Schneider, Partner,
Kaye Scholer LLP
- Overview of statute, including purpose, potential withholding tax for noncompliance; significant exceptions
- Effective dates and grandfathering
- Intergovernmental agreements
SEGMENT 2:
Joseph Riley, Partner,
Willkie Farr & Gallagher LLP
- Overview of the provisions related to banking institutions, insurance companies, investment entities and funds
- Required documents and best practices in compliance
- Obligations of “foreign financial institutions” under “FFI Agreements”
- Up-to-the-minute regulatory updates
SEGMENT 3:
David J. Lewis, Director and Shareholder,
Krugliak, Wilkins, Griffiths & Dougherty Co., LPA
- Obligations of U.S. persons who own specified foreign financial assets to satisfy FATCA’s Form 8938 reporting obligations including who must file, what assets must be reported, and possible penalties for non-compliance.
- Interaction of FATCA with other reporting obligations imposed on taxpayers, e.g., FBARs; and brief history and current update re IRS’ offshore voluntary disclosure programs.
- Tax preparer duties under T. Cir. 230 to advise clients about reporting obligations.
- Use of U.S.C. Title 31 subpoenas seeking information about taxpayers providing records of their foreign financial assets.
- Preparation of Form 8938 under the final regulations
Who Should Attend:
– International Tax Attorneys
– CFOs
– CPAs
– Tax Compliance Officers
– Senior Executives
– Controllers
– Treasurers
– Financial Reporting Personnel
– Valuation Analysts
– General Counsel
– International Counsel
– Ethics Officers
– Forensic Auditors
– Vice Presidents and Directors
– International Contract Managers
– Executives and Senior Officers of Banks, Thrifts, Credit Unions, and other Financial Institutions
– Financial Industry Analysts
– Lawyers
– Service providers
– Controllers
– Financial Executives
– Tax Managers
– Enrolled Agents
Willys H. Schneider is a Partner at Kaye Scholer who focuses 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 …
David represents individuals and businesses on federal tax matters. He handles civil tax examinations and appeals and criminal tax investigations. …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
134457
NASBA Field of Study:
Taxes
NY Category of CLE Credit:
Skills
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Kaye Scholer
Sounded in New York in 1917, Kaye Scholer combines the continuity and business acumen of a century-old law firm with a forward-looking, results-driven approach focused around lasting client relationships. With industry strengths in life sciences, financial services, technology, real estate and energy & infrastructure, Kaye Scholer offers strategic guidance and legal services to public and private entities facing litigation, transactional or governance challenges. Kaye Scholer’s lawyers regularly advise on matters across multiple legal jurisdictions, including in the US, Canada, UK, EU, China and Japan.
Website: https://www.kayescholer.com/
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.
Website: https://www.willkie.com/
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 visitwww.kwgd.com
Website: https://www.kwgd.com/
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