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Emerging Issues: Are You Prepared for the Upcoming FATCA Compliance Deadlines for Non-U.S. Financial Institutions?

Tax, Accounting and Finance CLE

Emerging Issues: Are You Prepared for the Upcoming FATCA Compliance Deadlines for Non-U.S. Financial Institutions?

Live Webcast Date: Friday, January 15, 2016 at 12:00 pm - 2:00 pm (ET)
Tax, Accounting and FinanceRecording

With the Foreign Account Tax Compliance Act (FATCA) coming into effect this 2016, many U.S. and non-U.S. financial institutions (FIs) around the globe are struggling to establish due diligence system and infrastructure to be able to identify those who have U.S. tax liability. The focus has clearly shifted to compliance from entity classification and registration, which implies an increased pressure to non-U.S. entities. Official guidelines have been issued by non-U.S. jurisdictions to enforce FATCA compliance by the FIs within their corresponding reach.

The Cayman Islands has issued an updated User Guide with reporting and notification deadlines clarifying notification process with regards to Cayman FI sponsorships and nil return filing. Moreover, the deadline for 2015 year FATCA report of U.S. reportable persons is on May 31, 2016 while pre-existing account remediation completion, other than high-value accounts, is due on June 30, 2016.  On the other hand, the British Virgin Islands’ (BVI’s) International Tax Authority (ITA) has also issued its updated FATCA Guidance Notes. Changes in the Guidance Notes include the extension of the 2014 reporting submission.  

In a two-hour Webcast, a panel of key thought leaders organized by The Knowledge Group will provide an overview of Emerging Issues as FATCA Compliance Deadlines loom to help Non-U.S. Financial Institutions understand the Act’s wide reach and potential effects on the financial institutions. Speakers will also offer best practices in developing and implementing an effective FATCA compliance policy.

Key topics include:

  • 2016 FATCA Deadlines
    • Cayman Islands
    • BVI
  • FATCA Compliance Obligations
  • FATCA Requirements
  • Potential Reporting Challenges
  • Regulatory Forecasts 
  • Best FATCA Compliance Practices
  • Possible Legal Action

Who Should Attend

  • CPAs
  • Investment Bankers
  • Tax Attorneys
  • Tax Compliance Officers
  • Tax Directors
  • Tax Preparers
  • Tax Consultants
  • Tax Executive
  • Finance Executives
  • Financial Industry Analysts
  • Senior Management
  • Foreign Financial Institutions
  • Other Related/Interested Professionals or Organizations

Faculty

Josh Gelernter

Josh Gelernter
Manager - International Tax Consulting
Grant Thornton LLP

Ian M. Comisky

Ian M. Comisky
Partner
Blank Rome LLP

Dean D. Paik

Dean D. Paik
Director
Rogers Joseph O’Donnell, P.C

Alison Vail Lennarz

Alison Vail Lennarz
Of Counsel
Kaufman & Canoles, P.C.

Click Here to Read Additional Material

SEGMENT 1: 
Alison Vail Lennarz, Of Counsel
Kaufman & Canoles, P.C.

  • Overview of taxpayer reporting obligations under FATCA,
  • Potential civil and criminal taxpayer penalties for failure to comply with reporting obligations
  • Voluntary disclosure options and consequences

SEGMENT 2: 
Dean D. Paik, Director
Rogers Joseph O’Donnell, P.C

  • History of overseas tax enforcement efforts leading to enactment of FATCA
  • Enforcement priorities FACTA meant to address
  • How FATCA will be enforced

SEGMENT 3: 
Ian M. Comisky, Partner
Blank Rome LLP

FATCA compliance obligations for FFIs

  • FATCA Responsible Officers
  • FATCA Compliance programs
  • Periodic Certifications Required by FATCA

FATCA Enforcement

  • What we expect the IRS will do with data provided by FATCA
  • What non-compliant taxpayers can expect in terms of enforcement
  • What FFIs can expect in terms of audits/enforcement

SEGMENT 4: 
Josh Gelernter, Manager - International Tax Consulting
Grant Thornton LLP

  • deep dive into Form W-8Ben-E for complex multi-national companies
  • deep dive into Form W-8IMY for foreign flow-through entities
  • Update on local country reporting for Foreign Financial Institutions
Josh Gelernter

Josh GelernterManager - International Tax ConsultingGrant Thornton LLP

Josh is a senior manager in Grant Thornton's New York office. Josh has over 9 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.

Ian M. Comisky

Ian M. ComiskyPartnerBlank Rome LLP

Mr. Comisky is a Partner with the law firm of Blank Rome LLP. Mr. Comisky concentrates his practice in the areas of civil and criminal tax litigation antimoney laundering compliance and complex corporate and commercial litigation.  Mr. Comisky is the coauthor of Tax Fraud and Evasion which contains chapters dealing with money laundering and FATCA compliance issues.  Mr. Comisky represents both corporations and individuals in criminal tax investigations both administrative and grand jury.  Mr. Comisky has represented individuals and entities in connection with issues relating to foreign bank accounts and has represented foreign financial institutions in connection with FATCA compliance.  Mr. Comisky has also been retained on banking and other corporate compliance matters primarily relating to Bank Secrecy Act and related moneylaundering and asset forfeiture issues.  Mr. Comisky has also been retained by directors and officers in civil and criminal securities litigation involving tax and accounting issues.  Mr. Comisky has further handled other commercial litigation including RICO class action and other complex commercial disputes primarily in federal courts in Philadelphia and Florida.  Mr. Comisky is an adjunct professor at the University of Pennsylvania law school teaching a course in money laundering and is co-chair of the firm’s white collar practice group.

Dean D. Paik

Dean D. PaikDirectorRogers Joseph O’Donnell, P.C

Dean Paik is a cochair of the White Collar Criminal Defense Practice Group at Rogers Joseph O’Donnell in San Francisco. He served as a top advisor to the Assistant Attorney General of the Tax Division U.S. Dept. of Justice from 2010 through 2013 and advised on a variety of civil and criminal matters including the Justice Department’s overseas bank account initiatives.  He helped devise strategies and policies on the enforcement against banks bankers and account holders of the laws requiring the disclosure of foreign bank accounts including intergovernmental negotiations to resolve conflicts in bank secrecy laws so as to allow for the implementation of FATCA.  He began his career as a federal prosecutor first in the Tax Division prosecuting federal tax crimes and then served as an Assistant U.S. Attorney. 

Alison Vail Lennarz

Alison Vail LennarzOf CounselKaufman & Canoles, P.C.

Alison is Of Counsel with Kaufman & Canoles, P.C., in its Williamsburg, Virginia, office. She concentrates her practice in the areas of estate planning and administration, tax planning and compliance, as well as counseling small businesses and non-profits. She regularly advises clients on sophisticated tax planning matters, including international tax planning and FATCA issues. Committed to community service, she has served as a director and legal counsel to area non-profit organizations including Big Brothers Big Sisters of the Greater Virginia Peninsula, Hampton Roads Academy, and Latisha’s House.

Alison earned her law degree from the T.C. Williams School of Law at the University of Richmond in 1998, and her Bachelor of Arts from the University of Virginia in 1989. She also studied law in France at the Université de Paris-Assas and is fluent in French.

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
   145147

NASBA Field of Study:
   Taxes

NY Category of CLE Credit:
   Skills

Total Credits:
   2.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

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 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.

Website: http://www.grantthornton.com/

With nearly 550 attorneys serving clients around the globe, Blank Rome is an international law firm representing businesses and organizations ranging from Fortune 500 companies to start-up entities. Founded in 1946, Blank Rome advises clients on all aspects of their businesses, including commercial and corporate litigation; consumer finance; corporate, M&A, and securities; environmental, energy, and natural resources; finance, restructuring, and bankruptcy; intellectual property and technology; labor and employment; maritime, international trade and government contracts; matrimonial; products liability, mass torts, and insurance; real estate; tax, benefits, and private client; and white collar defense and investigations. Blank Rome also represents pro bono clients in a wide variety of cases and matters. For additional information, visit www.blankrome.com

Website: http://www.blankrome.com/

Rogers Joseph 0’Donnell is a firm which provides litigation and advice services to a regional and national clientele, including large private and publicly held corporations The firm’s attorneys focus their practices in eight distinct areas of expertise: attorney liability and conduct, complex commercial litigation, retail industry trade regulation, white collar criminal defense, government contracts environmental law, construction and labor and employment.

Attorneys in these practice areas not only specialize but integrate and draw upon the firm’s collective experience to ensure practical, concrete and cost effective solutions to the legal concerns of our clients We are committed to efficient staffing, use of the latest technological tools, and vigorous case management in order to provide our clients with the most effective and highest quality legal services.

Website: http://www.rjo.com/

Tracing its origins to 1919, Kaufman & Canoles has developed its business law practice over the years to become the largest law firm headquartered in southeastern Virginia. With offices in Norfolk, Virginia Beach, Newport News, Chesapeake, Hampton, Williamsburg, Richmond and Tysons Corner, the firm serves international, national and regional clients needing assistance in a broad range of legal specialties. Areas of concentration include commercial and banking law; business investments; acquisitions and joint ventures; real estate transfers, leasings, and financings; corporate and partnership taxation; estate planning; intellectual property; computer law; securities; antitrust; immigration; labor and employment; employee benefits; regulatory compliance; environmental law; public finance; health care law; mediation and arbitration, and litigation.

Website: http://www.kaufmanandcanoles.com/

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