The Foreign Account Tax Compliance Act (FATCA): Regulatory Trends and Compliance Issues in 2020
The Foreign Account Tax Compliance Act (FATCA) landscape has been evolving in recent years. With the Internal Revenue Service’s (IRS’) and the U.S. Treasury Department’s continuous efforts to clamp down tax evasion and other criminal activities, complex reporting requirements have been instituted and several FATCA guidance have been released. Thus, significantly shaping this area of law.
As this trend is expected to continue, tougher compliance requirements and sanctions are expected. Businesses and practitioners must keep themselves abreast with the emerging updates in the regulatory paradigm. Revisiting their pre-existing practices is necessary to ensure compliance with the evolving FATCA landscape.
In this LIVE Webcast, tax attorneys Shannon Retzke Smith (Withersworldwide) and Matthew Lee (Fox Rothschild) will provide the audience with an in-depth discussion of the significant trends and updates in FATCA. As experts, they will dig deeper as they analyze critical issues and offer best compliance strategies to avoid pitfalls.
Key topics include:
- The Foreign Account Tax Compliance Act
- Emerging Trends and Developments
- Red Flags
- Mitigating Risks and Perils
- Best Compliance Practices
- 2020 Outlook
Shannon Retzke Smith, Partner
Withers Bergman LLP
- FATCA filings a US person makes (the 8938 side), that is, the ever expanding scope of what is being included on the form, the expanding scope of who must file (now required on the individual and selected entity filings made with a US tax return), impacts for failing to file and means to address noncompliance.
Matthew Lee, Partner
Fox Rothschild LLP
- Recent enforcement activity regarding FATCA compliance
- How the IRS is making use of FATCA data provided by foreign financial institutions
- FATCA compliance issues for foreign financial institutions
Who Should Attend:
- Tax Lawyers
- Tax Compliance Officers
- Tax Directors
- Tax Preparers
- Tax Consultants
- Tax Executives
- Finance Executives
- Financial Industry Analysts
- Foreign Financial Institutions
- Financial Institution Executives and Senior Officers
Shannon is a Withers partner who focuses her practice on sensitive tax matters, which often involve negotiations with government agencies.
Shannon has significant experience in negotiating with government agencies on complex and highly sensitive tax matters including foreign bank account reporting (FBAR) obligations, the Foreign Account Tax Compliance Act (FATCA), and the Internal Revenue Service’s 2009 Offshore Voluntary Disclosure Program, 2011 Offshore Voluntary Disclosure Initiative, 2012 Offshore Voluntary Disclosure Program, 2014 Offshore Voluntary Disclosure Program, Streamlined Filing Procedure and other means of resolving U.S. income and reporting deficiencies. She is globally known as one of the go-to attorneys for individuals with US tax or reporting issues and has successfully represented hundreds of U.S. taxpayers across the globe.
Shannon is a Withers partner who focuses her practice on sensitive tax matters, which often involve negotiations with government agencies. …
Matthew D. Lee is a partner in the Philadelphia office of Fox Rothschild LLP. He is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense and federal tax controversies. He has extensive experience in advising clients on issues regarding foreign bank account reporting (FBAR) obligations, the Foreign Account Tax Compliance Act (FATCA), and the Internal Revenue Service’s Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures. He has represented hundreds of U.S. taxpayers with undisclosed offshore bank accounts and assets. Mr. Lee has published numerous articles regarding the IRS voluntary disclosure programs and FBAR and FATCA reporting obligations and speaks frequently on these topics. He has also represented clients in all stages of proceedings before the Internal Revenue Service, including audits, appeals, and collections, and Tax Court and district court litigation. Mr. Lee also has experience in conducting corporate internal investigations and advising clients as to corporate compliance issues involving the Bank Secrecy Act, the USA Patriot Act, FATCA, and anti-money laundering laws and regulations. Mr. Lee has represented corporations and individuals in criminal investigations involving tax, money laundering, health care, securities, public corruption, and fraud offenses, and has significant experience in handling all stages of federal litigation including trials and appeals. Mr. Lee is the author of Foreign Account Tax Compliance Act Answer Book 2016 (Practising Law Institute) and publishes a blog entitled Tax Controversy Sentinel (https://taxcontroversy.foxrothschild.com/).
Matthew D. Lee is a partner in the Philadelphia office of Fox Rothschild LLP. He is a former U.S. Department …
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Method of Presentation:
On-demand Webcast; Group-Internet Based
General knowledge of tax laws
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Taxes - Technical
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About Withers Bergman LLP
Withers is one of the world’s best-known law firms for privately held capital throughout the United States, in particular, among multigenerational, high net worth, and ultrahigh net worth families to service their family businesses and their global philanthropic endeavors. With 17 global offices including Connecticut, New York, California, London, Hong Kong, and Singapore. Our global team of experienced private client lawyers provide real-time, on-the-ground advice to clients in the locations where they live, work and invest and we continually look for opportunities to ensure our strong presence worldwide.
About Fox Rothschild LLP
Fox Rothschild LLP is a national law firm known for excellent client service and agility in problem solving. Our lawyers provide a full range of services to public and private companies, from startups to multinational corporations, and prominent individuals, including celebrities, athletes, artists and entrepreneurs. Founded more than a century ago, Fox has grown significantly in recent years and is now ranked in the AmLaw 100, with 750 attorneys in 22 offices coast to coast.