The Foreign Account Tax Compliance Act – An Update in 2016
The Foreign Account Tax Compliance Act (FATCA), America’s global tax law, has been called an American tax nightmare by the New York Times. FATCA requires foreign banks to reveal Americans with accounts over $50,000. Non-compliant institutions are threatened with a 30% tax and exclusion from U.S. markets. The US taxes its citizens and even permanent residents on their worldwide income irrespective of where they live.
In 2009, UBS was fined $780 million for violation of FATCA and in 2014, Credit Suisse paid a record fine of $2.6 billion. More than 80 nations reluctantly have agreed to the law. To date, over 77,000 foreign financial institutions (FFIs) have complied.
Foreign Financial Institutions (FFIs) are still bewildered with what seems to be unfathomable regulations and compliances under the Foreign Account Tax Compliance Act (FATCA) that took effect in July 2014. The fund management industry is facing more challenges in complying with FATCA. Furthermore, many FFIs have closed accounts of US citizens and US 'persons' to avoid the excessive reporting requirements, withholding fees, and the risk of litigation and fines.
It is crucial for financial firms to understand FATCA requirements and deadlines, and to have a comprehensive compliance program. This will help mitigate the risk for non-compliance and to meet their obligations with IGAs, the IRS, and the Organization for Economic Cooperation and Development.
In this two-hour LIVE Webcast, a panel of distinguished professionals, thought leaders, and practitioners assembled by The Knowledge Group will review and discuss the updates and regulatory developments under The Foreign Account Tax Compliance Act, and will provide the audience with advise to avoid the myriad pitfalls and risk of failure to comply with the law.
Some of the major topics that will be covered in this course are:
- FATCA: Updates and Regulatory Developments
- Compliance Requirements
- Fund Management Industry Challenges
- Preparedness of Foreign Governments for FATCA
- The U.S. FATCA and the U.K. FATCA
- OECD Common Reporting Standards
- FATCA Due Diligence
- Managing Non-Compliance Risks
- Litigation and Penalties
- Compliance Program Design
Kevin E. Thorn, Managing Partner
Thorn Law Group
- Basic overview
Matthew D. Lee, 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
Brandon N. Mourges, Attorney
Rosenberg Martin Greenberg, LLP
- Background on FATCA requirements (e.g., key definitions, timelines, withholding requirements)
- Effect of Notice 2015-66 and Notice 2016-08
- Updates re: UK CDOT and CRS
- Implementation by financial institutions (e.g., responsible officers, due diligence, internal controls)
Dean D. Paik, Director
Rogers Joseph O'Donnell
- Overseas enforcement history leading to the enactment of FATCA
- Enforcement objectives FATCA addresses
- Mechanisms adopted
- FATCA enforcement
- Due diligence requirements
- For on-boarding individuals
- Non-Financial Foreign Entities
- Due diligence requirements
- Enforcement Developments
- US v. Banfield
- FBAR penalties
Who Should Attend:
- Attorneys and Consultants for Financial Companies
- Government Agencies
- Bank and Financial Institution Executives
- Bank and Financial Institutions
- Foreign Financial Institutions
- Tax Authorities
- Finance Professionals
- Other Related Professionals
Kevin E. Thorn is the Managing Member of the Thorn Law Group. Mr. Thorn’s expertise is highly sought after across the country and around the globe in all stages of civil and criminal tax controversies including, international tax law, IRS voluntary disclosures, offshore bank accounts and foreign asset disclosures, civil examinations, criminal investigations, IRS administrative appeals, collection alternatives, ethics investigations, and other types of complex civil litigation.
His broad range of clients includes high net individuals, individuals, tax professionals, partnerships, trusts, banks, closely-held businesses, accounting firms, law firms, and corporations. He is highly skilled, intellectually bright, and respected by professionals across the Nation. Mr. Thorn is one of the “Go To” tax attorneys in Washington, DC for complicated tax issues when high profile individuals or big name companies need important legal issues resolved.
Mr. Thorn represents taxpayers in all types of federal and state civil and criminal tax controversy and litigation matters. He has advocated on behalf of his clients before the Internal Revenue Service, the Department of Justice, the United States Tax Court, the Internal Revenue Service’s Office of Professional Responsibility, the Internal Revenue Service’s Whistleblower Office, and DC, Virginia, Maryland and other state taxing authorities.
Mr. Thorn is a regular speaker and instructor at many professional organizations. He has spoken with and advised banks in Europe, as well as, financial service providers in the Caribbean and other parts of the world regarding FATCA and U.S. information reporting requirements. Mr. Thorn has also spoken on several tax law and government procedure matters to such professional organizations as the American Bar Association’s Section of Taxation, the Federal Bar Association, state bar associations, and several academic and regional conferences.
Kevin E. Thorn is the Managing Member of the Thorn Law Group. Mr. Thorn’s expertise is highly sought after across …
Matthew D. Lee is a partner at Blank Rome LLLP in Philadelphia. He is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, government investigations, 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. Mr. Lee has published numerous articles regarding the IRS voluntary disclosure programs and FBAR and FATCA reporting obligations and speaks frequently on these topics.
Mr. Lee regularly represents companies and individuals in federal 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 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 is the author of Foreign Account Tax Compliance Act Answer Book 2015 (Practising Law Institute) and publishes a blog devoted to addressing the latest developments in the tax controversy field at www.taxcontroversywatch.com
Matthew D. Lee is a partner at Blank Rome LLLP in Philadelphia. He is a former U.S. Department of Justice …
Brandon Mourges is a member of Rosenberg Martin Greenberg’s nationally-recognized tax controversy practice group. His practice involves the representation of individuals and businesses throughout all stages of federal and state tax controversy. Brandon is also a Certified Public Accountant in Maryland.
Brandon is a graduate of The Wharton School of the University of Pennsylvania and earned his J.D. and LL.M. in Taxation from The University of Baltimore. He is admitted to practice in the State of Maryland, the United States District Court for the District of Maryland, and the United States Tax Court.
Brandon is a member of the American Bar Association, Maryland State Bar Association (Section of Taxation), Baltimore County Bar Association, Howard County Bar Association, American Association of Attorney Certified Public Accountants, and Maryland Association of CPAs. Brandon has also served as an instructor in the Volunteer Income Tax Assistance (VITA) Program, Fort George G. Meade, Fort Meade, Maryland for each tax year since 2012.
Brandon Mourges is a member of Rosenberg Martin Greenberg’s nationally-recognized tax controversy practice group. His practice involves the representation of …
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.
Dean Paik is a cochair of the White Collar Criminal Defense Practice Group at Rogers Joseph O’Donnell in San Francisco. …
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About Thorn Law Group
Kevin E. Thorn, the founding member and managing partner at Washington, D.C.-based Thorn Law Group, is “the go-to guy” in the D.C., Maryland, and Virginia area for clients who have international civil and criminal tax issues before the Internal Revenue Service, the Department of Justice, and the U.S. Tax Court.
Thorn and Thorn Law Group primarily service an impressive array of clients that includes high-net-worth individuals, business people, high-ranking government employees, professional athletes, entertainers, political figures, foreign nationals, trustees, banks, and businesses in tax matters across the country and around the globe.
An area in which Thorn and Thorn Law Group excel is bringing taxpayers’ past international tax matters into compliance, particularly regarding the 2009, 2012, and 2014 IRS Amnesty Programs.
About Blank Rome LLP
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.
About Rosenberg Martin Greenberg, LLP
Rosenberg Martin Greenberg is a full-service business law firm headquartered in Baltimore, Maryland with offices in Annapolis, Maryland and Wilmington, Delaware. We advise entrepreneurs and organizations on an extensive range of issues that drive their success. Our core practice areas are business litigation, real estate, business planning & transactions, commercial lending, tax & wealth planning, creditors' rights and tax controversy. Our attorneys are committed to providing our clients exceptional, efficient service that makes a difference. Visit us at www.rosenbergmartin.com.
About Rogers Joseph O'Donnell
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.