About this Course
While legislation and regulations applicable to investments or other monetary transactions by U.S. taxpayers have existed for decades, in the last few years the U.S. government has not only stepped up enforcement activity for existing legislation, but it has also enacted new legislation expanding reporting and compliance obligations. Taxpayers must comply with two distinct sets of reporting requirements: FBAR and FATCA, and compliance with one does not constitute compliance with the other. While this course primarily addresses the FATCA requirements, including the numerous regulations issued since 2011, it begins with a brief summary of the FBAR reporting requirements. Upon completion of this course, you will be able to: Articulate the connection between the FBAR and FATCA requirements; Discuss Intergovernmental Agreements and understand their significance; Identify foreign financial and other institutions affected by FATCA; Articulate the obligations placed upon domestic and foreign withholding agents by the new rules; Understand the requirements, and significance, of foreign financial institution agreements, as well as the consequences of both entering into such an agreement and failing to do so; Relate key provisions of the due diligence, verification, reporting, and withholding requirements required of participating foreign financial institutions going forward; Articulate what membership in an expanded affiliated group means with respect to the new requirements; Identify the categories qualifying for deemed-compliant status; and Discuss the implementation timeline for the new provisions.