About this Course
Topics covered include:
What is FATCA;
Who is affected? Case Study;
Briefing on the two Model Intergovernmental Agreements;
Timeline for withholding, registration, & reporting compliance;
Registration process;
Explanation of the impacts of FATCA on forms 1099, 8938, FinCEN 114;
Useful table sand charts for determining the definitions of foreign financial assess requiring reporting under FATCA;
Exceptions to Reporting;
Penalty risks for noncompliance, including the extended statute of limitations;
References to other rich resources to help you keep up-to-date.
Upon completing this course, you should be able to:
Differentiate reporting and withholding obligations;
Avoid falling victim to huge penalties that can accrue for noncompliance;
Recognize how to comply with your withholding and reporting obligations;
Describe proper statements with respect to the final FACTA Regulations;
Identify IRS postponement characteristics of the FATCA withholding deadline;
Differentiate types of entities required to provide an FFI Agreement Renewal;
Identify an exempt FFI;
Identify the filing threshold for joint U.S. taxpayers living abroad anytime during the tax year;
Describe an FBAR;
Identify the primary focus of the FATCA reporting objectives;
Describe which test was eliminated based on the final FATCA regulations;
Recognize the form U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets;
Differentiate between an FFI as opposed to an exempt FFI;
Identify IRS forms affected by the new FATCA regulations relates specifically to nonresident aliens;
Identify a best practice with respect to handling form W-8 with foreign payees/vendors;
Recognize the FATCA report Form 8966 is required to be filed for the 2016 calendar year;
Identify the FinCEN Form 114 reporting threshold with respect to the total value of assets;
Differentiate required reporting for foreign financial assets with respect to FATCA.