FATCA: How to Comply with Minimal Withholding, Tax, & Penalty Impact

Authored by Miles Hutchinson
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.
$ 34.00
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NASBA Field of Study
CPE Credits
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