CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

FATCA: Combating illegal tax evasion of US persons via offshore accounts

  • AFSP
  • CIA
  • EA
  • IAP
  • Oregon Tax Preparer
  • QIAL
  • CTEC
  • Maryland Tax Preparer
FATCA:  Combating illegal tax evasion of US persons via offshore accounts

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CPE credit for Certified Internal Auditors (CIA)

1 CPE credit for Qualification in Internal Audit Leadership (QIAL)

1 CPE credit for Internal Audit Practitioner (IAP)

1 CE credit of Federal Tax for Oregon Tax Preparers

1 CE credit of Federal Tax for Maryland Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

The Foreign Account Tax Compliance Act (“FATCA”) is found in Sections 1471–1474 of the Internal Revenue Code.  The Act requires U.S. persons to report specified foreign financial assets to the IRS on Form 8938 with their U.S. tax return.  The purpose of FATCA is to combat the perceived tax evasion of certain U.S. persons through offshore (i.e., non-U.S.) accounts and investments.  The rules require U.S. persons to disclose foreign financial accounts and foreign assets.

 The IRS enforcement of the Act is particularly aggressive and the scope is enormously casting a wide global net and the IRS has engaged with more than 110 countries who have entered into FATCA Agreements. Further, with 300,000 Foreign Financial Institutions (FFIs) on board, FATCA reporting will remain a permanent feature of the tax compliance landscape and a harsh reality for millions of U.S. taxpayers.  

Join our speaker William Seegar as he discusses the basic principles of FATCA, the affected businesses and individuals, the new and revised forms to effect compliance and provide you with simplifying charts and tables to help you determine your steps to full compliance.

We will provide practical instructions and guidance for applying FATCA and will identify the key issues that will help you avoid potential penalties for noncompliance by including the following major topics:

  • What is FATCA
  • Who is affected-there's more to this than just the FFI reporting requirements
  • Briefing on the two Model Agreements between the U.S. government and foreign governments or foreign institutions
  • Impacts of FATCA on forms W-9, W-8, 1099, 8966, 8938, & FBAR-FinCEN 114
  • Tables on the expanding compliance requirements
  • Guidelines for minimizing withholding obligations for noncompliance
  • Useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
  • Exceptions to reporting and the grandfathering provisions
  • Penalty risks for noncompliance, including the extended statute of limitations

Learning Objectives

  • To identify why FATCA requires withholding agents to collect U.S. tax withholding certificates.
  • To determine that FATCA is fundamentally an information-reporting regime.
  • To identify U.S. FATCA regulations for documentation of withholding.
  • To review the important aspects of compliance with the FATCA information reporting.

Who Should Attend?

  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA