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FATCA – What you need to know

  • Accountant
  • AFSP
  • CRTP
  • CGFM
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • ChFC
  • MRTP
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CFIRS
  • CWS

Published: November, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • FATCA background
    4 mins
  • FATCA Aims
    16 mins
  • Corporations and partnership: Investments
    25 mins
  • Trusts: Controlling persons
    39 mins
  • New entity accounts (NEA)
    59 mins
  • Specified foreign financial assets
    83 mins

Course Description

The Foreign Account Tax Compliance Act is a federal law designed to combat offshore tax evasion by requiring individuals to report their financial accounts held outside of the United States and foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients.

This CE webinar addresses the requirements of FATCA and its impact on the reporting requirements of both taxpayers as well as foreign financial institutions as well as its impact on:

  • Capital Flight
  • Citizenship renunciation
  • Foreign relations
  • Extraterritoriality
  • Foreign banks willingness to hold US accounts

Major topics covered in this online CPE/CE webinar:

  • The FATCA reporting requirements on US taxpayers
  • The FATCA obligations on foreign financial institutions
  • Foreign financial institutions obligations to identify US taxpayers
  • The implementation of overseas withholding taxes
  • Reporting and retention of FATCA information

Learning Objectives

  • To define the need for, and origin of FATCA
  • To define the differing Foreign Financial Institutions
  • To explain who is affected by FATCA and how
  • To explain the effects on differing account types
  • To describe the effects on Substantial US Owners
  • To discuss the effects of FATCA on FSIs
  • To identify IRS Reporting Requirements

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, Compliance Managers, and Risk Managers.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • 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

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00730-21-S)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0684)
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00730-21-S)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00730-21-S)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Taxes for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Taxes for Chartered Financial Consultant (ChFC)
  • 2 CPE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 2 CPE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 2 CPE Credit of Taxes for Wealth Management Certified Professional (WMCP)
  • 2 CPD Credit of Taxes for Personal Financial Specialist (PFS)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Richard Cascarino, CRMA, CIA, CISM, CFE

Founder, Richard Cascarino & Associates

Richard Cascarino has, for the last thirty-three years, been providing Internal Audit, Fraud Audit, IS Audit Consultancy, Risk Management and Corporate Governance consultancy as well as Professional Development services to clients throughout the United States of America, the African region,  Europe and the Middle East. These include Central Banks and Financial Institutions, some of the largest corporations, government departments, auditors general, and professional bodies in their respective countries.

He is also a visiting Lecturer at the University of the Witwatersrand, lead author of the book Internal Auditing - an Integrated Approach, published by Juta Publishing. In addition, he is the author of the Auditor's Guide to IT Auditing and Corporate Fraud and Internal Control: A Framework for Prevention" published by Wiley

Publishing He is also a contributor to QFINANCE – The Ultimate Resource published by Bloomsbury.

About Company

Richard Cascarino & Associates

www.rcascarino.com/

Richard Cascarino and Associates LLC are providers high quality consulting and training services worldwide. They are associated with some of the most experienced consultants and highest quality professional educators in the fields of Fraud Audit, IS Audit and IS Audit Training, Internal Audit and Internal Audit Training as well as Enterprise Risk Management.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.4

21 Ratings

Excellent

12

Very Good

6

Average

3

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0

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0

DF

Donny Felton, EA

Nov 15th, 2021

Very useful and helpful information provided. My understanding of FATCA was improved.

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