Complying with FACTA – The Foreign Accounts Tax Compliance Act
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Speaker : LAURA THESSIN
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When : Thursday, February 13, 2025
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Time : 12 : 00 PM EST
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Laura Thessin, CPA, MBA
Established finance and accounting professional with over 13 years of progressive experience. She transitioned from my role as a Commercial Loan Officer with an established community bank to an executive with The Engineering Groupe, Inc. She manages the day-to-day financial operations of the organization and coordinates all financial strategic planning.
In addition, She also teaches a senior-level auditing course at the University of Mary Washington. She also creates content and speaks for continuing education providers.
This presentation offers a comprehensive guide to understanding and complying with the Foreign Accounts Tax Compliance Act (FATCA). Designed for financial institutions, tax professionals, and compliance officers, the session will cover the core requirements of FATCA, including reporting obligations for U.S. taxpayers and foreign financial institutions (FFIs). We will delve into the specifics of FATCA reporting, key forms, and documentation, as well as the role of Intergovernmental Agreements (IGAs) in simplifying compliance. Attendees will gain insights into common challenges, including data privacy concerns and the complexities of identifying U.S. persons, and will learn best practices for avoiding penalties and ensuring accurate reporting. Additionally, we will compare FATCA with the OECD’s Common Reporting Standard (CRS) to provide a broader perspective on global tax compliance. By the end of the presentation, participants will be equipped with the knowledge to navigate FATCA requirements effectively and maintain robust compliance processes.
Areas Covered
- Introduction
- FACTA Overview
- FACTA Reporting Requirements
- FACTA Impact on Foreign Financial Institutions (FFIs)
- Key Forms and Documentation
- Intergovernmental Agreements (IGAs)
- FACTA Compliance Challenges
- Avoiding FACTA Non-Compliance Penalties
- FACTA and CRS (Common Reporting Standard)
- Steps for Effective FACTA Compliance
- Conclusion
Who Should Attend
Accountants, Accounting Firms, Financial Professionals, Tax Professionals and Advisors
Why Should You Attend
This presentation is crucial for anyone involved in financial compliance, tax management, or international banking. FATCA has significant implications for both U.S. taxpayers and foreign financial institutions, and understanding its requirements is essential to avoid costly penalties and ensure global tax transparency. By attending, you will:
- Understand FATCA Requirements: Gain a clear understanding of FATCA's reporting obligations for U.S. taxpayers and foreign financial institutions, including the latest updates and regulatory changes.
- Navigate Compliance Challenges: Learn about the common challenges faced in FATCA compliance, such as identifying U.S. persons, handling data privacy issues, and managing complex reporting requirements.
- Avoid Penalties: Discover best practices for accurate reporting and strategies to avoid the 30% withholding tax and other non-compliance penalties.
- Leverage IGAs: Understand how Intergovernmental Agreements (IGAs) can simplify FATCA compliance and learn about the differences between Model 1 and Model 2 IGAs.
- Compare with CRS: See how FATCA compares with the OECD's Common Reporting Standard (CRS) to better understand the global tax compliance landscape.
By attending, you’ll be equipped with the knowledge and tools needed to effectively manage FATCA compliance, reduce risk, and ensure your organization meets its regulatory obligations.
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$160.00
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