InstructorTerri Hays
TypeOnline Course
PriceFree
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Tuition Options

myUniversity™

PracticeEdge Elite™

Standard Tuition $400 US

Senior Fellow Jeffrey Short, CPA, Partner, EY

Enacted in March of 2010 as part of the HIRE Act (2010), FATCA (Foreign Account Tax Compliance Act) was introduced to deter tax evasion by having non-US entities perform due diligence procedures in order to identify US-taxpayers that they deal with in their normal course of business. Since then, organizations globally have been working to understand what their obligations are to achieve FATCA compliance.

As a non-US entity, requirements differ between a Foreign Financial Institution (an “FFI”) versus a non-financial foreign entity (an “NFFE”). Also, the requirements that will apply to an FFI will differ between an FFI that is resident in a country with an intergovernmental agreement (“IGA”) with the US and an FFI that is not. Requirements are further differentiated depending on the type of IGA (Model 1 or 2) negotiated between the FFI’s country of residence and the US. This Course attempts to navigate the minefield that is FATCA and arm your organization with the know-how to be FATCA ready.

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LEARNING OBJECTIVES

FACULTY

CREDIT INFO

ACCREDITATION

Students shall learn the following within this Course:

  • Process Management
  • Legal Entity Process: Assessment
  • Does your process classify your reportable legal entities?
  • Does your process encompass your entire organization structure?
  • Know Your Clients: Assessment
  • Manage data cross-platform
  • Substantiate the data gathering process: copies of relevant documents, evidence of examination, name of employee conducting the checks
  • Enhance customer onboard systems to collect additional information about new customers
  • Integrate IT and software solutions to facilitate FATCA implementation
  • Recent IRS FATCA Regulatory Updates
  • Current FATCA Onboarding Considerations
  • Status of New W8 Forms.
  • Consistency Required with AML and KYC documentation.
  • Responsibilities for Nominee Accounts.
  • Industry Standards for Investment Advisor Maintenance of Onboarding Procedures and Internal Controls.
  • Continuing FATCA Obligations
  • Potential FATCA Withholding Issues relating to FFI Expenses and FFI Distributions made to Offshore Counterparties as Components of Swap Agreements.
  • Updating Fund Subscription Documents and Services Agreements for FATCA.
  • Outsourcing of Responsible Officer Function.

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Senior Fellow:

Jeffrey Short, CPA, Partner, EY

Guest Lecturers:
Duncan Nicol, Director, Cayman Islands Tax Authority
Michael McMaster, JD, SVP & Director, Tax Svcs, U.S. Bancorp
Jun Li, CPA, Partner, Tax, EY
Rudy Escalante, CEO, ICSA

 

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Accreditation Information

CLE Information

Credit Hours: 2
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 3.5
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information

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Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.

Arizona: Does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.

New Hamphsire: The approval is for three years from recorded date.

New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.

New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.

North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.

Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.

Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.

Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.

Tennessee: The approval is for the calendar year in which the live program was presented.

Virginia: All distance learning courses are to be done in an educational setting, free from distractions.

Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.

Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.

If applicable, the RCA will apply for credit in your state upon request.