Regulatory Compliance Association Reviews

FATCA-What it means to your business

Practice Edge 02

FATCA – What it means to your business™

Date: June 11, 2014
General Session: 12 Noon to 1:30 PM
Location: Webcast (Free)

Interested in CLE or CPE (A & A hours), attend via the RCA’s Online University (On Demand) – free for Practice Edge Elite Members

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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 session attempts to navigate the minefield that is FATCA and arm your organization with the know-how to be FATCA ready.

At the conclusion of this class session, students will master the following:

  • Assessing your organization’s FATCA readiness;
  • Differentiate between FFI and NFFE;
  • How Intergovernmental Agreement impact your readiness;
  • Key activities to focus on to achieve FATCA compliance;
  • Key activities to maintain FATCA Compliance;
  • Key deadlines and milestones applicable to your organization; and
  • Where we are today.

Session Chairman:

Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:
Chris Larkin, Senior Manager | Financial Services, EY

Guest Lecturers:
Jun Li, Partner, EY
Jim Kickham, Senior Manager | Financial Services, EY
Rudy Escalante, Chief Executive Officer, ICSA
Duncan Nicol, Director, Department for International Tax Corporation