- Understand the basics of FATCA and how to comply
- Learn who is affected: there is more to this than just the FFI reporting requirements
- Receive a briefing on the two Model Intergovernmental Agreements
- Learn the impacts of FATCA on forms 1099, 8938, and TD F 90-22.1 (FBAR)
- Obtain useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
- Identify the exceptions to reporting
- Know the penalty risks for noncompliance, including the extended statute of limitations
- Review a case study – a tale of two offenders with significantly different outcomes
- Bonus: receive important web links to help you keep up-to-date with FATCA
FATCA was enacted by Congress in 2010 as part of the HIRE Act. It attempts to restore tax fairness by focusing on foreign financial assets of US citizens that are not being properly reported and taxed. With the announcement of final regulations in February 2013, the US Department of the Treasury and the IRS have been busy designing, implementing and executing intergovernmental agreements, new and revised forms, and instructions to force US citizens and foreign financial institutions into compliance.
Dr. Gina J. Lowdermilk,PhD (ABD), CAMS, CRMS is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders.
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