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This course covers the nuts and bolts of the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 to discourage tax evasion by requiring greater transparency and reporting of payments made by U.S. individuals and certain corporations, to non-U.S. persons and entities.

In this course we discuss:

  • An overview of FATCA’s origins and what it covers.
  • Who must comply with FATCA and how to satisfy compliance obligations.
  • Compliance procedures, with focus on Form 8938 and FBAR.
  • Penalties incurred if obligations are not met.
  • Options available in meeting those obligations.
  • Reporting obligations and potential fines for foreign financial institutions.

Finally, the course provides a brief review of intergovernmental cooperation to enforce FATCA and how that may affect U.S. businesses. Currently, only individuals are required to comply, while businesses will eventually need to comply when the IRS issues regulations. Corporate compliance with FATCA will rest primarily with high-level executives such as CFOs; however this course will help any business executive understand compliance obligations under FATCA.

Learning Objectives

  • Identify the basic concepts of the Foreign Account Tax Compliance Act (FATCA).
  • Recognize how to determine whether or not your company has compliance obligations under FATCA.
  • Identify how your company can comply with the requirements of FATCA.

 

 

 

8 Reviews (34 ratings)Reviews

4
Member's Profile
Coverage was quite extensive and detailed but could have used more examples of when certain aspects would apply. Nothing related to businesses/corporations with foreign assets and how they would/should be treated. Slide layout/color schemes, from a presentation perspective could have been better.
3
Member's Profile
This is the only course I have ever done on Illumeo that does not have a continuous playback option. The lack of this option combined with the bifurcation of the slides and the examples into a separate documents makes this course harder to follow that most other courses.
3
Member's Profile
Too many slides in the deck. Some of the color background slides do not have the proper contrast and are high to read. Course should be more than 1 CPE based on the amount of material.
4
Anonymous Author
This class focused mostly on the taxpayer requirements. I was looking forward to the requirements by US Corporations (i.e. form W-8), which was not discussed.
2
Member's Profile
The course could have been more focused on filing requirements for FFI versus individual tax payers
4
Member's Profile
Instructor demonstrated good knowledge of the topic and had a good delivery style.
4
Member's Profile
the penalties.
4
Member's Profile
Good

Prerequisites

Course Complexity: Advanced

Prerequisite: Experience in finance

 

Advanced Preparation: None

 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
FATCA Reporting for US Tax Payers
  5:27Who Must Report, Living Abroad, and Jointly Owned Assets
  8:24Specified Foreign Financial Assets
  4:38Asset Valuations
  4:22Non Compliance with Form 8938 Reporting Requirements
  8:28Compliance Options
  6:09The Streamlined Procedures
  5:26Delinquent International Information
FATCA Info. for Foreign Financial Institutions
  9:22Reporting, Withholding, and Exemptions
SUPPORTING MATERIALS
  PDFSlides: FATCA
  PDFFATCA Glossary/Index
  DOCCOMPLIANCE AND NON-COMPLIANCE ISSUES UNDER FATCA
Review & Test
  quizREVIEW QUESTIONS
 examFINAL EXAM