FATCA & CRS Training

The U.S. Foreign Account Tax Compliance Act (FATCA) requires that Financial Institutions establish a compliance program consistent with the U.S. Internal Revenue Service’s (IRS) goal of detecting U.S. tax evaders who maintain Financial Accounts either directly in offshore accounts and investments or indirectly through ownership of foreign entities.

The Organization of Economic Cooperation and Development (OECD) developed a similar information sharing regime: the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard (CRS)).   As with FATCA, the overall aim of CRS is to improve tax compliance through the automatic exchange of information.

Below are examples of how the training may be broken out depending upon the background level of the participants.  

Introduction to FATCA & CRS

 

  • Historical Background & Context

  • Purpose & Components

  • Relevance of IGAs

  • Status of CRS Commitments

  • Timeline

  • Who is impacted

  • Reporting Obligations

  • Penalties

Intermediate FATCA & CRS

  • Classification Process

  • IRS Registration

  • CRS Portal Registration

  • Intro to Due Diligence Steps

  • Reporting

Advanced FATCA & CRS

 

  • Analysis of Corporate Structures

  • Identification of Controlling Persons

  • Completion of IRS Withholding Forms & CRS Self-Certifications

  • In-depth Registration of Financial Institutions in the IRS Portal

  • Due Diligence Procedures

  • Identification of Reportable Accounts

 

Audience: Financial institution tax, legal, compliance, accounting, and onboarding personnel; law firm attorneys; accountants; trustees; fund and trust administrators.

The above program is offered via live webinar or in person.  The length of the session is geared toward the particular client's needs.

For more information, you may contact me via my site contact page or directly via e-mail: elizabeth@elizabethmcmorrowlaw.com

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Disclaimer: The information on this website is for general informational purposes only. Nothing on this site should be taken as legal advice. The viewing of this website does not constitute an attorney-client relationship. 

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