BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Thursday, February 9, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide tax counsel and advisers with a detailed guide to preparing and filing a foreign financial institution (FFI) agreement. The panel will describe the FFI designation in depth, outline the due diligence and reporting requirements of a participating FFI, and discuss the mechanisms for avoiding mandatory withholding of pass-through income. The speakers will also analyze the model FFI Agreement and offer guidance on accurately completing the Form 8957 disclosures, as well as required documentation and record-keeping.

Faculty

Patrick J. McCormick
Partner
Rimon, P.C.

Mr. McCormick specializes in the areas of international taxation and multinational trusts and estates. He has published assorted national articles and given innumerous national and local presentations on assorted areas of international tax. He is licensed to practice in the State of New Jersey and the Commonwealth of Pennsylvania.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Bradley Mainguy
Associate Director
Berkowitz Pollack Brant

Mr. Mainguy has more than eight years of public accounting experience providing international tax services to clients in a wide range of industries, as well as individuals and publicly traded companies. He has extensive experience working with multinational corporate clients on consulting and compliance projects, including global business model optimization and restructuring projects from the design and feasibility stage through implementation. He also has expertise in U.S. tax issues relating to both inbound and outbound investments, as well as navigating the increasingly complex network of reporting, disclosure, and withholding requirements arising from doing business in a global economy.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

A significant component of the FATCA reporting regime is the requirement for FFIs to enter into an agreement with the IRS to disclose the identities of U.S. account holders. Any U.S. person making any payments to FFIs that have not entered into an FFI agreement is required to withhold 30 percent tax from all payments made to the noncompliant FFI.

There are two types of intergovernmental agreements (IGAs), entered into between the U.S. and the domicile of the FFI, that govern the FFI's reporting and withholding obligations. FFIs designated under "Model II IGA" must agree to direct and enable other financial institutions in partner jurisdictions to report information about U.S. accounts held in those institutions.

Increasing reporting burdens associated with FATCA continue to challenge both foreign and U.S. taxpayers. Tax counsel and advisers must prepare for the next stage of reporting requirements of a participating FFI and understand mechanisms for avoiding mandatory withholding of pass-through income.

Listen as our experienced panel provides a detailed discussion for meeting the guidelines for FFIs and their registered individual representatives.

Outline

  1. FFI definitions and requirements
  2. Completing and reporting due diligence
  3. Renewing the FFI agreement
  4. Filing Form 8957
  5. Case study/illustrations

Benefits

The panel will review these and other important topics:

  • Completing and reporting the required due diligence to the IRS
  • Ensuring an FFI agreement is in place and that the FFI is in compliance with prior obligations
  • Finalizing Form 8957
  • Documenting the FATCA status of entity payees who are not account holders

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand the relevant terminology for reporting for an FFI
  • Recognize key issues in renewing the FFI agreement
  • Understand requirements and key points in filing Form 8957
  • Ascertain a firm grasp on completing the due diligence certifications

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Knowledge of, and familiarity with, the foreign-source income tax reporting rules, Controlled Foreign Corporations determination, Foreign Account Tax Compliance Act and its reporting requirements.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).