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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, June 20, 2024

  • schedule Time

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

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00

This course is $0 with these passes:

CPE
ALL

This webinar will outline the reporting requirements of Form 8966, including which organizations must file, identifying applicable account holders, filing the form, handling withholding obligations, and preparing for IRS examinations.

Faculty

Elis A. Prendergast
Managing Director, Information Reporting & Withholding Tax
KPMG US, LLP

Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable experience advising financial institutions on information reporting and withholding related issues arising out of FATCA, the Non-Resident Alien withholding (chapter 3 of the Internal Revenue Code), and the Backup withholding (chapter 61 and 3406 of the IRC). He also advises clients with respect to non-U.S. reporting regimes such as, the U.K. provisions commonly known as the Crown Dependencies & Overseas Treasuries (CDOT), and the Standard for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as the Common Reporting Standard, or CRS). Previously, he held an operational tax position at a global custodian, The Bank of New York Mellon, where he played a role in documentation validation, withholding and remittance, and the annual reporting process.

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Tara Thomas
Senior Manager
KPMG US, LLP

Tax Senior Manager, Information Reporting and Withholding Practice.

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Description

FATCA filing accuracy remains a targeted campaign of the IRS LB&I Division. Participating foreign financial institutions (FFIs), among others, are required to report certain information on the foreign financial holdings of U.S. taxpayers. Reportable information includes addresses, TINs, account numbers, interest and dividend income, and account balances. Ideally, the IRS traces and matches the reported data to Form 8938, Statement of Specified Foreign Financial Assets filed by individual taxpayers.

Identifying who must file, including applicable institutions and account holders, is complicated. FFIs must withhold and remit 30 percent withholding on U.S. source income. Institutions that fail to comply could be held liable for the 30 percent withholding plus penalties and interest. Individuals not filing Form 8938 could be subject to a $10,000 annual penalty amounting to a total of $50,000. International tax advisers need to grasp the filing requirements for Form 8966 and prepare for IRS examinations of these institutions and account holders.

Listen as our panel of information reporting experts details the FATCA filing requirements for FFIs and Form 8966.

Outline

  1. Form 8966 and the FATCA regime: introduction
  2. Registration
  3. Filing requirements
  4. Reporting requirements
  5. Withholding requirements
  6. Exceptions to withholding
  7. IRS' current campaign
  8. Penalties for noncompliance
  9. Examples
  10. Best practices

Benefits

The panel will review these and other critical issues:

  • Which FFIs are subject to Form 8966 reporting requirements
  • Meeting withholding obligations of FFIs
  • The state of the IRS' current campaign targeting FATCA compliance
  • Examples including completed Form 8966

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify FFIs subject to FATCA reporting requirements
  • Determine what penalties could be assessed for noncompliance
  • Decide which exceptions apply to FFI withholding requirements
  • Ascertain how to best prepare for IRS' current international audit campaign

  • 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 preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

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).