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The well-known Liechtenstein and Swiss banking scandals demonstrated the need for federal legislation to prevent U.S. citizens from hiding their funds abroad to avoid paying taxes. Congress responded through the Foreign Account Tax Compliance Act (FATCA) enacted in March 2010, which regulates American funds in overseas bank accounts and prevents individuals from engaging in tax evasion. In this course, Remy Farag, an international tax expert provides a comprehensive introduction to the Act and defines all difficult terms in this legislation.  In addition, Mr. Farag explains in detail the essential sections of the FATCA Guidance Notice issued in August 2010, as well as alerts viewers to the important effective dates in 2012 and 2013 for withholding provisions. Finally, the program concludes with an explanation of the different rules for pre-existing versus new accounts. Mr. Farag teaches tax attorneys and accountants everything they need to know to ensure that their client's funds in foreign banks are in compliance with all recent laws.
 

Learning Objectives:
I.    FATCA Objective
II.    Statutory Language
III.    Withholdable Payments
IV.    Foreign Financial Institutions
V.    Non-Financial Foreign Entity
VI.    Notice 2010-60
VII.    Entities Exempt from Withholding
VIII.    Controlled Foreign Corporations
IX.    Pre-Existing Individual Accounts
X.    New Individual Accounts

Instruction Method: Self-Study