S7C FATCA and the OECD CRS Compliance Training Programme©

This one or two day intermediate to advanced compliance training program will provide attendees with a comprehensive understanding of the new United States Foreign Account Tax Compliance Act (FATCA) requirements. The program will demystify the complexity of both FACTA and OECD Common Reporting Standard (CRS) obligations. It will help attendees to understand the operational impact that FATCA and the OECD CRS will have on the business and on clients, as well as guiding attendees through necessary adaptation processes and compliance solutions. The training program can be specifically tailored to meet a company's training needs by allowing companies to choose a 1 day (4 Modules) or a 2 day (8 Modules) training programme out of a range of 10 Modules.

Days 1 to 2

MODULE 1: An Introduction to FATCA

  • Historical background and context.
  • Key FATCA aims, objectives, milestones.
  • FATCA global implementation and impact.
  • The Three Pillars of FATCA Framework (Classification, Reporting, Withholding).
  • FATCA Definitions (FFI; P-FFI; RDC-FFI; CDC-FFI; NFFE; GIIN; FDAP Income; RO; IGA; USWAs; Gross Proceeds; Passthru Payments; Grandfathered Obligations; Active Income; Passive Income.

MODULE 2: An In-Depth Analysis of The Three Pillars of FATCA

  • PILLAR I: FATCA Classification - Direct US and Indirect US account; Due Diligence for Pre-Existing and New US individual and entity accounts; Classifying financial entities and implementing US Indicia requirements; FATCA regulatory exemptions.
  • PILLAR II: FATCA Reporting - FATCA documentation and reporting obligations; FATCA Reports, and Recalcitrant Accounts.
  • PILLAR III: FATCA Withholding - 30% withholding tax penalty; Withholding Payments and Special Rules on FATCA Withholding; Civil and criminal penalties for Responsible Officers.

MODULE 3: An Overview of the FATCA Operational Framework

  • Key FATCA aims, objectives, milestones.
  • FATCA Definitions (FFI; P-FFI; RDC-FFI; CDC-FFI; NFFE; GIIN; FDAP Income; RO; IGA; USWAs; Gross Proceeds; Passthru Payments; Grandfathered Obligations; Active Income; Passive Income.
  • The Three Pillars of FATCA (Classification, Reporting, Withholding).
  • FATCA Due Diligence, Recalcitrant Accounts, Exemptions and Penalties.

MODULE 4: Analysing Key FATCA Model IGA and IRS FFI Agreement Provisions

  • MODEL 1 - (Reciprocal Model 1A), (Non-Reciprocal Model 1B).
  • MODEL 2 - (No Pre-existing Tax Information Exchange Agreement or Double Tax Convention Required), (Pre-Existing Tax Information Exchange Agreement or Double Tax Convention).
  • FFI - IRS FFI Agreement (Form 8957).

MODULE 5: FATCA Road Maps and Implementation Plans

  • US IRS registration, FATCA due diligence and IRS Forms analysis (W-8, W-8BEN; 1042; 1042-S).
  • Identifying and assessing compliance and non-compliance costs.
  • Adapting and streamlining FATCA compliance and onboarding systems.
  • Responsible Officer preparation for IRS due diligence certifications (2016, 2018).
  • Developing Client Relationships and Client Briefing Materials.

MODULE 6: Case Study on the Challenges of Implementing FATCA in a Pre-Specified Jurisdiction

  • A detailed analysis of implementation obstacles and problems in a pre-specified jurisdiction (company's choice).

MODULE 7: FATCA Withholding and Passthru Payments

  • Withholding Payments and Special Rules on FATCA Withholding.
  • Defining passthru payments in practice.
  • The US IRS rules on passthru payments.
  • Passthru payments flow charts and worked examples.
  • Calculating the passthru payment percentage (PPP).
  • Designing and implementing effective foreign passthru payment systems in practice.

MODULE 8: FATCA and Trusts

  • Classifying trusts under FATCA Regulations and IGA Model Agreements.
  • Comparing and evaluating FATCA trust available exemptions (Trustee-Documented Trust, Sponsored Investment Entity, and Sponsored, Closely Held Investment Vehicle).
  • The impact of revocable and irrevocable trusts under FATCA.
  • Comparing FATCA trust frameworks in 3 trust jurisdictions (company's choice).

MODULE 9: Analysing the OECD CRS

  • The Convention on Mutual Administrative Assistance in Tax Matters.
  • Analysing the Standard for Automatic Exchange of Financial Account Information (Model Competent Authority Agreement) (Common Reporting and Due Diligence Standard).
  • Reporting and due diligence standards.
  • Indicia searches (electronic and paper) and permanent residence address test.

MODULE 10: FATCA and the OECD CRS

  • Comparing FATCA and CRS reporting and due diligence obligations.
  • CRS special rules for non-participating (automatic exchange) investment entities.
  • Assessing CRS Administrative and IT infrastructures, and confidentiality and data safeguards.
  • Implementing FATCA and CRS compliant systems.
  • Overview of The International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 provisions.
  • Overview of The International Tax Compliance Regulations 2015 provisions.
 

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