ARLINGTON, Va., May 2, 2011 /PRNewswire-USNewswire/ --Itai Grinberg, an Attorney-Advisor in the Office of the International Tax Counsel at the U.S. Department of Treasury will join newly-added government panelists Bettie Ricca, Quyen Huynh, and Ana Guzman, in BNA Tax & Accounting's new FATCA webinar, May 3, 2011, to discuss the latest Foreign Account Tax Compliance Act guidance.
The recent release of Notice 2011-34 shows that the IRS is willing to address the problems identified with the procedures issued last year in Notice 2010-60. Still, there are limits to the administrative relief that the IRS can provide, and Foreign Financial Institutions (FFIs) and their advisors must be prepared for the reporting and withholding requirements that come into effect on January 1, 2013. Learn about the latest Foreign Account Tax Compliance Act (FATCA) guidance that modifies prior guidance and offers new guidance on passthru payments and deemed compliant FFIs.
The new panelists will join Michael Plowgian, Attorney-Advisor to the Office of the International Tax Counsel, U.S. Treasury Department; Carol Tello, a partner with Sutherland, Asbill and Brennan LLP; and Alan Granwell, partner with DLA Piper LLP, as they offer attendees:
A more complete understanding of the reasons for the preliminary guidance contained in Notice 2011-34
A summary of the operational rules contained in Notice 2011-34
An understanding of the practical implications of the new notice and its affect on FFIs
A better ability to advise or navigate the FATCA provisions
In 60-90 minutes, the panelists will cover:
New Preexisting Account Procedures
Replace prior procedures in their entirety
How the new procedures differ from the prior procedures
Are they more administrable and less burdensome for FFIs?
What will be the challenges in implementing the new procedures?
How will they be applied to nonbank FFIs?
What they are
How to determine how much of a payment is a passthru payment
Effect of passthru payments
Deemed Compliant FFIs
Local FFI members of participating FFI groups
Investment vehicles that meet certain requirements
Foreign retirement plans
Gross receipts and withdrawals
New Affiliated Group Rules
Coordinated and centralized FFI applications and compliance
"Foreign financial institutions are rightly concerned with the cost of FATCA reporting on their U.S.-owned accounts. Although not effective until 2013, U.S.-sourced payments to foreign financial institutions will be subject to 30% withholding at the source unless the recipient institution meets the FATCA requirements. Notice 2011-34 represents the IRS's latest effort to create a workable, yet effective, implementation of the reporting requirements and responds to some of the criticisms directed against Notice 2010-60. Foreign financial institutions and their advisors must familiarize themselves with the latest Notice as the FATCA deadline approaches," says BNA Tax & Accounting International Tax Managing Editor Harold Pskowski.
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.