A FATCA Update: What You Need to Know
Published on 25/02/2015
Summary: FATCA – The Foreign Account Tax Compliance Act has added significant reporting requirements for companies and individuals. Foreign financial institutions must now report information on U.S. accounts, and U.S. companies must withhold on payments to foreign financial institutions if they don’t properly report on those U.S. accounts. U.S. individuals must also report their personal foreign assets and accounts on their individual U.S. tax return.
During this pre-recorded session, msi‘s partner Grant Thornton, and Grant Thornton’s Global Mobility Services team explained the rules and regulations in this area, and shared real life examples of dealing with FATCA so you can properly identify the issues. Learning objectives included:
- What is FATCA
- The key provisions of The Foreign Account Tax Compliance Act
- Who is affected by FATCA
- The complexity of compliance
- What are the reporting requirements
- Why is it important to comply and what are the penalties
- Examples and Summary
Presenter(s) Info: Bob Langham, Managing Director, Global Mobility Services and other members of the Grant Thornton Global Mobility Services Team.