Foreign Account Tax Compliance Act 2017: What Financial Institutions and Withholding Agents Need To Know Now

March 7, 2017 at 1:00pm
Practising Law Institute

At the end of December 2016, the Treasury Department (Treasury) and Internal Revenue Service (IRS) issued a widely anticipated package of new and modified regulations impacting the Foreign Account Tax Compliance Act (FATCA). In this one-hour briefing, experienced faculty will discuss highlights of the new regulatory guidance, including:

  • Modifications to the FFI Agreement that FFIs must enter into in order to be considered “participating FFIs” under the FATCA regime;
  • Updated rules for reporting of U.S. accounts by FFIs and withholding on payments made to FFIs and other foreign entities as well as other changes to the FATCA regulatory framework;
  • Finalized regulations that coordinate existing Internal Revenue Code withholding provisions with FATCA withholding requirements; 
  • Proposed rules addressing verification requirements and certifications of compliance for sponsoring entities; certification requirements and procedures for trustee-documented trusts and registered deemed-compliant FFIs; and compliance certification requirements for participating FFIs; and
  • Anticipated direction of FATCA enforcement under the new administration.