The Foreign Account Tax Compliance Act: An Update in 2019
Join us for this Knowledge Group Online CPE Tax Compliance Act Webinar. The recent years have seen the evolving regulatory paradigm of the Foreign Account Tax Compliance Act (FATCA). In an effort to intensify transparency and accurate reporting, the U.S. Internal Revenue Service (IRS) continues to issue compliance updates and guidance. The IRS recently updated its FATCA Registration System, incorporating the Certification of Pre-existing Accounts (COPA) and Periodic Certification Process.
In order to avoid legal sanctions, it is essential that non-U.S. foreign financial institutions (FFIs) and practitioners are abreast of the notable developments in this area of law. They must be proactive in revisiting their practices and addressing potential issues to ensure FACTA compliance.