The U.S. Foreign Account Tax Compliance Act (FATCA) requires that Financial Institutions establish a compliance program consistent with the U.S. Internal Revenue Service’s (IRS) goal of detecting U.S. tax evaders who maintain Financial Accounts either directly in offshore accounts and investments or indirectly through ownership of foreign entities.

Similarly, the Common Reporting Standard (CRS) seeks to improve tax compliance through the automatic exchange of information. As with FATCA, jurisdictions implementing CRS expect Financial Institutions to have a solid compliance program in place.

Your annual compliance program should include FATCA and/or CRS training that reviews the basics, provides legal updates, and offers a forum for staff to discuss current practices in relation to legal requirements.

I work with my clients to gear the content and session length to the client’s particular needs ensuring the following issues are addressed:

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• Purpose & Components

• Classification

• Registration

• Due Diligence

• Reporting

• Penalties

 

The training can be done via live webinar or in person.

This training is helpful for staff in a financial institution’s tax, legal, compliance, accounting, and onboarding departments; trustees; fund and trust administrators; law firm attorneys; and external accountants.

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For more information, you may contact me via my site contact page or directly via e-mail: elizabeth@elizabethmcmorrowlaw.com.