With all of the focus that has been given to financial businesses and their FATCA compliance issues, advice for non-financial companies who may make payments to foreign vendors, suppliers, and, yes, financial institutions has been sparse. Final FATCA regulations have been issued, and deadlines for various actions have been set, so that now the compliance landscape for non-financial businesses is fairly well set. Although non-financial businesses’ dealings with other non-financial businesses do not have the significant due diligence requirements that are prescribed for financial institutions’ dealings with depositors and customers, there are some necessary steps to take and some potential pitfalls to avoid. With a bit over a year to go before withholding from payments to foreign businesses may have to start, the time to dig into the rules and implement compliance plans is now. Although the regulations include many of the rules that were contained in the prior proposed regulations and prior law, the regulations also include several significant new rules. The regulations cover changes to Sections 162(a), 167, 168, and 263(a). This practical webinar from Bloomberg BNA is presented by Kimberly Majure and Bruce Reynolds and provides company tax personnel and their advisors an understanding of the requirements for non-financial companies, pitfalls to watch out for, and a procedure to follow in getting a company ready to be FATCA compliant.
This is a recorded webinar that originally ran live on April 24, 2013. As an eLearning course, you must pass the final exam of this course to receive CPE credit.
Course Level: Basic
Course Prerequisites: None
Delivery Method: Self-study
After completing this course, you will: • Become conversant with the primary rules, opportunities and limitations in FATCA; • Understand how to start a compliance process that will achieve compliance and satisfy auditors; • Know what modifications are needed for accounts payable or other business processes; and • Understand the mechanics of withholding and reporting.
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