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FATCA: What Non-Financial US Companies Need to Do to Prepare.


Product Code - TMW94
Speaker(s): Kimberly Majure, Principal, KPMG and Bruce Reynolds, Bloomberg BNA Managing Editor – International Tax
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This is a Bloomberg BNA encore presentation – blending an earlier recording of this highly popular webinar with live questioning and CE availability (one per line).

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.

This new practical webinar from Bloomberg BNA, How FATCA will Affect Non-Financial Businesses, and What to Do to Prepare for It, presented by Kimberly Majure and Bruce Reynolds, will provide 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.

During this live webinar, Ms. Majure and Mr. Reynolds will cover:

  • Basic FATCA requirements for the non-financial company.
  • What parts of the company or group must be involved in a compliance process.
  • Issues to watch out for in corporate groups with foreign affiliates.
  • Who, when, and how to determine and document the FATCA status of payees.
  • When to (or not to) rely on presumption rules and pitfalls that may arise if you do.
  • Coordinating FATCA compliance with other foreign withholding.
  • Practical procedures to minimize adverse vendor, supplier and contractor reactions.
  • When you must withhold, then what?

Educational Objectives

  • 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.
  • Understand the mechanics of withholding and reporting.

Who Should Attend:

  • Corporate Tax Directors and Vice Presidents
  • Managers, Accounts Payable
  • International tax specialists in accounting firms
  • International tax specialists in law firms

Prerequisite: None
Level: Intermediate to Advanced
Delivery method: Group live
Recommended CPE credit: 1.5 credits

Kimberly Majure, Principal, KPMG and Bruce Reynolds, Bloomberg BNA Managing Editor – International Tax

Kimberly Tan Majure, J.D., LL.M., is a Principal in the Washington National Tax office of KPMG LLP, where she specializes in international tax planning and controversy issues, including cash management, withholding, cross-border financing, and multinational structuring. She is currently vice-chair of the ABA Tax Section Committee, Foreign Activities of U.S. Taxpayers, and is an adjunct professor with the Georgetown University Law Center, where for the last several years she has taught a mix of international tax classes in the Center’s LLM program. She regularly writes and speaks outside of the academic setting as well, and is a regular panelist at the George Washington University/Internal Revenue Service Institute on Current Issues in International Taxation. Prior to joining KPMG, Ms. Majure was a partner in the Washington DC law firm, Miller & Chevalier, where she provided clients with foreign structuring and tax planning services as well as representation in IRS audit and appeals proceedings. She has also served as senior manager in the National Office of another Big Four firm.

Bruce W. Reynolds, J.D., LL.M., is Managing Editor – International Tax at Bloomberg BNA. Before joining BBNA, he was, for 28 years, a Principal in the International Tax Services practice of the Deloitte Tax LLP Washington National Tax Office. His practice there focused for many years on cross-border merger and acquisition issues, and then on withholding, reporting and the US and foreign tax issues of cross-border services businesses. Before joining Deloitte, he was a Senior Trial Attorney in the US Department of Justice’s Tax Division, where he focused on cases involving international tax issues and foreign taxpayers.