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Navigating the New FATCA Proposed Regulations - What You Need To Know


Product Code - TMA68
Speaker(s): Michael Plowgian, U.S. Treasury, Carol Tello, Partner, Sutherland, Alan Granwell, Partner, DLA Piper LLP, and Danielle Nishida, Of Counsel to the IRS
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Treasury has just released hundreds of pages detailing the new, proposed regulations under the Foreign Account Tax Compliance Act ("FATCA"). The information reporting and withholding rules will have a pervasive impact on foreign financial institutions (FFIs) and on non-financial foreign entities (NFFEs).

The webinar panelists, to include IRS and Treasury Department officials who participated in the drafting of the proposed regulations, as well as knowledgeable private practitioners and industry representatives, will provide an overview of the important points developed by the guidance and an update on related enforcement issues. There will be sufficient time for attendees to pose questions to the panelists.

Topics to be covered include:

  • How Will the Treasury Department Rationalize FATCA with Foreign Law Conflicts
  • The Scope of Withholdable Payments (including the inclusion of derivative payments) and Exceptions
  • Which Entities Are FFIs and NFFEs
  • The Information and Reporting Obligations of Becoming a Participating FFI or a Deemed Compliant FFI
  • Considerations to be taken into account in becoming Compliant or Non-Compliant with FATCA
  • How Will a US Withholding Agent Know Whether to Withhold under Chapter 3 or Chapter 4
  • Special issues for banks, funds, insurance companies and trusts
  • Impact on U.S. multinationals
  • Treatment of Passthru Payments
  • The Compliance Aspects of FATCA
  • Other Developments

Educational Objectives

  • Understand the impact of FATCA on foreign financial institutions (FFIs), and what will be required for these institutions to prepare for FATCA’s coming into effect.
  • Understand what the category of “nonfinancial foreign entity” (NFFE) will mean in practice.
  • Understand the scope of “withholdable payments,” and how this characterization will affect transactions with FFIs and NFFEs.
  • Understand what payments may be covered by more than one withholding regime, and which regime to apply to payments with overlapping obligations.
  • Understand information and reporting obligations when paying an FFI, a "deemed-compliant FFI," or an FFE.

 

Michael Plowgian, U.S. Treasury, Carol Tello, Partner, Sutherland, Alan Granwell, Partner, DLA Piper LLP, and Danielle Nishida, Of Counsel to the IRS

Michael Plowgian is an Attorney-Advisor in the Office of the International Tax Counsel at the Department of the Treasury. Previously, he was an attorney in the tax group at King & Spalding LLP, where his practice focused on a wide range of domestic and international tax planning matters.
Michael received his J.D. from Harvard Law School, a M.A.L.D. from the Fletcher School of Law and Diplomacy, and a B.A. from Denison University.

Carol Tello is a partner in Sutherland Asbill & Brennan LLP’s Washington office and a member of its Tax Practice Group where she focuses primarily on international tax matters. Her practice includes a broad range of cross-border tax planning and Internal Revenue Service (IRS) controversy matters for both business entities and individuals. Much of her work has been for insurance companies in the cross-border context. She has particular experience in cross-border restructuring transactions, inbound corporate transactions, withholding matters, and treaty interpretation issues, as well as cross-border taxation of corporate executives and the U.S. taxation of non-U.S. citizens. She also advises clients on tax issues involving intellectual property transactions.

Her prior experience includes service in the IRS Office of Associate Chief Counsel (International) and as a Special Assistant to the Assistant Commissioner (International). While at the IRS, she participated in a number of income tax treaty negotiations, was the IRS National Office adviser in several Tax Court cases, and worked on various regulations and other guidance, including significant participation in developing regulations concerning the taxation of software transactions.

Carol is the author of the BNA TMP 915-3 Payments Directed Outside the United States - Withholding and Reporting Provisions Under Chapters 3 and 4, as well as numerous articles on various tax issues. She also has been recognized in Euromoney’s The Guide to World’s Leading Tax Advisers (2011).

Alan Winston Granwell is an international tax partner resident in DLA Piper's Washington, DC office. Mr. Granwell’s practice encompasses representing multinational corporations on cross-border planning, to include acquisitions, dispositions and business restructurings, IP migrations, services arrangements, repatriation planning, international insurance, international transportation, cross-border leasing, transfer pricing and the use of bilateral tax treaties. He also advises high-net-worth individuals on cross-border tax planning and structuring.

Recently, Mr. Granwell has become active in advising investors from emerging countries engaged in cross-border transactions involving the United States and Europe and in advising financial institutions and their clients on international tax enforcement initiatives. He conducts an active administrative practice, regularly representing clients before the Internal Revenue Service and the US Treasury Department.