FATCA: A Live Panel Discussion!

FATCA: A Live Panel Discussion!

We are excited to announce the fourth in our series of webinars. This episode will cover the US’s Foreign Account Tax Compliance Act (FATCA), a regulation that requires US persons to report on an annual basis their non-US financial accounts, as well as non-US financial institutions to report US persons’ assets and identities in their records to the US Treasury.

Our event will be held on Wednesday, September 16 at 14:00 EDT or 19:00 BST.

We have already reached out to Taxlinked members and asked them to submit questions they’d like to have answered by our esteemed group of panellists.

Here is a preliminary list of questions and topics to be discussed as submitted by our members and panellists:

  • In the case of US nationals who haven't lived in the US for over 10 years, for how long are they under obligation to report their income to US authorities under FATCA regulations?
  • In cases in which US nationals own shares in private companies, are corporate services providers under obligation to report such holdings under FATCA regulations?
  • In addition to more transparency for US passport holders and—possibly—better tax collection for the IRS, what are the benefits of FATCA to the USA?
  • Many foreign banks have now identified or tagged clients as US nationals. Many of these US nationals abroad have no links to the US and have no plans to return to the country. What kind of consequences can be expected for identified US nationals that have decided not to disclose or report their foreign assets and income to the IRS? Are there any agreements in place or examples of foreign authorities enforcing non-compliance?
  • The US-Brazil IGA has just been enforced in Brazil and it stipulates that both the US and Brazil provide information on a reciprocal basis. Both countries, however, have legal stipulations protecting bank secrecy. How is the US planning to deal with this issue, also with regards to other countries signing the same IGA model?
  • What questions seem to be most important to your clients about FATCA?  Do they just seek your help in compliance or are you also able to use their need for FATCA advice as a means to promote other services you offer?
  • Based on your experience, do you think FATCA regulations are causing foreign banks to be biased against holding accounts for U.S. persons?
  • There’s an interest in actual compliance at the institutional level, the practical realities versus FATCA regulations. By example, are US compliance officers following the language of the IGAs and allowing alternative forms to the W-8 series?

Our group of panellists includes:

William Blum, Partner at Solomon Blum Heymann LLC

William Blum, Partner at Solomon Blum Heymann LLC in New York, is a tax and business lawyer with substantial expertise in international taxation. His practice emphasizes domestic and offshore tax matters and structures, including tax controversies, as well as estate and asset protection planning. He has served as counsel to the Governor of the United States Virgin Islands, and is the leading expert on the territory's status as a tax haven for non-U.S. persons.

Mr. Blum speaks regularly on tax issues at conferences around the world, including those sponsored by the Center for International Legal Studies. He has written articles for CCH, BNA and Euromoney on tax issues in the U.S., as well as the U.S. Virgin Islands, and he drafted that territory's foreign sales corporation and exempt company laws.

For a lot of FATCA-related material penned by William, check out Solomon Blum Heymann’s International Business Law Blog.


William Byrnes, Professor and Associate Dean at Texas A&M School of Law

William Byrnes, Professor and Associate Dean at Texas A&M School of Law in Dallas, is one of the leading and best-selling authors in the professional market with 30 books and treatises that have sold in excess of 100,000 copies in print and online. His treatises include: Foreign Tax and Trade Briefs, Tax Havens of the World, Practical Guide to U.S. Transfer Pricing, and Money Laundering, Asset Forfeiture and Recovery, and Compliance -A Global Guide, among many others. William Byrnes held a senior position of international tax for Coopers & Lybrand and has been commissioned by a number of governments on tax and professional education policy. In 1994, William Byrnes pioneered online legal education and, in 1998, created the first online LLM acquiesced by the ABA.

For a look at Professor Byrnes’ work on FATCA regulations, check out LexisNexis® Guide to FATCA Compliance (Chapter 1: Background and Current Status of FATCA).


Robert Ladislaw, Solomon Blum Heymann LLC

Robert Ladislaw is an attorney and certified public accountant with Solomon Blum Heymann LLC in New York. Practicing for over 20 years, his primary focus is on domestic and international taxation, emphasizing trusts, estates and private foundations, as well as transnational investment and trade. In addition, he regularly represents clients in federal and state income and estate tax examinations, and offshore tax compliance matters. Mr. Ladislaw has lectured for the Council for International Tax Education (CITE). He is a member of the New York State Bar Association, the American Bar Association, the American Institute of Certified Public Accountants, and the New York State Society of Certified Public Accountants.

For a lot of FATCA-related material penned by Robert, check out Solomon Blum Heymann’s International Business Law Blog.


Haydon Perryman, an independent FATCA Consultant

Based out of London, Haydon Perryman is an independent FATCA, CRS, DAC2 and CDOT Consultant with five years of practical hands-on experience of FATCA and CRS. Haydon has a detailed understanding of FATCA regulations and the practical strategies involved in ensuring and evidencing FATCA compliance. Haydon’s FATCA experience spans investment banking, corporate banking and retail banking. He wrote three chapters of the LexisNexis® Guide to FATCA Compliance: Chapter 2: FATCA Policy & Good Faith Compliance; Chapter 4: Customer Outreach, and; Chapter 14: W8 Equivalents.

For more, take a look at Haydon’s Guide to GATCA (Global Account Tax Compliance “Acts”).


The main Taxlinked page for this event can be found HERE.
 
To register for this event, please click HERE.
 
To submit a question to our panellists, please post on the forum thread HERE.
 
Two of our panellists, William Blum and Robert Ladislaw, have been interviewed as part of our Spotlight feature. To read what they had to say about FATCA and Taxlinked’s event, click HERE.
 
We’re looking forward to what is amounting to be a riveting event!

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