Countdown to FATCA: What it Means to Your Financial Institution
The Foreign Compliance Tax Compliance Act (FATCA) will have far reaching implications for all financial institutions. Changes begin this Spring when US financial institutions are required to report interest payments on many foreign accounts on form 1042S.
Now foreign financial institutions (FFIs) are registering with the US government to avoid 30% withholding on certain payments. Most of this goes into effect in the middle of the year with other parts being phased in over the next few years. So what does this have to do with you? Well, the IRS has updated the W-9 for FATCA, a new W-8BEN and W-8BENE are in draft form. You will have to see if you have any payments going to FFIs that are not in compliance and begin withholding this summer.
- What is this all about?
- Definitions and acronyms
- Timeframes and deadlines
- Review of the W-9 and W-8s
- Counties involved
- Actions steps to avoid being out of compliance
- How to find the pieces you need if you have payments to foreign financial institutions
- Where is the list of participating foreign financial institutions? Why are there different categories?
- Who is exempt? What payments require withholding?
- And much much more
Compliance Officers, Branch Administration, Training, Branch Personnel and anyone involved in opening foreign accounts and the tax reporting of payments overseas.
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits.
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