Foreign Financial Institutions (FFIs): Form 8966, FATCA Filing, Withholding and Reporting Requirements
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will outline the reporting requirements of Form 8966, including which organizations must file, identifying applicable account holders, filing the form, handling withholding obligations, and preparing for IRS examinations.
Outline
- Form 8966 and the FATCA regime: introduction
- Registration
- Filing requirements
- Reporting requirements
- Withholding requirements
- Exceptions to withholding
- IRS' current campaign
- Penalties for noncompliance
- Examples
- Best practices
Benefits
The panel will review these and other critical issues:
- Which FFIs are subject to Form 8966 reporting requirements
- Meeting withholding obligations of FFIs
- The state of the IRS' current campaign targeting FATCA compliance
- Examples including completed Form 8966
Faculty
Elis A. Prendergast
Managing Director, Information Reporting & Withholding Tax
KPMG US
Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable... | Read More
Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable experience advising financial institutions on information reporting and withholding related issues arising out of FATCA, the Non-Resident Alien withholding (chapter 3 of the Internal Revenue Code), and the Backup withholding (chapter 61 and 3406 of the IRC). He also advises clients with respect to non-U.S. reporting regimes such as, the U.K. provisions commonly known as the Crown Dependencies & Overseas Treasuries (CDOT), and the Standard for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as the Common Reporting Standard, or CRS). Previously, he held an operational tax position at a global custodian, The Bank of New York Mellon, where he played a role in documentation validation, withholding and remittance, and the annual reporting process.
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Tara Thomas
Senior Manager
KPMG US
Tax Senior Manager, Information Reporting and Withholding Practice.
| Read MoreTax Senior Manager, Information Reporting and Withholding Practice.
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