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Account Reporting Under FATCA and the CRS

Better understand account reporting under FATCA and CRS, as well as, the differences between the two.

Many countries have introduced financial reporting obligations over the past few years in an effort to help combat tax evasion. While these obligations have affected almost everyone that holds a financial account to some degree, these regulations have had an enormous impact on the financial institutions (for example, banks and investment funds) with direct reporting obligations under these regimes. In many instances, neither account holders nor client-facing employees of these financial institutions have a strong understanding of the obligations these regimes impose, which can lead to confusion and wasted time for all parties involved. This topic is designed to provide an overview of financial account reporting requirements under FATCA and the CRS, which are two main information reporting regimes in the world. Gain a better understanding of what these regimes are looking for and the documentation account holders will generally be required to provide, as well as the information financial institutions that maintain the accounts are generally required to submit to the tax authorities in the jurisdiction in which they operate. This information is particularly focused on obligations of financial institutions located outside of the U.S., however it also likely relevant for any U.S. person with international business operations or anyone else holding accounts outside of the U.S.

Runtime: 101 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

High-Level Overview of U.S. Information Reporting Regimes

  • Chapters 3, 4, and 61
  • FATCA Account Reporting

Overview of International Account Reporting Regimes

  • FATCA, Including Treasury Regulations, Model 1 IGAs, and Model 2 IGAs
  • Common Reporting Standard

FATCA Reporting

  • Reporting Model 1 FFIs
  • PFFIs and Reporting Model 2 FFIs
  • FATCA Reporting for U.S. Persons

Common Reporting Standard

  • Reporting FIs in Participating Jurisdictions

Comparisons Between FATCA and the CRS

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on June 18, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Carson Le

Carson Le

KPMG LLP

  • Manager, KPMG LLP
  • Specializes in U.S. information reporting and withholding requirements under IRC Chapters 3, 4, and 61, in addition to FATCA Intergovernmental Agreements (IGAs) and the OECD Common Reporting Standard (CRS)
  • Provides consulting to U.S. and foreign companies across a wide range of industries
  • LL.M. degree in taxation, New York University School of Law; J.D. degree, The George Washington University Law School
  • Can be contacted at [email protected]
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Product ID: 407277
Published 2020
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