The U.S. Treasury Department and IRS have released the final regulations under the Foreign Account Tax Compliance Act (FATCA). Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets...
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on FATCA and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/fatca
This document provides an overview of the Foreign Account Tax Compliance Act (FATCA) and how it applies to private client structures such as trusts, corporations, and partnerships. It discusses key FATCA definitions, how private structures can be classified as foreign or domestic, and as foreign financial institutions (FFIs) or non-financial foreign entities (NFFEs). It also summarizes the compliance options for NFFEs and FFIs, including identifying substantial US owners, becoming a participating or deemed-compliant FFI, and using sponsoring FFI arrangements.
Understanding US Expat - A Presentation to IFS AdvisorsDerren Joseph
This document provides an overview and summary of key issues relating to US expats. It introduces Derren Joseph, the presenter, and his qualifications. It then outlines the key points to be covered:
- Defining who is a US person for tax purposes, including citizens, permanent residents, and substantial presence tests.
- Distinguishing between citizenship-based and residency-based taxation and how this impacts expats.
- Highlighting issues with non-qualified insurance policies, PFICs, FBAR reporting requirements, and FATCA compliance for expats holding foreign financial accounts or assets.
- Providing brief summaries of the tax treatment and reporting obligations for these key areas that most impact
Fund Regulation - Global Perspectives' Key Updates for 2015 GECKO Governance
This Fund Regulation 2015 update covers key updates from the main pieces of regulation impacting the investment fund industry this year.
Key regulatory updates include:
• AIFMD: update on Annex IV Reporting, Authorisation, Key dates in 2015
• FATCA: latest news from the IRS and key dates ahead, as well as CRS update
• UCITS V: progress on with implementation (remuneration & depositary) and key points to consider
• EMIR: latest requirements for reporting and implementation
• Solvency 2: impact on asset managers in the year ahead
• MiFID 2: update on MiFID reporting (MiFIR), fee disclosure and the impact on research
• How Global Perspectives can assist with your operational regulatory requirements
Contact us for more information:-
Shane@globalperspective.co.uk
The Impact of FATCA and CRS on Employee Share Plans and Share OwnershipAndrea Huck-Esposito
2015 heralds the start of US FATCA report submissions, requiring global reporting of financial accounts to the US. Following on from FATCA, the Organisation for Economic Co-operation and Development (OECD) are introducing agreements for a Common Reporting Standard (CRS). The CRS is designed to extend ‘FATCA-style’ reporting across other jurisdictions with an expectation that over 40 countries will adopt this. Join this informative discussion to better understand what FATCA and CRS means, learn about the related time frames and reporting obligations, and more importantly, find out what the impact of these regulations is to both employee share plans and share ownership. Come with questions, leave with answers on this tricky topic.
ECI FIRPTA - OPG Presentation 2015-06-24 FINAL DRAFTPaul Wiley
This document provides a summary of key concepts regarding effectively connected income (ECI) and the Foreign Investment in Real Property Tax Act (FIRPTA) for alternative investment managers. It discusses how certain investment and business activities conducted in the US, such as direct lending, loan origination, investments in partnerships, and interests in US real property, can generate ECI and be subject to US taxation. It also notes that otherwise safe harbored investment income and gains could be recharacterized as ECI if the underlying activities constitute a US trade or business. The document cautions managers to consider facts and circumstances carefully to avoid unintentionally generating ECI.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on FATCA and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/fatca
This document provides an overview of the Foreign Account Tax Compliance Act (FATCA) and how it applies to private client structures such as trusts, corporations, and partnerships. It discusses key FATCA definitions, how private structures can be classified as foreign or domestic, and as foreign financial institutions (FFIs) or non-financial foreign entities (NFFEs). It also summarizes the compliance options for NFFEs and FFIs, including identifying substantial US owners, becoming a participating or deemed-compliant FFI, and using sponsoring FFI arrangements.
Understanding US Expat - A Presentation to IFS AdvisorsDerren Joseph
This document provides an overview and summary of key issues relating to US expats. It introduces Derren Joseph, the presenter, and his qualifications. It then outlines the key points to be covered:
- Defining who is a US person for tax purposes, including citizens, permanent residents, and substantial presence tests.
- Distinguishing between citizenship-based and residency-based taxation and how this impacts expats.
- Highlighting issues with non-qualified insurance policies, PFICs, FBAR reporting requirements, and FATCA compliance for expats holding foreign financial accounts or assets.
- Providing brief summaries of the tax treatment and reporting obligations for these key areas that most impact
Fund Regulation - Global Perspectives' Key Updates for 2015 GECKO Governance
This Fund Regulation 2015 update covers key updates from the main pieces of regulation impacting the investment fund industry this year.
Key regulatory updates include:
• AIFMD: update on Annex IV Reporting, Authorisation, Key dates in 2015
• FATCA: latest news from the IRS and key dates ahead, as well as CRS update
• UCITS V: progress on with implementation (remuneration & depositary) and key points to consider
• EMIR: latest requirements for reporting and implementation
• Solvency 2: impact on asset managers in the year ahead
• MiFID 2: update on MiFID reporting (MiFIR), fee disclosure and the impact on research
• How Global Perspectives can assist with your operational regulatory requirements
Contact us for more information:-
Shane@globalperspective.co.uk
The Impact of FATCA and CRS on Employee Share Plans and Share OwnershipAndrea Huck-Esposito
2015 heralds the start of US FATCA report submissions, requiring global reporting of financial accounts to the US. Following on from FATCA, the Organisation for Economic Co-operation and Development (OECD) are introducing agreements for a Common Reporting Standard (CRS). The CRS is designed to extend ‘FATCA-style’ reporting across other jurisdictions with an expectation that over 40 countries will adopt this. Join this informative discussion to better understand what FATCA and CRS means, learn about the related time frames and reporting obligations, and more importantly, find out what the impact of these regulations is to both employee share plans and share ownership. Come with questions, leave with answers on this tricky topic.
ECI FIRPTA - OPG Presentation 2015-06-24 FINAL DRAFTPaul Wiley
This document provides a summary of key concepts regarding effectively connected income (ECI) and the Foreign Investment in Real Property Tax Act (FIRPTA) for alternative investment managers. It discusses how certain investment and business activities conducted in the US, such as direct lending, loan origination, investments in partnerships, and interests in US real property, can generate ECI and be subject to US taxation. It also notes that otherwise safe harbored investment income and gains could be recharacterized as ECI if the underlying activities constitute a US trade or business. The document cautions managers to consider facts and circumstances carefully to avoid unintentionally generating ECI.
- Multinational corporations need FATCA compliance programs to ensure all necessary FATCA classifications, documentation, monitoring, and reporting are completed. This involves analyzing the organization's structure, payment flows, and operational procedures of each entity.
- Failure to comply with FATCA obligations could result in 30% withholding on U.S. payments made to foreign individuals and entities, as well as penalties and interest.
- Every entity within an organization must be reviewed to determine its FATCA classification as a foreign financial institution, non-financial foreign entity, or U.S. withholding agent in order to meet compliance and documentation requirements.
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
The document discusses recent updates from the U.S. Treasury regarding regulations on the Foreign Account Tax Compliance Act (FATCA). It outlines FATCA's goal of ensuring tax compliance for U.S. taxpayers' offshore financial assets and accounts. Key points include: expanded categories of compliant foreign institutions, extended timelines for requirements, and reduced burdens for foreign institutions. FATCA now joins existing disclosure regimes for foreign bank accounts, offshore entities, and specified foreign assets. Implementation of FATCA provisions will take place between 2013-2017.
FATCA Compliance: Riding a Roller Coaster of Regulatory ChangeBroadridge
FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. This paper outlines the significant regulatory change FATCA brings to provide the IRS with an increased ability to detect U.S. tax evaders—specifically, those among U.S. “persons” (individuals or entities) who maintain foreign accounts and investments either directly or indirectly, through their ownership in foreign entities.
In this age of global business operations and opportunities, it is a business imperative to have an effective FCPA Compliance Program. In this webinar co-hosted with Paul Murdock of MCG Consulting we explore and discuss Foreign Corrupt Practices Act compliance and actions to achieve a FCPA Compliance Program.
For a full video of the recording visit: https://mco.mycomplianceoffice.com/mco-webinar/foreign-corrupt-practices-act-fcpa-compliance-webinar
The document provides a financial planning primer for US taxpayers living abroad. It highlights reporting and compliance requirements for US taxpayers under current legislation. It also outlines strategies for saving in a tax efficient manner for retirement. Key points include understanding FATCA global reporting rules, reporting annual income and worldwide assets, and exploring tax treaties and structures like International Pension Plans to maximize tax efficiency and flexibility. Overall the document aims to help US taxpayers living abroad understand their obligations while pursuing wealth accumulation and retirement planning goals.
Best Practices to Achieve an Effective FCPA Compliance ProgramMyComplianceOffice
In this age of global business, it is imperative to have an effective FCPA compliance program. In this webinar co-hosted with Paul Murdock of MCG Consulting we touched on:
-The Foreign Corrupt Practices Act compliance
-How to build an effective FCPA Compliance program
-Learn how to prepare your program to 'protect' your company
To watch video recordings of this webinar visit; https://mco.mycomplianceoffice.com/mco-webinar/best-practices-to-achieve-an-effective-fcpa-compliance-program
Foreign account tax compliance act (FATCA) impact to Netherlands Financial In...Henk-Jan van der Klis
The document discusses the impact of the Foreign Account Tax Compliance Act (FATCA) on financial institutions in the Netherlands. It provides an overview of FATCA, including its goal of combating tax evasion by US persons holding offshore accounts. It outlines key requirements for foreign financial institutions, such as identifying and reporting US persons' accounts to avoid withholding taxes. It also discusses the bilateral agreement signed between the US and Netherlands to reduce administrative burden and exchange tax information. Finally, it lists major milestones and key players for Dutch financial institutions to comply with FATCA requirements.
This document discusses the Foreign Account Tax Compliance Act (FATCA) reporting requirements that fund managers must comply with. It explains that FATCA reporting is due by mid-2015 and involves classifying entities, obtaining registration numbers, and reporting on US and UK taxpayers. It advises fund managers to ensure they have an efficient process to minimize costs and risks of non-compliance.
Presented by Jon Kutner, hyperWALLET General Counsel, at the 2014 DSA Global Regulatory Conference.
The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
Hanhai - Doing Business Internationally - Oct 2014 (3)Jim Chapman
The document provides an overview of key issues for emerging technology companies expanding business internationally, including tax issues, talent, intellectual property, and fraud. On tax issues, it discusses entity structure and location considerations. It also covers employment laws, trade secret protection, patent filing procedures and costs, and penalties for violating the US Foreign Corrupt Practices Act, which prohibits bribing foreign officials. The presentation aims to help startups navigate complex legal and regulatory differences between countries when doing business abroad.
Ted Hart presenting the 3 Rs of successful grantmaking at the Grants Managers...Ted Hart
The document summarizes key points about regulation, risk, and reputation considerations for international grantmaking. It discusses challenges like varying regulations between countries and lack of IRS-like charity databases. It outlines three ways to support international causes through direct gifts, donor advised funds, or in-country funds. The document also discusses IRS regulations like equivalency determinations and expenditure responsibility that allow international giving. It provides examples of recent laws affecting international philanthropy in countries like India, Mexico, China, and Russia. The best ways to mitigate risk include using a donor advised fund and intermediary organization.
Companies with a growing globalized workforce may be incurring significant risks in the operation of their compensation programs. Taxing authorities around the world are looking for additional sources of tax revenues by way of underpaid employment taxes, underpaid withholdings, incorrect payroll deductions, and more. As a result, companies are being scrutinized more than ever creating substantial legal and financial risk.
Join us for an exclusive presentation from the world's leading compensation planning & tax experts, Ernst & Young, as they share inside strategies and best practices they have used to help companies around the world save millions in fines, penalties and judgments.
In this exclusive webinar you will learn:
○ How to minimize employment and labor law risks exposing employers to potential underpaid employment taxes, litigation and related settlement costs;
○ How to identify possible underpaid withholding and employer social security taxes, penalties and fines due to payroll non-compliance;
○ How to avoid payroll reporting errors due to mis-alignment with corporate income tax deduction policy for compensation costs.
Restructuring global compensation pay strategies that ignore regional norms and fail in key emerging markets;
An effective FCPA compliance program consists of three key elements: education of management and employees on FCPA risks and policies, prevention and detection of potential FCPA issues through due diligence, audits and board reporting, and resolution of any identified FCPA issues. Recent FCPA enforcement actions have resulted in billions in penalties for companies and prison sentences for individuals, demonstrating the importance for companies to implement robust FCPA compliance programs.
- How are US laws affecting other jurisdictions around the world?
- The changing concept of international tax laws: rethinking territoriality of tax laws
Lorraine White, MD, Head of EMEA Securities Tax and US Tax Services, BNY Mellon
This was a presentation to NJTC audience - a Government delegation on Financial Innovation & Supervision, with Tax Evasion, Tax Transparency and how FATCA, CRS solutions addresses tax transparency.
Automatic exchange of financial account informationnztaxpolicy
The document discusses New Zealand's plans to implement the Common Reporting Standard (CRS) for automatic exchange of financial account information. It provides details on the CRS framework, timeline, and key issues for New Zealand to consider in developing its domestic legislation. These include the definition of reporting financial institutions, account types subject to reporting, compliance requirements, and whether to make certain CRS elements optional or mandatory. The first information exchanges under the CRS are scheduled to occur by September 2018.
This document discusses financial planning considerations under the Foreign Account Tax Compliance Act (FATCA). It begins by introducing Derren Joseph, the author, and his qualifications. It then provides an outline of topics to be covered, including what constitutes a US person, what FATCA is, its implications for US persons, points of compliance like non-qualified insurance policies, PFICs, and FBARs. The document discusses the impact of FATCA through surveys showing closed accounts and issues obtaining services. It provides details on FATCA requirements and compliance issues for various financial assets and reporting forms.
10 faq for foreign companies establishing operations in the united statesEliot Norman
THese Frequently asked questions (FAQ) cover corporate formation, protection of Intellectual property, contracts, visas, taxes and more. A checklist of what you need to consider before setting up a company in the USA.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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- Multinational corporations need FATCA compliance programs to ensure all necessary FATCA classifications, documentation, monitoring, and reporting are completed. This involves analyzing the organization's structure, payment flows, and operational procedures of each entity.
- Failure to comply with FATCA obligations could result in 30% withholding on U.S. payments made to foreign individuals and entities, as well as penalties and interest.
- Every entity within an organization must be reviewed to determine its FATCA classification as a foreign financial institution, non-financial foreign entity, or U.S. withholding agent in order to meet compliance and documentation requirements.
The 440 page LexisNexis® Guide to FATCA Compliance was designed in consultation, via numerous interviews and meetings, with government officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust companies, from North and South America, Europe, South Africa, and Asia, and in consultation with contributors who are leading industry experts. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds. See http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327
This 28 chapter Guide contains three chapters written specifically to guide a financial institution's lead FATCA compliance officer in designing a plan of internal action within the enterprise and interaction with outside FATCA advisors with a view of best leveraging available resources and budget [see Chapters 2, 3, and 4]. Sample chapter available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf
The document discusses recent updates from the U.S. Treasury regarding regulations on the Foreign Account Tax Compliance Act (FATCA). It outlines FATCA's goal of ensuring tax compliance for U.S. taxpayers' offshore financial assets and accounts. Key points include: expanded categories of compliant foreign institutions, extended timelines for requirements, and reduced burdens for foreign institutions. FATCA now joins existing disclosure regimes for foreign bank accounts, offshore entities, and specified foreign assets. Implementation of FATCA provisions will take place between 2013-2017.
FATCA Compliance: Riding a Roller Coaster of Regulatory ChangeBroadridge
FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. This paper outlines the significant regulatory change FATCA brings to provide the IRS with an increased ability to detect U.S. tax evaders—specifically, those among U.S. “persons” (individuals or entities) who maintain foreign accounts and investments either directly or indirectly, through their ownership in foreign entities.
In this age of global business operations and opportunities, it is a business imperative to have an effective FCPA Compliance Program. In this webinar co-hosted with Paul Murdock of MCG Consulting we explore and discuss Foreign Corrupt Practices Act compliance and actions to achieve a FCPA Compliance Program.
For a full video of the recording visit: https://mco.mycomplianceoffice.com/mco-webinar/foreign-corrupt-practices-act-fcpa-compliance-webinar
The document provides a financial planning primer for US taxpayers living abroad. It highlights reporting and compliance requirements for US taxpayers under current legislation. It also outlines strategies for saving in a tax efficient manner for retirement. Key points include understanding FATCA global reporting rules, reporting annual income and worldwide assets, and exploring tax treaties and structures like International Pension Plans to maximize tax efficiency and flexibility. Overall the document aims to help US taxpayers living abroad understand their obligations while pursuing wealth accumulation and retirement planning goals.
Best Practices to Achieve an Effective FCPA Compliance ProgramMyComplianceOffice
In this age of global business, it is imperative to have an effective FCPA compliance program. In this webinar co-hosted with Paul Murdock of MCG Consulting we touched on:
-The Foreign Corrupt Practices Act compliance
-How to build an effective FCPA Compliance program
-Learn how to prepare your program to 'protect' your company
To watch video recordings of this webinar visit; https://mco.mycomplianceoffice.com/mco-webinar/best-practices-to-achieve-an-effective-fcpa-compliance-program
Foreign account tax compliance act (FATCA) impact to Netherlands Financial In...Henk-Jan van der Klis
The document discusses the impact of the Foreign Account Tax Compliance Act (FATCA) on financial institutions in the Netherlands. It provides an overview of FATCA, including its goal of combating tax evasion by US persons holding offshore accounts. It outlines key requirements for foreign financial institutions, such as identifying and reporting US persons' accounts to avoid withholding taxes. It also discusses the bilateral agreement signed between the US and Netherlands to reduce administrative burden and exchange tax information. Finally, it lists major milestones and key players for Dutch financial institutions to comply with FATCA requirements.
This document discusses the Foreign Account Tax Compliance Act (FATCA) reporting requirements that fund managers must comply with. It explains that FATCA reporting is due by mid-2015 and involves classifying entities, obtaining registration numbers, and reporting on US and UK taxpayers. It advises fund managers to ensure they have an efficient process to minimize costs and risks of non-compliance.
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The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
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Companies with a growing globalized workforce may be incurring significant risks in the operation of their compensation programs. Taxing authorities around the world are looking for additional sources of tax revenues by way of underpaid employment taxes, underpaid withholdings, incorrect payroll deductions, and more. As a result, companies are being scrutinized more than ever creating substantial legal and financial risk.
Join us for an exclusive presentation from the world's leading compensation planning & tax experts, Ernst & Young, as they share inside strategies and best practices they have used to help companies around the world save millions in fines, penalties and judgments.
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○ How to minimize employment and labor law risks exposing employers to potential underpaid employment taxes, litigation and related settlement costs;
○ How to identify possible underpaid withholding and employer social security taxes, penalties and fines due to payroll non-compliance;
○ How to avoid payroll reporting errors due to mis-alignment with corporate income tax deduction policy for compensation costs.
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This document discusses financial planning considerations under the Foreign Account Tax Compliance Act (FATCA). It begins by introducing Derren Joseph, the author, and his qualifications. It then provides an outline of topics to be covered, including what constitutes a US person, what FATCA is, its implications for US persons, points of compliance like non-qualified insurance policies, PFICs, and FBARs. The document discusses the impact of FATCA through surveys showing closed accounts and issues obtaining services. It provides details on FATCA requirements and compliance issues for various financial assets and reporting forms.
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FATCA Imperative: A Practical Approach to Compliance
1. FATCA Imperative:
A Practical Approach
to Compliance
George Kyroudis – International Tax COE – National Leader
Craig Wible – Director, International Tax Services
Richard Hossain – Manager, Risk & Advisory Services