Serve Your Clients First FATCA Last

Serve Your Clients First
FATCA Last
Freeman Tax Law
(855)935-5945

Increase Customers Satisfaction or Make The IRS Happy?
Step back from all the changes your financial institution has
undertaken in the past year - Did you do the changes to
increase customer satisfaction or to make the IRS happy?
Chances are your organization has been in a scramble and has
forgotten the key part of your business. It is possible to
strengthen your client relationship and meet FATCA
requirements, it just takes some planning.
Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

1.) Assign a Responsible Officer
The IRS requires that a Responsible Officer be named that can verify that all
deadlines have been met. Personally liable for the institutions compliance, this C-level
officer sets the tone for the FATCA approach.

2.) Document Customer Contacts
Having a strong line of communication with
your client will make the compliance process
smoother. Keeping thorough documentation
of every reach out to the customer and when
the customer provides contact back will
provide a strong audit trail as a proactive
defense against possible regulatory scrutiny,
fines, and reputational damage.

3.) Withhold Where Necessary
You can work harder, or you can work smarter. FATCA
requires institutions to terminate a client relationship or
impose a 30% tax withholding on Non-Participating FFIs
and Recalcitrant Account Holders in Non-IGA Countries.
You could spend your time developing a complex
withholding scheme in order to be FATCA compliant.
But, even with the technological capabilities you would be
spending unnecessary time and resources to complete
this. Instead, establish a systematic and client focused
communication program. Through understanding the
client population you will know which clients should be
off boarded, place a priority based on IGA statuses, and
spend your resources to educate and outreach to the
right clients. This will shrink the client population that
needs withholding, making it easier to manage. Most
important, you can focus on activities that will drive your
business like positive client connections while meeting
compliance.

Locations
International Locations:
Geneva, Switzerland
Basel, Switzerland
Bern, Switzerland
Zurich, Swizterland
San Antonio, Texas
Houston, Texas
Dallas, Texas
Austin, Texas
Charlotte, North Carolina
Boston, Massachusetts
Atlanta, Georgia
Tampa, Florida
Washington DC
Denver, Colorado
San Jose, California
San Diego, California
Pleasanton, California
Irvine, California
Cleveland, Ohio
New York, New York
Las Vegas, Nevada
Short Hills, New Jersey
Birmingham, Michigan
Chicago, Illinois
Miami, Florida
Greenwich, Connecticut
San Francisco, California
Palo Alto, California
Los Angeles, California
Phoenix, Arizona

Freeman Tax Law
About Freeman Tax Law
Freeman Tax Law is a boutique tax law firm with national exposure equipped to
handle all domestic and international tax law matters. At Freeman Tax Law, the
attorneys and professional staff have vast experience with foreign tax compliance,
international tax planning, and resolving tax controversies involving offshore
banking matters. Freeman Tax Law helps taxpayers and foreign entities become in
compliance with laws such as Foreign Account Tax Compliance Act (FATCA) and
Offshore Voluntary Disclosure Program (OVDP). In addition to handling complex
tax controversies, the Freeman Tax Law team has extensive expertise in assisting
clients with wealth management and estate planning.
Freeman Tax Law
(855) 935-5945
info@freemantaxlaw.com
www.freemantaxlaw.com

Serve Your Clients First FATCA Last

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Serve Your Clients First FATCA Last