… following on the heels of the successful hardcopy release for this critical tax compliance area in which most financial firms must begin registering with the IRS reporting portal this July until the October deadline to be included on the IRS’ December participating list …
“LexisNexis Guide to FATCA Compliance” has now been released in electronic format. Print orders have already been mailed to Asia, Europe, North America, and the Caribbean.
Professor William Byrnes stated, “I built the international tax & financial services graduate program with a mission of facilitating professionals to become excellent communicators of the robust and complex area of international taxation, passing on the legacy of my mentors Walter Diamond, Jacobus (“Joop”) van Hoorn, Marshall Langer and Barry Spitz.
“The FATCA Compliance Guide was designed by a list of top industry FATCA experts via numerous interviews and meetings with government and central bank officials, NGO staff, large financial institution compliance officers, investment fund compliance officers, and trust company counsel, and of course, substantial analytic writing.
“It is amazing how many contributing experts that I can leverage with modern communications technology, and organize discussions and editing among multiple persons using online platforms. This method really leverages the learning technologies used in the online international tax program these past 18 years.”
When asked about the Guide’s subject, William Byrnes replied, “Simply put, the FATCA regulations require foreign financial enterprises to report financial information about US taxpayers to the IRS. Moreover, US financial institutions must begin reporting similar financial information on foreign taxpayers to the IRS that the IRS will automatically forward to the respective foreign government. Noncompliance leads to a 30% withholding on all payments made to the non-compliant institution, which will drive such institution out of the US market rather quickly.”
“FATCA became effective on January 1, 2013, albeit withholding begins only January 1, 2014. Though FATCA was enacted 3 years ago, there is substantial industry concern that many impacted compliance departments currently do not have access to sufficient, detailed information regarding which sources of the enterprises income are foreign and which are based in the U.S. and which of their customers are U.S. (taxable) persons (e.g. dual U.S. nationals, substantially presence U.S. tax residents), and which entities have substantial U.S. ultimate beneficial owners.”
“The 400 pages of the Guide are grouped in 3 parts: compliance, regulatory analysis, and intergovernmental agreement analysis.”