This course covers the nuts and bolts of the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 to discourage tax evasion by requiring greater transparency and reporting of payments made by U.S. individuals and certain corporations, to non-U.S. persons and entities.

In this course we discuss:

  • An overview of FATCA’s origins and what it covers.
  • Who must comply with FATCA and how to satisfy compliance obligations.
  • Compliance procedures, with focus on Form 8938 and FBAR.
  • Penalties incurred if obligations are not met.
  • Options available in meeting those obligations.
  • Reporting obligations and potential fines for foreign financial institutions.

Finally, the course provides a brief review of intergovernmental cooperation to enforce FATCA and how that may affect U.S. businesses. Currently, only individuals are required to comply, while businesses will eventually need to comply when the IRS issues regulations. Corporate compliance with FATCA will rest primarily with high-level executives such as CFOs; however this course will help any business executive understand compliance obligations under FATCA.

Learning Objectives
  • Identify the basic concepts of the Foreign Account Tax Compliance Act (FATCA).
  • Recognize how to determine whether or not your company has compliance obligations under FATCA.
  • Identify how your company can comply with the requirements of FATCA.

 

 

 

Last updated/reviewed: March 18, 2024
18 Reviews (87 ratings)

Reviews

4
Member's Profile
Coverage was quite extensive and detailed but could have used more examples of when certain aspects would apply. Nothing related to businesses/corporations with foreign assets and how they would/should be treated. Slide layout/color schemes, from a presentation perspective could have been better.
3
Member's Profile
This is the only course I have ever done on Illumeo that does not have a continuous playback option. The lack of this option combined with the bifurcation of the slides and the examples into a separate documents makes this course harder to follow that most other courses.
4
Anonymous Author
The text effects used with an outline color different than the fill color were difficult to see and read. I assume the purpose was to catch people's attention, but you lost mine since it was too hard to read.
3
Member's Profile
Too many slides in the deck. Some of the color background slides do not have the proper contrast and are high to read. Course should be more than 1 CPE based on the amount of material.
4
Anonymous Author
This class focused mostly on the taxpayer requirements. I was looking forward to the requirements by US Corporations (i.e. form W-8), which was not discussed.
5
Anonymous Author
excellent overview of this confusing part of the tax compliance. The requirement to file a form 8938 does not relieve the requirement of the FBAR 114 filing.
4
Anonymous Author
Great course on the details of FATCA. Lots of information on what it is, how to comply, and even how to get caught up if not compliant in prior years.
5
Member's Profile
Great course. I learned exactly what I needed to know to help clients comply with the reporting requirements for foreign assets. Thanks.
4
Anonymous Author
This was a pretty good presentation on the nuts and bolts of FACTA. The presenter kept the subject matter interesting.
2
Member's Profile
The course could have been more focused on filing requirements for FFI versus individual tax payers
3
Anonymous Author
Tough topic, pretty dry, maybe some examples would help. Also, I was looking for more about FBAR.
2
Anonymous Author
Presenter was extremely dry and slides were very hard to read. Material appears to be from 2014.
4
Anonymous Author
Very direct and easy to follow. Presentation is a little dry but good solid content
4
Member's Profile
content was a great introduction, but I wish we saw examples on how to file the form
4
Member's Profile
Instructor demonstrated good knowledge of the topic and had a good delivery style.
4
Anonymous Author
Good instructional information. Slides could be updated.
4
Member's Profile
the penalties.
4
Member's Profile
Good
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Prerequisites
Course Complexity: Advanced

Prerequisite: Experience in finance

 

Advanced Preparation: None

 

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to FATCA1:16
FATCA Reporting for US Tax Payers
  Who Must Report, Living Abroad, and Jointly Owned Assets5:27
  Specified Foreign Financial Assets 8:24
  Asset Valuations4:38
  Non Compliance with Form 8938 Reporting Requirements4:22
  Compliance Options8:28
  The Streamlined Procedures 6:09
  Delinquent International Information 5:26
FATCA Info. for Foreign Financial Institutions
  Reporting, Withholding, and Exemptions 9:22
SUPPORTING MATERIALS
  Slides: FATCA PDF
  FATCA Glossary/IndexPDF
  COMPLIANCE AND NON-COMPLIANCE ISSUES UNDER FATCADOC
Review & Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam