Negate FATCA in ppt

Aug 6th, 2022
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How to negate FATCA in ppt

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good evening and welcome to our webinar on for financial institutions factor reporting obligations my name is Jimmy Sexton Iamp;#39;m gonna be your presenter today this presentation was prepared for educational purposes only this presentation is not legal or tax advice nor is it to be construed as such each individual circumstances are different you should seek legal and/or tax advice to address any specific questions you may have again my name is Jimmy Sexton Iamp;#39;m the founder and CEO of Esquire Group which is an international tax advisory firm that specializes in strategic consulting and international taxation including US citizens with foreign income or assets expatriation family offices succession planning structures for ultra high-net-worth individuals and corporate structures for SMEs I have a bacheloramp;#39;s in business administration with an emphasis in finance JD and LLM international taxation Iamp;#39;m fluent in English and German you want to know more abo

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Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).
If a customer doesnt provide required information, the Bank is required to classify such a customer as an uncooperative account holder and apply 30% withholding tax on certain US-source payments coming into the uncooperative customers account.
There is no way to avoid FATCA if you are an American taxpayer and have assets that are held in foreign financial institutions. Moreover, the penalties for trying to avoid it are harsh.
The consequences of being non-compliant may include the revocation of an entitys FATCA status and, ultimately, the entitys GIIN being removed from the FFI list.
Types of FATCA Noncompliance This counts as a willful failure to disclose, and bears the harshest penalties if the IRS finds you guilty. For every year you fail to disclose the specified foreign financial assets, the monetary penalty then becomes 50% of the value of the assets or $100,000 whichever is greater.
Which countries follow FATCA? Currently, there are 113 countries worldwide that follow FATCA through FATCA model agreements, including the United Kingdom, Australia, and Singapore. There are 95 countries that have no FATCA agreements with the U.S. including tax havens like Belize, Argentina, and Monaco.
Civil violations of FATCA carry a $10,000 civil monetary penalty (CMP), with an additional $10,000 CMP applied every 30 days following the receipt of a notice of noncompliance from the IRSsubject to a maximum aggregate penalty of $60,000 per violation.
Exceptions to the FATCA reporting requirements A financial account maintained by a US payor which includes: a US branch of an FFI; a foreign branch of a US financial institution; Beneficial Interest in a foreign trust or a foreign estate; Foreign government-sponsored social security or similar programs.

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