Information reporting and withholding

Quarterly update focuses on FATCA's impact on US financial institutions and other US companies

The Foreign Account Tax Compliance Act (FATCA) imposes significant new due diligence, withholding and reporting obligations on US withholding agents. These obligations became much clearer when the Treasury Department issued proposed FATCA regulations on 8 February. While much of the attention to date around the proposed regulations has been focused on foreign financial institutions (FFIs), this webcast will focus on FATCA’s impact on US financial institutions and other US companies.

During the webcast we will discuss:

• The impact of the proposed regulations to a US financial institution’s account opening procedures
• A US financial institution’s obligation to perform due diligence on its existing account holders for FATCA purposes
• FATCA's withholding and reporting requirements
• Specific issues for US asset managers and insurance companies
• The anticipated impact of FATCA on the existing section 1441 rules
• The effect of FATCA on a US non-financial institution - FATCA does not just apply to financial institutions - any company making payments to foreign persons will need to understand when FATCA may apply to those payments

Featured panelists
Debbie Pflieger, Ernst & Young LLP, Director of Information Reporting and Withholding Services
George Fox, Ernst & Young LLP, Information Reporting and Withholding Services
Maria Murphy, Ernst & Young LLP, Information Reporting and Withholding Services
Douglas Sawyer, Ernst & Young LLP, Information Reporting and Withholding Services

Moderator
John McMahon, Ernst & Young LLP, Americas Director of Information Reporting and Withholding Services