Why FATCA & CRS Specialist Certification?
The U.S. Foreign Account Tax Compliance Act requires financial institutions (Such as Banks, Brokerage firms, Financial Investment entities, and specified insurance companies) in other countries to report to the IRS information about financial accounts held by U.S. taxpayers.
Non-U.S. financial institutions (known as Foreign Financial Institutions – FFIs) are required to report U.S. persons’ account information directly to the IRS or their competent local authority if the country has an Intergovernmental Agreement (IGA) with the IRS.
Huge amounts of money are kept abroad and remain untaxed. Offshore tax evasion is a serious global problem. Many countries seek to protect the integrity of their tax systems and collect information about taxpayers around the world using regulations similar to the FATCA rules imposed by the United States for their benefit. CRS relies heavily on intergovernmental approaches to implement FATCA.
FATCA INTRODUCTION
Section 1: FATCA AGREEMENTS & SCOPE
- AGREEMENTS WITH THE IRS
- COMPARISON OF THE IRS AGREEMENTS
- CLASSIFICATION OF ENTITIES
SECTION 2: FATCA Registration Process
- FATCA ONLINE REGISTRATION
- Financial institution (FI) Types
- Registration process cycle
- FATCA ID
- Home Page and Account Options
- IDES ONLINE REGISTRATION
- Authorized Users
- Data Security
- IDES Enrolment
SECTION 3: FATCA IMPLEMENTATION
- COMPLIANCE FRAMEWORK
- RESPONSIBLE OFFICER
- IDENTIFYING REPORTABLE ACCOUNTS
- REPORTABLE ACCOUNTS
SECTION 4: FATCA REPORTING
- REPORTING REQUIREMENTS
- REPORTS PREPARATIONS
- PREPARING AND TRANSMITTING XML FILES
- FATCA RECAP
Who should become a FATCA & CRS Specialist?
- Banking Industry
- Insurance and reinsurance Companies
- Brokerage agencies
- Other Depository Institutions
Individuals working in the IT solution firms who provide FATCA & CRS solutions
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