FATCA Basics: New Tax Compliance Rules for Accounts Payable        

AUDIENCE Accounts Payable and Corporate

March 13, 2013

TIME 1:00 – 2:30 pm Central (2 pm ET, 1pm CT, Noon MT, 11 am PT)



The rules for the Foreign Account Tax Compliance Act (FATCA), are now set in final federal regulations. Accounts Payable and Corporate Treasury face the direct impact of compliance deadlines from January 1, 2014 to 2017, including review or replacement of documentation for foreign payees. The new rules even require reexamine of many U.S. payees for new or additional documentation. In the corporate arena, you’ll find FATCA’s impact on payments of interest, financial service fees, rents, royalties, dividends, insurance premiums, and possibly other payment types. Our two-part FATCA initial compliance webcast for corporations begins with this program on March 13 and continues on April 24. 

Learning objectives, FATCA part 1 program:

  • Learn the new FATCA vocabulary of Foreign Financial Institutions (FFIs) and Non-Financial Foreign Entities (NFFEs). “FFI” covers a much wider range of entities than you might expect, with many variations.  “NFFE” also cuts broadly and must be separated into those that are active or passive, excepted, or exempt. 
  • Identify the types of payments currently made through your AP or treasury operations, which will be subject to FATCA regulatory compliance. 
  • Build your understanding of FATCA’s basic regulatory structure of disclose-or-withhold (foreign entities must make certain disclosures, or accept 30% withholding of U.S. tax on subject payments), including the impact of Intergovernmental Agreements the U.S. is forging with foreign countries.
  • Identify “start dates” in the FATCA timeline, and action steps for your company’s implementation of FATCA compliance.

Please note: This webcast is the first in a series of two webcasts — the webcast on April 24 will build on what is learned in this session. Both webcasts are specifically for U.S. entities making payments from Accounts Payable or corporate treasury.  Banks, brokers, and trust companies should attend the ONESOURCE Trust Tax March 20, April 17, and May 22 series of webcasts on FATCA implementation.  

SPEAKER Marianne Couch, JD

Marianne Couch is a principal in the COKALA Tax Group and an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance and numerous published articles. Marianne was an appointee to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues. She formerly served as a research attorney for the Michigan Court of Appeals, and previously as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.