- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
The course deals with payments to foreign financial institutions, including withholdable payments subject to 30% withholding tax (where we discuss payments subject to 30% withholding tax and when the 30% withholding tax is inapplicable, covering the concepts of withholdable payments, substantial U.S. owners, and specified U.S. persons), requirements to avoid 30% withholding tax, available elections, information required to be reported, what constitutes a U.S. account, and the effect of affiliated groups. We will analyze credits and refunds under these provisions, what happens when the foreign financial institution is the beneficial owner of the payment, and the importance of confidentiality. This course is for the professional with detailed knowledge in international taxation and foreign financial institutions who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
recognize the FATCA provisions applicable to payments to foreign financial institutions,
identify how to minimize the impact of the 30% withholding tax on the withholding payment, and
identify when the 30% withholding tax on payments to other foreign entities applies.