FMN Taxes

FMN - 2020/November, Seg. 3 - FATCA and the Common Reporting Standard: What’s the Difference?

In May 2014, 47 countries tentatively agreed on a Common Reporting Standard, formally referred to as the Standard for Automatic Exchange of Financial Account Information. The Common Reporting Standard (CRS), was created in response to the Group of 20 (G20) request and was approved by the Organization for Economic Co-operation and Development (OECD) Council in July 2014. The Group of 20 is a collection of 20 of the world's largest economies that meet annually to discuss international economic and financial stability. Tara Ferris, tax principal at Ernst & Young, discusses the CRS and provides us with some background as to how it came about.

Learning Objectives:

  • Identify the purpose of the Common Reporting Standard
  • Recognize the four key parts of the Common Reporting Standard
  • Determine the primary function of the Global Forum
  • Identify differences between FATCA and the Common Reporting Standard.

Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Speaker / Author:

Tara is a principal in EY’s FSO Tax Services practice in Hoboken where she advises global financial institutions on U.S. information reporting and withholding, including FATCA, section 871(m) and section 1446(f) as well as Qualified Intermediary (QI) compliance. Tara is also an advisor to SIFMA on information reporting issues and represented SIFMA and other stakeholders to IRS and Treasury on section 1446(f) and other matters involving the FATCA regulations, QI Agreement, QDD aspects of the QI Agreement, and the coordinating regulations under chapter 3 and 61.

Tara served as Senior Counsel with the Office of Associate Chief Counsel (International). Tara is a principal draftsperson of the FATCA regulations, notices, and forms, chapters 3 and 61 coordination regulations, FFI Agreement, QI Agreement (including the detailed requirements for QDDs under section 871(m)), and WP/WT Agreement as well as a contributing draftsperson to the withholding aspects of the regulation under section 871(m), FATCA Model 1 and Model 2 intergovernmental agreements, and competent authority arrangements. Tara also represented IRS in the negotiation of select intergovernmental agreements.

Tara also served as an Advisor on Automatic Exchange of Information at the OECD where she provided advice on creating synergies between the Common Reporting Standard (CRS) and FATCA and counseled government delegates on methodologies for ensuring financial institution compliance with CRS. Tara is a contributing draftsperson to the CRS Implementation Handbook and FAQs.

Price (USD)

Standard: $69.90


Course Code : FMN1374-FM

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes

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