CPAR Taxes

CPAR - 2020/June, Seg.03 - COVID-19 and FATCA Reporting: What You Need to Know

Course Overview
With the COVID-19 pandemic sweeping the globe, the IRS has granted foreign financial institutions (FFIs) several extensions on Foreign Account Tax Compliance Act (FATCA) reporting obligations. FATCA was included as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010, which generally requires that FFIs and certain other non-financial foreign entities report on foreign assets held by U.S. account holders, or else face penalties. Tara Ferris, Principal at Ernst & Young, discusses which forms have been extended, until when, and if there are any limitations.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Identify the various extensions applicable to FATCA reporting obligations,
  • Differentiate between a Model 1 and Model 2 jurisdiction,
  • Identify the COVID-19 emergency period and how it applies to the substantial presence test, and
  • Recognize the terms applicable to loan forgiveness for PPP loans.

Prerequisites/Advanced Preparation:

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

Speaker / Author:

SmartPros Ltd. is a leader in online and offline continuing education for accounting, finance and engineering professionals. With over 2,000 hours of content, SmartPros has been providing mandatory continuing education products since 1981. SmartPros provides services and content to its professional and corporate clients, in a variety of media including Web, CD-ROM, and video. In the accounting market, SmartPros also has a predominant news and information portal which receives 200,000+ visits per month and provides services to over 100,000 subscribers. SmartPros' customers include 50% of the Fortune 500, as well as the major firms and associations in each of its professional markets.


Price (USD)

Standard: $69.90


Course Code : CPAR1457-FM

Release Date : 06/25/2020
Expire Date : 08/08/2021
Credits :
CPE 2.00
QAS 2.00

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

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