Mahwah, New Jersey (PRWEB) June 12, 2014
WeComply, Inc., a Thomson Reuters business and leader in web-based ethics and compliance training, has announced its new FATCA Essentials training course. FATCA (Foreign Account Tax Compliance Act) is a U.S. law intended to combat tax evasion by U.S. taxpayers who hold investments in offshore accounts. Several important provisions within FATCA take effect on July 1, 2014.
This 35-minute course is intended for employees of all financial institutions and other entities that make or receive payments of income arising from a source within the U.S. Approximately 77,000 banks and financial institutions have already registered under FATCA, and 70 countries have agreed to assist the U.S. in enforcing the statute.
The FATCA Essentials course begins with an overview of FATCA and an explanation of the entities impacted by the law. The course then discusses foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs), compliance by U.S. taxpayers, compliance by FFIs, Model 1 Intergovernmental agreements, which make it easier for partner countries to comply with FATCA, and FFI agreements. The course also covers U.S. accounts and reporting by FFIs. It concludes with an examination of compliance challenges under FATCA.
“FATCA imposes a substantial withholding tax on U.S. taxpayers and FFIs that fail to disclose the required information,” said Steve Perreault, Global Head of eLearning. “Employees taking this course will gain an understanding of the intent of FATCA, the fundamental compliance requirements for both individuals and financial institutions, and the benefits and challenges associated with this complex law and its evolving regulations.”
For more information, please visit WeComply’s FATCA training course.
WeComply, a Thomson Reuters business, is a leading provider of ethics and compliance training for employees in all industries and offers more than 100 courses that are easily customized and available in multiple languages both online and offline.
Companies can host courses in their own Learning Management System (LMS) or use WeComply's patented system, which provides centralized administration, custom reporting and other advanced features. WeComply is the exclusive compliance training partner of the ACC Alliance and forms part of the Thomson Reuters Accelus offering of market-leading solutions for enterprise Governance, Risk and Compliance (GRC) management. For more information, visit http://www.wecomply.com.