Content Provider

Sage middle090220


CPE Processing Fee$10.00
Webinar TranscriptionN/A
Presentation Length Hour(s)1.0 hour
CPE Credits1.0 hour
CE Credits 1.0 hour
Course Id# - HURS9-U-00490-19-S
Subject Area Taxes (Federal Tax Update)
Course LevelBasic
Instructional MethodQAS Self-Study
Advance PreparationNone
Recorded DateJun 20, 2019
Date OfferedAug 07, 2019
Course Description

Taxpayers who make payments of certain US-source income to foreign persons must comply with certain withholding and reporting requirements. The IRS recently announced an LB&I compliance campaign to examine taxpayers who make such payments but do not withhold, pay, and/or report as required.

This panel explains who is a withholding agent required to withhold tax on payments to foreign payees, some of the surprising ways in which they can become liable for tax due on money they paid out to others, and how the IRS is pursuing them for payment. Also discussed are the main impact and requirements of the Foreign Account Tax Compliance Act for withholding agents.

Learning Objectives

  • Identify regulations related to foreign entities and their U.S. tax withholdings.

Handout Materials
Presentation Slides
Review Questions
Review Questions
QUESTION 1: 0:16:00 minutes
QUESTION 2: 0:33:00 minutes
QUESTION 3: 0:48:00 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
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Christopher Shott

Attorney, Office of Chief Counsel, Large Business & International Division

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Christopher Shott joined the IRS Office of Chief Counsel, LB&I Division in Manhattan in 2008.  Since 2011 Mr. Shott has focused his practice on information reporting and withholding working closely with Associate Chief Counsel International to provide legal assistance to the Foreign Payments Practice on various Chapter 3 and 4 issues.  Mr. Shott also provides substantive legal assistance to examination teams conducting withholding examinations.

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Michael is a Senior Manager in Ernst & Young LLP’s Tax technology and Transformation team within the Financial Services Organization.  Michael focuses on the interpretation and implementation of IRS regulations.  Prior to joining the firm he was responsible for the implementation of FATCA at a broker/dealer.  Before industry, Michael was an associate with a boutique law firm focusing on tax controversy.

Kimberly A. Schoenbacher

Acting Director, Field Operations (Foreign Payments Practice Area)

(212) 298-2027

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Timothy Mulvey

Deutsche Bank
Director & Tax Counsel

Tim joined Deutsche Bank in 2012 and is currently the Bank’s FACTA and Qualified Intermediary Responsible Officer and heads the Indirect and Operational Tax group.  Tim also oversees the Bank’s tax controversies including its withholding tax audits.  Prior to joining the Bank, Tim was Counsel at White & Case LLP and an attorney with the Office of Chief Counsel in Manhattan.

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NASBA Approved (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

For nearly 85 years, the NYU School of Professional Studies has been a deeply respected institution of higher education that is grounded in applied learning. It has served as a source of empowerment for individuals from NYC, across the country, and around the world, who aspire to become the next generation of leaders and innovators of industry.

Throughout its rich history, NYUSPS has met the needs of the students and the professional communities it serves. From its early years, training returning World War II veterans to fulfill the nation’s urgent need for skilled technical workers, it has evolved into a professional education powerhouse that offers 19 graduate degrees, 13 bachelor’s degrees, four associate’s degrees, and a plethora of non-degree courses and credentials. It is focused on building skills that open doors to opportunities in emerging fields and global markets.