SlideShare a Scribd company logo
1 of 7
Serve Your Clients First 
FATCA Last 
Freeman Tax Law 
(855)935-5945
Increase Customers Satisfaction or Make The IRS Happy? 
Step back from all the changes your financial institution has 
undertaken in the past year - Did you do the changes to 
increase customer satisfaction or to make the IRS happy? 
Chances are your organization has been in a scramble and has 
forgotten the key part of your business. It is possible to 
strengthen your client relationship and meet FATCA 
requirements, it just takes some planning. 
Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
1.) Assign a Responsible Officer 
The IRS requires that a Responsible Officer be named that can verify that all 
deadlines have been met. Personally liable for the institutions compliance, this C-level 
officer sets the tone for the FATCA approach. 
Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
2.) Document Customer Contacts 
Having a strong line of communication with 
your client will make the compliance process 
smoother. Keeping thorough documentation 
of every reach out to the customer and when 
the customer provides contact back will 
provide a strong audit trail as a proactive 
defense against possible regulatory scrutiny, 
fines, and reputational damage. 
Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
3.) Withhold Where Necessary 
You can work harder, or you can work smarter. FATCA 
requires institutions to terminate a client relationship or 
impose a 30% tax withholding on Non-Participating FFIs 
and Recalcitrant Account Holders in Non-IGA Countries. 
You could spend your time developing a complex 
withholding scheme in order to be FATCA compliant. 
But, even with the technological capabilities you would be 
spending unnecessary time and resources to complete 
this. Instead, establish a systematic and client focused 
communication program. Through understanding the 
client population you will know which clients should be 
off boarded, place a priority based on IGA statuses, and 
spend your resources to educate and outreach to the 
right clients. This will shrink the client population that 
needs withholding, making it easier to manage. Most 
important, you can focus on activities that will drive your 
business like positive client connections while meeting 
compliance. 
Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
Locations 
International Locations: 
Geneva, Switzerland 
Basel, Switzerland 
Bern, Switzerland 
Zurich, Swizterland 
San Antonio, Texas 
Houston, Texas 
Dallas, Texas 
Austin, Texas 
Charlotte, North Carolina 
Boston, Massachusetts 
Atlanta, Georgia 
Tampa, Florida 
Washington DC 
Denver, Colorado 
San Jose, California 
San Diego, California 
Pleasanton, California 
Irvine, California 
Cleveland, Ohio 
New York, New York 
Las Vegas, Nevada 
Short Hills, New Jersey 
Birmingham, Michigan 
Chicago, Illinois 
Miami, Florida 
Greenwich, Connecticut 
San Francisco, California 
Palo Alto, California 
Los Angeles, California 
Phoenix, Arizona 
Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
Freeman Tax Law 
About Freeman Tax Law 
Freeman Tax Law is a boutique tax law firm with national exposure equipped to 
handle all domestic and international tax law matters. At Freeman Tax Law, the 
attorneys and professional staff have vast experience with foreign tax compliance, 
international tax planning, and resolving tax controversies involving offshore 
banking matters. Freeman Tax Law helps taxpayers and foreign entities become in 
compliance with laws such as Foreign Account Tax Compliance Act (FATCA) and 
Offshore Voluntary Disclosure Program (OVDP). In addition to handling complex 
tax controversies, the Freeman Tax Law team has extensive expertise in assisting 
clients with wealth management and estate planning. 
Freeman Tax Law 
(855) 935-5945 
info@freemantaxlaw.com 
www.freemantaxlaw.com

More Related Content

Viewers also liked

Primer prezentatsii uchaschegosya(1)
Primer prezentatsii uchaschegosya(1)Primer prezentatsii uchaschegosya(1)
Primer prezentatsii uchaschegosya(1)
Lguseva
 
Principles & theories in curriculum development ppt
Principles & theories in curriculum development pptPrinciples & theories in curriculum development ppt
Principles & theories in curriculum development ppt
chxlabastilla
 

Viewers also liked (10)

Antidepressants marketing & lobbying & pr
Antidepressants  marketing & lobbying & prAntidepressants  marketing & lobbying & pr
Antidepressants marketing & lobbying & pr
 
CPIFutebol-ContratoCBF-ISE-Kentaro-JamilChade
CPIFutebol-ContratoCBF-ISE-Kentaro-JamilChadeCPIFutebol-ContratoCBF-ISE-Kentaro-JamilChade
CPIFutebol-ContratoCBF-ISE-Kentaro-JamilChade
 
Primer prezentatsii uchaschegosya(1)
Primer prezentatsii uchaschegosya(1)Primer prezentatsii uchaschegosya(1)
Primer prezentatsii uchaschegosya(1)
 
Bed Bug Cold Tolerance
Bed Bug Cold ToleranceBed Bug Cold Tolerance
Bed Bug Cold Tolerance
 
Olympic Prospectus 2012
Olympic Prospectus 2012Olympic Prospectus 2012
Olympic Prospectus 2012
 
Abílio Vilaça - turel
Abílio Vilaça -  turelAbílio Vilaça -  turel
Abílio Vilaça - turel
 
Inbound marketing wie-was-warum-3-p-x gmbh
Inbound marketing wie-was-warum-3-p-x gmbhInbound marketing wie-was-warum-3-p-x gmbh
Inbound marketing wie-was-warum-3-p-x gmbh
 
Pakistan Television Corporation (PTV)
Pakistan Television Corporation (PTV)Pakistan Television Corporation (PTV)
Pakistan Television Corporation (PTV)
 
Leading With Your Strengths - Crash Course in Gallup StrengthsFinder
Leading With Your Strengths - Crash Course in Gallup StrengthsFinder Leading With Your Strengths - Crash Course in Gallup StrengthsFinder
Leading With Your Strengths - Crash Course in Gallup StrengthsFinder
 
Principles & theories in curriculum development ppt
Principles & theories in curriculum development pptPrinciples & theories in curriculum development ppt
Principles & theories in curriculum development ppt
 

More from Jeffrey S. Freeman

More from Jeffrey S. Freeman (11)

Filing Your W8-BEN Form
Filing Your W8-BEN FormFiling Your W8-BEN Form
Filing Your W8-BEN Form
 
OVDP to Stay Open Indefinitely
OVDP to Stay Open Indefinitely OVDP to Stay Open Indefinitely
OVDP to Stay Open Indefinitely
 
Exceptional Collaborative Services Provided by Freeman Tax Law
Exceptional Collaborative Services Provided by Freeman Tax Law Exceptional Collaborative Services Provided by Freeman Tax Law
Exceptional Collaborative Services Provided by Freeman Tax Law
 
IRS Targets Groups of Taxpayers In Connection With Non-Compliance
 IRS Targets Groups of Taxpayers In Connection With Non-Compliance IRS Targets Groups of Taxpayers In Connection With Non-Compliance
IRS Targets Groups of Taxpayers In Connection With Non-Compliance
 
FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers
FATCA Puts Pressure On Foreign Financial Institutions & TaxpayersFATCA Puts Pressure On Foreign Financial Institutions & Taxpayers
FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers
 
Swiss Banks Want You To Know They Care About Your Citizenship
Swiss Banks Want You To Know They Care About Your CitizenshipSwiss Banks Want You To Know They Care About Your Citizenship
Swiss Banks Want You To Know They Care About Your Citizenship
 
Swiss Banks To Sink or Swim
Swiss Banks To Sink or Swim Swiss Banks To Sink or Swim
Swiss Banks To Sink or Swim
 
Efficient Multidisiplinary Approach Valued by Freeman Tax Law Clients
Efficient Multidisiplinary Approach Valued by Freeman Tax Law ClientsEfficient Multidisiplinary Approach Valued by Freeman Tax Law Clients
Efficient Multidisiplinary Approach Valued by Freeman Tax Law Clients
 
Updated Rules Under Fatca
Updated Rules Under FatcaUpdated Rules Under Fatca
Updated Rules Under Fatca
 
U.S. Tax Shelters For Immigrants
U.S. Tax Shelters For ImmigrantsU.S. Tax Shelters For Immigrants
U.S. Tax Shelters For Immigrants
 
The IRS' Intent Has Yet To Be Proven
The IRS' Intent Has Yet To Be ProvenThe IRS' Intent Has Yet To Be Proven
The IRS' Intent Has Yet To Be Proven
 

Recently uploaded

一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样
一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样
一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样
mefyqyn
 
一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样
一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样
一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样
mefyqyn
 
FRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujgu
FRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujguFRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujgu
FRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujgu
EverjhonGonzaloyucra
 
一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样
一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样
一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样
mefyqyn
 

Recently uploaded (20)

Bad Spaniel's Consumer Survey on the Use of Disclaimers
Bad Spaniel's Consumer Survey on the Use of DisclaimersBad Spaniel's Consumer Survey on the Use of Disclaimers
Bad Spaniel's Consumer Survey on the Use of Disclaimers
 
ORane M Cornish affidavit statement for New Britain court proving Wentworth'...
ORane M Cornish affidavit statement  for New Britain court proving Wentworth'...ORane M Cornish affidavit statement  for New Britain court proving Wentworth'...
ORane M Cornish affidavit statement for New Britain court proving Wentworth'...
 
Embed-4-2.pdf vk[di-[sd[0edKP[p-[kedkpodekp
Embed-4-2.pdf vk[di-[sd[0edKP[p-[kedkpodekpEmbed-4-2.pdf vk[di-[sd[0edKP[p-[kedkpodekp
Embed-4-2.pdf vk[di-[sd[0edKP[p-[kedkpodekp
 
2024 Managing Labor + Employee Relations Seminar
2024 Managing Labor + Employee Relations Seminar2024 Managing Labor + Employee Relations Seminar
2024 Managing Labor + Employee Relations Seminar
 
一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样
一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样
一比一原版(TUOS毕业证书)谢菲尔德大学毕业证成绩单原件一模一样
 
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopoEmbed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
Embed-6 (1).pdfc p;p;kdk[odk[drskpokpopo
 
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[kAsif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
Asif_Sultan_Syeda_vs_UT_of_J_K.pdf op[ke[k
 
一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样
一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样
一比一原版(UC Berkeley毕业证书)加利福尼亚大学伯克利分校毕业证成绩单原件一模一样
 
Supreme Court Regulation No. 3 of 2023 on Procedure for Appointment of Arbitr...
Supreme Court Regulation No. 3 of 2023 on Procedure for Appointment of Arbitr...Supreme Court Regulation No. 3 of 2023 on Procedure for Appointment of Arbitr...
Supreme Court Regulation No. 3 of 2023 on Procedure for Appointment of Arbitr...
 
Embed-1-1.pdfohediooieoiehohoiefoloeohefoi
Embed-1-1.pdfohediooieoiehohoiefoloeohefoiEmbed-1-1.pdfohediooieoiehohoiefoloeohefoi
Embed-1-1.pdfohediooieoiehohoiefoloeohefoi
 
Embed-3-2.pdfkp[k[odk[odk[d[ok[d[pkdkdkl
Embed-3-2.pdfkp[k[odk[odk[d[ok[d[pkdkdklEmbed-3-2.pdfkp[k[odk[odk[d[ok[d[pkdkdkl
Embed-3-2.pdfkp[k[odk[odk[d[ok[d[pkdkdkl
 
Mergers and Acquisitions in Kenya - An explanation
Mergers and Acquisitions in Kenya - An explanationMergers and Acquisitions in Kenya - An explanation
Mergers and Acquisitions in Kenya - An explanation
 
TTD - PPT on social stock exchange.pptx Presentation
TTD - PPT on social stock exchange.pptx PresentationTTD - PPT on social stock exchange.pptx Presentation
TTD - PPT on social stock exchange.pptx Presentation
 
Does Apple Neurotechnology Patents Go To Far?
Does Apple  Neurotechnology Patents Go To Far?Does Apple  Neurotechnology Patents Go To Far?
Does Apple Neurotechnology Patents Go To Far?
 
Trending Topics in ITC Litigation with Knobbe Martens
Trending Topics in ITC Litigation with Knobbe MartensTrending Topics in ITC Litigation with Knobbe Martens
Trending Topics in ITC Litigation with Knobbe Martens
 
FRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujgu
FRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujguFRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujgu
FRANK VILCHEZ FARFAN.docxñ`kmip0ujhohjujgu
 
一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样
一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样
一比一原版(BCU毕业证书)伯明翰城市大学毕业证成绩单原件一模一样
 
File Taxes Online Simple Steps for Efficient Filing.pdf
File Taxes Online Simple Steps for Efficient Filing.pdfFile Taxes Online Simple Steps for Efficient Filing.pdf
File Taxes Online Simple Steps for Efficient Filing.pdf
 
Essential Components of an Effective HIPAA Safeguard Program
Essential Components of an Effective HIPAA Safeguard ProgramEssential Components of an Effective HIPAA Safeguard Program
Essential Components of an Effective HIPAA Safeguard Program
 
How to Protect Your Children During a Divorce?
How to Protect Your Children During a Divorce?How to Protect Your Children During a Divorce?
How to Protect Your Children During a Divorce?
 

Serve Your Clients First FATCA Last

  • 1. Serve Your Clients First FATCA Last Freeman Tax Law (855)935-5945
  • 2. Increase Customers Satisfaction or Make The IRS Happy? Step back from all the changes your financial institution has undertaken in the past year - Did you do the changes to increase customer satisfaction or to make the IRS happy? Chances are your organization has been in a scramble and has forgotten the key part of your business. It is possible to strengthen your client relationship and meet FATCA requirements, it just takes some planning. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
  • 3. 1.) Assign a Responsible Officer The IRS requires that a Responsible Officer be named that can verify that all deadlines have been met. Personally liable for the institutions compliance, this C-level officer sets the tone for the FATCA approach. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
  • 4. 2.) Document Customer Contacts Having a strong line of communication with your client will make the compliance process smoother. Keeping thorough documentation of every reach out to the customer and when the customer provides contact back will provide a strong audit trail as a proactive defense against possible regulatory scrutiny, fines, and reputational damage. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
  • 5. 3.) Withhold Where Necessary You can work harder, or you can work smarter. FATCA requires institutions to terminate a client relationship or impose a 30% tax withholding on Non-Participating FFIs and Recalcitrant Account Holders in Non-IGA Countries. You could spend your time developing a complex withholding scheme in order to be FATCA compliant. But, even with the technological capabilities you would be spending unnecessary time and resources to complete this. Instead, establish a systematic and client focused communication program. Through understanding the client population you will know which clients should be off boarded, place a priority based on IGA statuses, and spend your resources to educate and outreach to the right clients. This will shrink the client population that needs withholding, making it easier to manage. Most important, you can focus on activities that will drive your business like positive client connections while meeting compliance. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
  • 6. Locations International Locations: Geneva, Switzerland Basel, Switzerland Bern, Switzerland Zurich, Swizterland San Antonio, Texas Houston, Texas Dallas, Texas Austin, Texas Charlotte, North Carolina Boston, Massachusetts Atlanta, Georgia Tampa, Florida Washington DC Denver, Colorado San Jose, California San Diego, California Pleasanton, California Irvine, California Cleveland, Ohio New York, New York Las Vegas, Nevada Short Hills, New Jersey Birmingham, Michigan Chicago, Illinois Miami, Florida Greenwich, Connecticut San Francisco, California Palo Alto, California Los Angeles, California Phoenix, Arizona Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com
  • 7. Freeman Tax Law About Freeman Tax Law Freeman Tax Law is a boutique tax law firm with national exposure equipped to handle all domestic and international tax law matters. At Freeman Tax Law, the attorneys and professional staff have vast experience with foreign tax compliance, international tax planning, and resolving tax controversies involving offshore banking matters. Freeman Tax Law helps taxpayers and foreign entities become in compliance with laws such as Foreign Account Tax Compliance Act (FATCA) and Offshore Voluntary Disclosure Program (OVDP). In addition to handling complex tax controversies, the Freeman Tax Law team has extensive expertise in assisting clients with wealth management and estate planning. Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com