On June 19, ALRUD Law Firm held the seminar for clients “FATCA Law: requirements for reporting forms about private and corporate accounts”. The key speaker was Henry P. Bubel, Partner of Patterson Belknap Webb & Tyler, American Law Firm, which is one of top ten US law firms. Mr. Bubel has been working in the field of personal and corporate tax planning for more than 30 years, he has extensive experience in advising Russian clients in Switzerland.
At the seminar, Mr. Bubel spoke about forms requested by banks and managers from holders of private and corporate accounts; company’s classification according to US FATCA Law; possible consequences of mistakes made by filling out forms; as well as the approach to self-registration as a sponsor and corresponding clients classification, offered by managers.
US FATCA Law (Foreign Account Tax Compliance Act) came into force on July 1, 2014. According to the law, Russian and foreign financial institutions are required to identify US taxpayers holding certain financial assets directly or indirectly, and pass this information to US taxing authorities.