Subject: FACTA Compliance Alert
From: "LoPresti Law Group, P.C." <[email-masked]>
To: <[email-masked]>
Date: Fri, 22 Jul 2016 13:50:44 -0400 (EDT)

FATCA Notification and Reporting Deadlines Approaching  The Cayman Islands Department for International Tax Cooperation recently announced a final extension of the U.S. FATCA and U.K. FATCA notification and reporting deadlines.  Notifications and returns must be submitted on or before Wednesday, August 10, 2016,* to avoid noncompliance enforcement measures.  Reporting institutions are advised to allow ample time to complete notification and reporting requirements, particularly if the institution opts to conduct notification and reporting concurrently. The following provides a summary of the new 2016 deadlines and requirements. *Entities located in the BVI are required to satisfy similar requirements, including submitting 2014 and 2015 reportable accounts to the International Tax Authority by July 29th. Generally, every Cayman Islands’ U.S. and U.K. “reporting financial institution,” including brokers, custodians and hedge funds, is required to notify the Cayman Islands Tax Information Authority that it is such though the Cayman AEOI Portal.  Notification must only be conducted once, but must be updated via the Cayman AEOI Portal only if any of the originally provided information changes.  The reporting institution must generally provide the name of the reporting institution, its Global Intermediary Identification Number (GIIN), and contact information for the institution’s principal person of contact.  With respect to “reportable accounts”, a reporting institution must provide a wide array of information including, but not limited to, investment income (such as interest, dividends, various sources of income), account balances, and sales proceeds from financial assets.   To this end, each institution is charged with conducting a robust set of due diligence procedures aimed at appropriately identifying reportable accounts and obtaining the accountholder identifying information for such accounts. Compliance with each FATCA deadline is crucial.  Failure to properly report foreign financial assets may result in penalties of $10,000 with a potential of additional penalties up to $50,000.  Even further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional understatement penalty of 40%. Click Here for access to the Cayman AEOI Portal.  If you have any questions regarding this Client Alert, please contact us at:  (212)732-4029 or  [email-masked]. LoPresti Law Group P.C. 45 Broadway, Suite 610 New York, New York 10006 LoPresti Law Group, P.C. | 45 Broadway, Suite 610, New York, NY 10006 Unsubscribe [email-masked] About our service provider Sent by [email-masked] in collaboration with Try it free tod