CHARLESTOWN Nevis, October 24th, 2012  -- The Nevis International Service Providers Association (NISPA) recently hosted a 2 day seminar to inform a cross section of business persons on the preparations necessary to operate under new US tax compliance requirements, specifically known as FATCA. 
 
FATCA, the Foreign Account Tax Compliance Act, is a comprehensive US tax and compliance statute that takes effect on January 1st 2013. Developed by the U.S. government to improve tax compliance on foreign financial assets and offshore accounts, FATCA, requires U.S. taxpayers, with specified foreign financial assets that exceed certain thresholds, to report those assets to the IRS. In addition, FATCA requires foreign financial institutions to provide information directly to the IRS about accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

Over 60 professionals attended the sessions from the real estate, legal, banking and financial services sectors to gain firsthand, an immediate understanding of the impact of these reporting requirements. Noncompliance with FATCA is not an option. It is being dealt with throughout the Caribbean and the world. On September 14th 2012, the U.S. Treasury Department announced that the United States had signed a bilateral agreement with the United Kingdom. The United Kingdom, the first country to sign such an accord, will implement reciprocal information reporting and tax withholding provisions, as required within FATCA. It is expected that other countries will follow.
 
The mission of NISPA is to promote and develop the financial services industry through education while promoting Nevis as a vibrant jurisdiction for International business.

The presentations were made by Ms. Kyria Ali and Mr. Mark Heroux of Baker Tilly (BVI) Limited, Chartered Accountants, with opening remarks, by our President Ms. Jackie Hunkins-Taylor.  Ms. Ali is a member of the Association of Chartered Certified Accountants (“ACCA”) and qualified as a Certified Internal Auditor (“CIA”). Mr. Heroux is a US tax advisor with over 25 years experience in tax litigation, technical, and program management experience.  He spent 15 years with the IRS and is a specialist in IRS procedures. Baker Tilly International is the 8th largest network in the world by fee income and is represented by 145 firms in 110 countries. 
 
Please contact NISPA at thenispa@gmail.com if you have questions or need additional information. 

*************************
  DISCLAIMER
  
 
This article was posted in its entirety as received by SKNVibes.com. This media house does not  correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers