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Follow on Google News | Josh Gelernter, Manager, Grant Thornton LLP to Speak at the KG's EventFor further details, please visit: https://theknowledgegroup.org/ About Josh Gelernter Josh is a senior manager in Grant Thornton's New York office. Josh has over 10 years of experience advising some of the largest multi-national companies on numerous cross-border transactions and multi-country tax planning opportunities, including inbound investment into the United States. Josh has assisted a Fortune 100 company on a multi-national tax efficient supply chain management restructuring. He also managed a multi-billion dollar spin-off, assisting the new company with its tax registrations in Europe, Asia and South America. He has also assisted a large retail company with its global tax compliance. Josh has advised a variety of clients on their FATCA obligations and due diligence requirements. He has performed entity classification analyses, registered FFIs on the IRS FATCA portal, analyzed payments to foreign payees to determine whether withholding was required and at what rates and prepared and reviewed withholding tax certifications. Prior to joining Grant Thornton, he was a manager in Ernst & Young's international tax practice in the New York office for 6 years before transferring to the New Jersey international tax practice. Josh is a member of the New York state bar association. Josh received his Juris Doctor degree from Fordham University School of Law. He also received his B.A. Accounting degree from City University of New York - Queens College About Grant Thornton LLP Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world's leading organizations of independent audit, tax and advisory firms. Grant Thornton has revenue in excess of $1.3 billion and operates 57 offices across the United States with more than 500 partners and 6,000 employees. Grant Thornton works with a broad range of publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations. Core industries served include consumer and industrial products, financial services, not-for-profit, private equity, and technology. Grant Thornton focuses on serving dynamic organizations that pursue growth holistically - whether through revenue improvement, leadership, mission fulfillment, or innovation. Grant Thornton supports the kinds of policies that allow these companies to reach their full potential and is particularly qualified to serve clients in the middle market that face the challenges of growth and expansion. By fostering responsible entrepreneurship, Grant Thornton helps these organizations grow and fuel a thriving economy. Website: http://www.grantthornton.com/ Event Synopsis: Passed into law in March of 2010, the HIRE Act is famous in part for introducing the Foreign Account Tax Compliance Act (FATCA), an information reporting regime designed to seek out undeclared foreign accounts held by US persons. FATCA requires Foreign Financial Institutions to perform substantial due diligence and reporting functions with respect to their account base or suffer 30% punitive withholding. In addition to FATCA, this federal law requires all U.S. taxpayers (including US citizens living outside the states) to annually report their non-US financial accounts to the IRS. In fact, there are two separate reporting regimes: 1) FinCEN Form 114 (known colloquially as FBAR reporting) and 2) Form 8938 which is included with a taxpayer's individual income tax return. Failure to file will result to a minimum penalty of $10,000 but may arise to as much as 40% of the value of the asset or account. The unprecedented scope of FATCA dramatically changed the obligations of US withholding agents and foreign financial institutions, and triggered a sea change with regard to the automatic exchange of information between jurisdictions. Following FATCA, the United Kingdom implemented its own version, known as UK-CDOT, and the OECD released its Common Reporting Standard with over 100 participating jurisdictions. Understanding this tax reporting environment is crucial for taxpayers, particularly those acting as US withholding agents or involved in the financial industry, to be fully aware of the reporting requirements and compliance considerations that will help avoid future risks and financial loss. In this LIVE Webcast, a panel of thought leaders and professionals assembled by The Knowledge Group will provide the audience with a comprehensive updates on the Foreign Account Tax Compliance Act, UK-CDOT, and CRS, highlighting relevant differences and commenting on what withholding agents and financial institutions should be doing right now. Key topics include: • Foreign Account Tax Compliance Act (FATCA) - Legal Framework • Common Risks and Pitfalls • Reporting Requirements • Tax and Compliance Considerations • Impact and Implications to U.S. Taxpayers • Recent Trends and Developments About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series The Knowledge Group was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org End
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