Partner Eduardo Cukier and Counsel K.C. Chiang Present on the Foreign Account Tax Compliance Act

On October 16, Partner Eduardo A. Cukier and Counsel K.C. Chiang from the tax department in the New York office presented on the Foreign Account Tax Compliance Act ('FATCA') to the Society of Trust and Estate Practitioners ('STEP'). Starting from July 1, 2014, FATCA generally requires withholding tax to be deducted from certain U.S. source payments made to a foreign entity unless the foreign entity complies with certain reporting requirements. The presentation focused on the general considerations in handling FATCA compliance, particularly in the context of investment vehicles and structures that may be used by family offices. STEP is an organization that helps to improve public understanding of the issues that high net worth families face in the areas of family inheritance, succession and tax planning.