Online, September 29, 2015 (Newswire.com) - NEW YORK, NY - With drastic changes in tax compliance regulations worldwide, it's increasingly important for foreign financial institutions (FFIs) to report their U.S. based accounts to the IRS as stated in the Foreign Accounts Tax Compliance Act (FATCA), while taking further steps to meet the set of global standards for the annual exchange of financial information known as the Common Reporting Standard (CRS).
Kevin V. Sullivan, Director -- Head of U.S. Information Withholding & Reporting, FATCA and QI Advisory at BNP Paribas S.A., recently spoke with marcus evans about leading topics to be discussed at the 4th FATCA and Global Tax Compliance Forum, to be held November 4-6, 2014 in New York City.
What do you like most about your position as Head of U.S. Information Withholding & Reporting at BNP Paribas S.A.?
KS: The ability to interact with colleagues on a global level and develop policies impacting our worldwide operations.
How has the Qualified Intermediary program revisions affected compliance standards?
KS: While the Qualified Intermediary program has been around for many years the updated Agreement includes substantial changes; forcing QI's to take a closer look at their current compliance efforts and develop a framework to ensure future compliance.
Why is applying and incorporating the QI program important to maintain FFI Status?
KS: The QI program is not a requirement under FATCA. However, in order for a QI to maintain QI status they must also comply with the rules under FATCA. Therefore it is critical to incorporate both the QI Agreement and FATCA requirements into the QI program.
Why do you believe a forum like this is so important for tax/compliance/financial professionals?
KS: This forum provides an opportunity to hear unique perspectives from industry leaders and share best practices where practitioners can take such information back to their respective organization.
Kevin Sullivan is the Head of U.S. Information Withholding & Reporting, FATCA, and QI Advisory in the corporate tax department at BNP Paribas. Prior to returning to BNP, Kevin was a Senior Manager in Deloitte's Global Information Reporting tax group where he advises foreign and domestic financial institutions as well as multinational corporations in properly addressing U.S. and NRA tax withholding and reporting obligations. Prior to joining Deloitte Tax, Kevin was the Head of North American Tax Operations & Head of North American FATCA at BNP, where he managed a team of operational tax specialists responsible for U.S. withholding and information reporting requirements relating to investment banking, prime brokerage, and custody operations. In this capacity, he was responsible for developing policies and procedures in accordance with U.S. tax rules as well as managing the development and implementation of FATCA.
Mr. Sullivan will be speaking on the topic of "Applying and Incorporating the Qualified Intermediary Program Revisions to Maintain FFI Status" on Day 1 of the forum.
For more information regarding the highly anticipated marcus evans 4th FATCA & Global Tax Compliance Forum, please check out the conference website or contact Nicolette Fiordirosa, Marketing & PR Coordinator, marcus evans at 312-894-6327 or nicolettef@marcusevansch.com.
About marcus evans
Marcus evans conferences annually produce over 2,000 high quality events designed to provide key strategic business information, best practice and networking opportunities for senior industry decision-makers. Our global reach is utilized to attract over 30,000 speakers annually; ensuring niche focused subject matter presented directly by practitioners and a diversity of information to assist our clients in adopting best practice in all business disciplines.
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