Burr & Forman Josh Ehrenfeld Featured in Nearshore Americas
Joshua Ehrenfeld provided extensive insight for an article published by Nearshore Americas on August 31, 2015 discussing the important considerations for companies to remain compliant with the Foreign Account Tax Compliance Act (FATCA). FATCA poses two major issues to companies operating overseas: challenges related to "outbound" payments made to foreign entities, and strict requirements on U.S. companies that have foreign accounts, which can heavily impact business relationships overseas. "At minimum companies should be cognizant of these two issues and should thoroughly analyze their business activities to determine which (if any) appropriate actions are necessary to navigate FATCA rules," Ehrenfeld said.
Ehrenfeld explains that in order to avoid these problems U.S. companies and foreign companies should have a clear understanding of the outbound payments being made. He recommends documenting FATCA compliance practices by requesting a certification from a foreign counterpart on a specific form that indicates both parties are engaged in business.
About Burr & Forman LLP
For over a century, Burr & Forman LLP's experienced legal team has served clients with local, national, and international interests in numerous industry and practice areas, ranging from commercial litigation and class actions to corporate transactions, including bankruptcy and restructurings. A Southeast regional firm with nearly 300 attorneys and nine offices in Alabama, Florida, Georgia, Mississippi, and Tennessee, Burr & Forman attorneys draw from a diverse range of resources to help clients achieve their goals and address their complex legal needs. For more information, visit the firm's website at www.burr.com.