Ref.: Qualified Intermediaries – Consultant and Training Services – Foodman P.A.

It is a pleasure to present to you this information regarding the Qualified Intermediary Program offered by Foodman PA.

Foodman P.A. – CPAs and Advisors is a highly recognized firm in South Florida with more than 39 years’ experience working with the Internal Revenue Service (IRS). Foodman P.A. has extensive experience in forensic accounting, U.S. tax law enforcement, cross border tax reporting and lending support in complex cases of financial fraud and international tax matters.

Foodman P.A. advisors, as reputable United States Tax Specialists, have provided training and advisory services in this field to:

  • Multiple Banks and Bank Associations in Latin America through FELABAN and FIBA
  • Multiple Broker Dealers in the United States and in Latin America
  • The Central Bank and the Bank Superintendents in Guatemala, Costa Rica and Haiti
  • More than 100 International Financial Institutions and their clients (Financial Institutions and Individuals). Citigroup has published Foodman FATCA articles on their client sites and have programed
  • several Foodman FATCA online conferences for all of their clients in Latin America
    Several Financial Groups with Head Offices in Latin America and multiple international subsidiaries in the Region and in the United States.

Foodman’s Focus and Philosophy

Foodman’s focus and philosophy is to teach, advise and provide training on how to comply with the IRS regulation for a Qualified Intermediary- QI (Chapter 3 of the U.S. IRS Tax regulation) and for a FATCA participant (Chapter 4 of the U.S. IRS Tax regulation) as needed for our clients.

  • This is beneficial to the Financial Institution because most of the implementation work is handled and resolved internally resulting in a substantial reduction of the cost pertaining to an external consultant; and
  • All Foodman Consultants have more than 20 years of accounting, banking and legal experience specialized in the U.S. tax regulations that will affect the International Banking system.
  • The training performed and tools used are very efficient because they are focused on the impact of the regulation inside the Financial Institution.
  • All the training sessions and tools are offered in English and Spanish.

At the present time, a large number of our clients (that are already in an advanced stage with their FATCA implementations) are facing the need to also become Qualified Intermediaries with the IRS. Foodman has developed this advisory and training program to help future Qualified Intermediaries. This program follows the same philosophy previously mentioned, and offers a very complete and cost efficient consulting program.

Program to Convert to a Qualified Intermediary with the IRS

This program has been designed to cover various stages that will help the team, assigned by the Financial Institution, follow a step by step plan to successfully convert to a Qualified Intermediary. It will also guide this team on how to implement the registration process, due diligence, tax withholding and reporting requirements to comply with this regulation.

Foodman’s Program Offering includes:

  • Initial Training: A training session of 3 to 4 hours via WEBEX that will cover in detail the requirements to become a Qualified Intermediary, the Regulatory Commitment, as well as a summary of the steps and priorities to follow. This session will also include instructions on how to update the FATCA Portal to register the Institution as a QI.
  • Details and Delivery of the Application: A training session of 2 to 3 hours via WEBEX with the assigned responsible team, in which the QI application with the IRS will be reviewed and a draft completed. The assigned team will work on completion and during a second session of 1 to 2 hours via WEBEX, the final submission and steps for delivery will be agreed.
  • Review of the QI Agreement / Regulatory Commitment with the IRS: A training session of 2 to 3 hours via WEBEX with the assigned responsible team and a Representative from the Legal Department to review the QI agreement, the implications and commitments being made to the IRS
  • Develop an Implementation Plan and Priorities: A training session of 2 to 3 hours via WEBEX with the assigned responsible team to review the areas that will be impacted and identify the new procedures and controls that need to be defined within the Financial Institution. A draft of the implementation process and plan with due dates will be drafted
  • Foodman Continuous Support – QI Help Desk: Once all the training sessions mentioned above have been completed, the responsible team assigned by the Financial Institution will complete all the steps of the implementation, develop the necessary processes and controls (including the audit plan and controls) and will prepare for the first QI reporting to be submitted to the IRS.

As you proceed through this whole process you will have available to you 20 hours of Foodman’s QI Help Desk. You will be able to use this help desk support to clarify any doubts that may arise, receive additional training on new IRS QI forms and obtain Foodman support to represent you with the IRS if it becomes necessary.

The QI Help Desk can always be renewed in blocks of 10 hours depending on the needs of each client.

Please do not hesitate to contact us if you would like to receive a proposal for our support. We are flexible and will accommodate your specific needs.

Should you require additional information or have any questions you may contact:

Etty Foodman; CFO – Foodman PA
Email: [email protected]
Tel: 1(305) 365-1111

Cathy McGrail; Marketing Director – Foodman PA
Email: [email protected]
Tel: 1(305) 365-1111