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Cyrus Daftary

Tax Reporting and Withholding, International Tax, Audit and Appellate Controversy, Litigation, E-commerce

Washington, DC
Tel – +1 (202) 783-1500
Fax – +1 (202) 783-1523
cdaftary@bsmlegal.com


Cyrus Daftary is a partner at Burt, Staples and Maner, LLP specializing in international taxation and regulatory compliance. Mr. Daftary has particularly extensive experience with the United States withholding and reporting rules for US and non-US persons, as well as the US Patriot Act and various anti-money laundering regimes, the European Savings Directive, and e-commerce issues. Mr. Daftary has worked with a large number of major financial institutions and multi-national corporations, and continues to do so as an Executive Director of Compliance Technologies International, LLP ; in this capacity, he addresses the problems associated with compliance obligations and implements operational, systemic processes, outsourcing, and IT solutions to ensure prospective compliance with these rules. Mr. Daftary is currently Chairman of the IRS Electronic Tax Administration Advisory Committee (ETAAC).

Mr. Daftary has extensively lectured and published in the areas of anti-money laundering, the European Savings Directive, international withholding and reporting, tax technology, and e-commerce topics as a part of both his academic and private practice. Mr. Daftary is a co-author of three editions of the E-Business Legal Handbook, and has taught courses on cyber-law, Internet taxation and e-commerce as an adjunct professor at Suffolk University School of Law, Northeastern University’s Master of Taxation program and Suffolk University’s Frank Sawyer School of Business.


Education & Credentials
BA – Indiana University (1990)
JD – University School of Dayton School of Law (1994)
LL.M. – Temple University (1996)

Bar Admissions
District of Columbia
Indiana
Massachusetts

Speeches and Publications

  • 28th Annual Tax Withholding & Information Reporting in New York (October 24-25, 2013)
  • CTI User Conference in New York (October 23, 2013)
  • 2013 C² Summit – Orlando, Florida (October 20-22, 2013)
  • The 4th Annual Private Equity Operations and Compliance Forum in New York City– Ensuring that your fund is FATCA-ready! (October 17-18, 2013)
  • The 9th FATCA and Withholding Tax Congress in London (October 2-3, 2013)
  • The 9th FATCA Introduction to the US and NRA Compliance Issues and FATCA Overview in Boston (September 5, 2013)
  • Managing Your Clients: Due Diligence in Identifying Existing Investors and Developing On Board Process for New Investors?, FATCA and AIFMD Implementation Summit in New York, June 17-18, 2013
  • TISA FATCA – the final countdown Seminar in London (June 3, 2013)
  • FATCA Final Regulations – How Does it all Work?, Private Investment Funds Tax Master Class in NYC, May 16-17, 2013
  • Chapter 3 NRA versus Chapter 4 FATCA Comparison, Basic Nonresident Alien Reporting Including New Rules for Bank Deposit Interest and Electronic Forms W-8, 2013 Tax Reporting & Withholding Conference in Arlington, VA (May 5-7)
  • Overcoming FATCA implementation challenges: Technology, FATCA implementation prioritization, and related topics, The 25th Annual Forum on International Tax Withholding & Information Reporting with Information Return Reporting Bootcamp, EEI in New York, (May 1-3)
  • FFI compliance / governance ; Singapore Symposium, April 11, 2013
  • FFI compliance / governance ; Hong Kong Symposium, April 10, 2013
  • ETAAC Working Session, Washington, DC, April 3-4, 2013
  • Paris Tax Symposium, Paris, France, March 15, 2013
  • Geneva Tax Symposium, Geneva, Switzerland, March 14, 2013
  • Zurich Tax Symposium, Zurich, Switzerland, March 11, 2013
  • Analysing the UK-US agreement on international tax compliance and FATCA implementation, The 8th FATCA & Withhholding Tax Congress, London (February 27-28, 2013)
  • FATCA Due Diligence and Strategies for Implementation, Marcus Evans, Miami, FL (January 31, 2013)
  • A Day In the Life of the FATCA Operations, Marcus Evans, Miami, FL (January 31, 2013)
  • Managing Your Clients: Due Diligence in Identifying Existing Investors and Developing On-Boarding Processes for New Investors, FATCA Implementation Summit by Financial Research Associates, LLC, New York City (December 6, 2012)
  • Analysis of the Client Due Diligence Rules, SIFMA FATCA Symposium, New York City, (November 19, 2012)
  • Overcoming Technology Challenges to Comply With FATCA and Other U.S. Withholding and Reporting Requirements, 27th Annual Tax Withholding & Information Reporting Conference by Executive Enterprise Institute, New York City (November 16, 2012)
  • FATCA Global Due Diligence: What Do You Have To Do For Customer On-Boarding and Renewals?, 27th Annual Tax Withholding & Information Reporting Conference by Executive Enterprise Institute, New York City (November 15, 2012)
  • Introduction to the U.S. & NRA Compliance Rules and FATCA Overview, Fall 2012 Information Return Reporting and Withholding Bootcamp, 27th Annual Tax Withholding & Information Reporting Conference by Executive Enterprise Institute, New York City (November 14, 2012)
  • FATCA Regulations Are Due Soon Are You Prepared? Webinar, Convey, (November 8, 2012)
  • Getting Ready for FATCA – Myths and Truths Revealed, 2nd Annual Private Equity Operations and Compliance Forum by Financial Research Associates, LLC, New York City (October 26, 2012)
  • Panel I: History and Overview of FATCA Rules, CLE – FATCA: Theory and Practice Seminar, Boston Bar Association, Boston (October 18, 2012)
  • Panel II: Industry Panel Q&A on FATCA Implementation, CLE – FATCA: Theory and Practice Seminar, Boston Bar Association, Boston (October 18, 2012)
  • Client Information Collection & Reporting: What’s a Fund to Do?, 2012 Tax & Accounting Conference, Investment Company Investment, Orlando (October 1, 2012)
  • Customer Information Collection and Reporting: Business Impacts Associated with Information Withholding & Reporting, 2012 Tax & Accounting Conference, Investment Company Institute, Orlando (October 1, 2012)
  • FATCA Regulations Are (Almost) Out: Are You Prepared?, 2012 Convey C2 Summit Conference, Dallas (September 25, 2012)
  • Harmonizing Chapter 3 with Chapter 4, 2012 Convey C2 Summit Conference, Dallas (September 24, 2012)
  • The Practical Implications of Harmonization and FATCA Implementation Generally, 24th Annual International Withholding & Information Reporting Conference by Executive Enterprise Institute, New York City, NY (June 6, 2012)
  • Introduction to the NRA Compliance Rules and FATCA Overview, International Tax Withholding Bootcamp, 24th Annual International Withholding & Information Reporting Conference by Executive Enterprise Institute, New York City, NY (June 4, 2012)
  • Data Governance and Management: Structuring a Collaborative Approach for Compliance with your IT Team, FATCA Compliance Solutions by The Canadian Institute, Toronto, Canada (May 31, 2012)
  • FATCA Survival Guide, Private Investment Funds Tax Master Class by Financial Research Associates, LLC, New York City, NY (May 8, 2012)
  • BBH U.S. Tax Symposium – FATCA Regulations, Brown Brothers Harriman, Boston, MA (March 29, 2012)
  • BBH U.S. Tax Symposium – FATCA Regulations, Brown Brothers Harriman, New York City, NY (March 27, 2012)
  • Implementing The Foreign Account Taxation Act (FATCA), BDO, London, England (March 7, 2012)
  • The Effects of the Newly Released FATCA Regulations on Non-Financial Companies, Tax Executives Institute, Inc., Santa Clara, CA (March 1, 2012)
  • The Role of Technology in Complying with FATCA, Operational Changes for Implementing FATCA by Marcus Evans Conferences, London, England (February 9, 2012)
  • FATCA: Flaws, Dilemmas, Loopholes, Open Endings and Interpretations, IIR Finance, Amsterdam, The Netherlands (November 29, 2011)
  • Unresolved FATCA Issues and Their Impact on Your FATCA Implementation Strategy, IIR Finance, Amsterdam, The Netherlands (November 29, 2011)
  • FATCA – What do U.S. Financial Institutions Need to Do?, 46th Bank & Capital Markets Annual Tax Institute, Orlando, Fl (November 4, 2011)
  • The Effect of FATCA on Non-Financial Companies, The 26th Annual Tax Withholding and Information Reporting Conference by Executive Enterprise Institute, Washington, DC (October 20, 2011)
  • Basics of Information Reporting, The 26th Annual Tax Withholding and Information Reporting Conference by Executive Enterprise Institute, Washington, DC (October 19, 2011)
  • Digesting Notices 2010-60 & 2011-34, International Withholding Tax Summit 2011, London, England (October 4, 2011)
  • Validating Tax Forms Under Chapters 3&4, Convey C2 Summit, Washington, DC (September 29, 2011)
  • FATCA for Financial Organizations, Convey C2 Summit, Washington, DC (September 28, 2011)
  • BBH US Tax Symposia for Funds and Asset Managers - FATCA Impact, Brown Brothers Harriman, Singapore (September 22, 2011)
  • BBH US Tax Symposia for Funds and Asset Managers - FATCA Impact, Brown Brothers Harriman, Hong Kong (September 19, 2011)
  • BBH US Tax Symposia for Funds and Asset Managers - FATCA Impact, Brown Brothers Harriman, Tokyo, Japan (September 15, 2011)
  • Practical FATCA Implementation Issues, Institute of International Bankers Conference (June 14, 2011)
  • Electronic EW-8s/W-9s, 23rd Annual Forum on International Tax Withholding & Information Reporting by Executive Enterprise Institute (June 3, 2011)
  • International Tax Withholding Bootcamp, 23rd Annual Forum on International Tax Withholding & Information Reporting by Executive Enterprise Institute, (June 1, 2011)
  • Tax Reporting Best Practices, 21st Annual Forum IAPP Fusion Conference (May 11, 2011)
  • Electronic Forms W-8 & W-9, 21st Annual Forum IAPP Fusion Conference (May 10, 2011)
  • Basic About Form W-8 and Form 1042-S Reporting, 21st Annual Forum IAPP Fusion Conference (May 9, 2011)
  • 1441 Bootcamp, 21st Annual Forum IAPP Fusion Conference (May 8, 2011)
  • Notice 2011-34 FATCA Operational Challenges, 25th Annual Tax Reporting & Withholding Conference by The Tax Reporting Group, (May 3, 2011)
  • Watch and Learn: Managing Vendor Compliance Webinar, Accounts Payable Now & Tomorrow (March 14, 2011)
  • BBH US Tax Symposia for Funds and Asset Managers – FATCA Impact, Brown Brothers Harriman, Boston, MA (March 9, 2011)
  • Tools and Best Practices for Managing Your Domestic and Foreign Vendors Webinar, IAPP (February 28, 2011)
  • Are You Ready for the Coming Regulatory Tidal Wave of Corporate Reporting? Regulatory Changes Surrounding 1099 Reporting Webinar, Healthcare Financial Management Association (January 11, 2011)
  • Introduction to the NRA Compliance Webinar, Shareholder Services Association (December 16, 2010)
  • Best Practices for the Enhanced Corporate Reporting Utilizing Electronic Forms W-9 and TIN Matching Webinar, Business Strategy, Inc., (December 13, 2010)
  • The Continuing Evolution of the FATCA Withholding and Reporting Rules. GWU Tax Conference (December 9, 2010)
  • Dividend Equivalents: Equity Swaps; Securities Lending and Repos. Academy Finance Conferences (November 15, 2010)
  • Electronic Forms W-8, W-9 Presentation, 45th Annual Bank Tax Institute, Orlando, Florida (November 5, 2010)
  • How Technology Can Work For You to Manage Your International Withholding and Reporting Webinar, nCompliances Services (November 5, 2010)
  • FATCA & FBAR. Investment Companies Conference (November 3, 2010)
  • FATCA, Strategic Planning, Systems, Implications, What Treasury Needs to Know, Etc, Executive Enterprise Institute, Arlington, VA (October 20, 2010)
  • FATCA Presentation, 2010 Convey C2 Summit, Orlando, Florida (October 17-19, 2010)
  • Electronic Forms W-8 and W-9 Presentation, 2010 Convey C2 Summit, Orlando, Florida (October 17-19, 2010)
  • Upcoming Changes in Information Reporting, IAPP Atlanta Chapter (October 13, 2010)
  • Electronic Forms W-8 and W-9 Webinar, nCompliance Services (October 4, 2010)
  • FATCA Regulatory Update & Its Challenges. BBH Tax Symposium (Sept 30 – Oct. 7, 2010)
  • The Evolution of the FATCA Withholding and Reporting Rules. Notice 2010-60. TEI/LMSB Financial Services Conference (September 22, 2010)
  • Tax Regulatory Compliance Update for Accounts Payable Professionals, IAPP New England Chapter (September 21, 2010)
  • Recent Changes in Laws Affecting Accounts Payable Webinar, Accounts Payable Now & Tomorrow (September 13, 2010)
  • Form 1042 Compliance and Audit Strategies Webinar: Managing the IDR Process, Strafford Publications (August 4, 2010)
  • FATCA and Related Operational Issues, Wall Street Tax Association (July 14, 2010)
  • FATCA Strategic Planning, Systems Implications, Things That Treasury Needs to Know, 22nd Annual International Tax Withholding Forum by Executive Enterprise Institute (June 18, 2010)
  • Tax Regulatory Compliance Update for Accounts Payable Professionals, IAPP Indianapolis Chapter (June 9, 2010)
  • New Reporting & Withholding Responsibilities for Accounts Payable (May 25, 2010)
  • Understanding and Planning for FATCA, Academy Finance Conference (Luxembourg, Geneva and Zurich) (May 19-21, 2010)
  • Key Features of FATCA, Global Tax Withholding & Reclamation: Regulations & Compliance, Bayards, New York City, NY (May 13, 2010)
  • FATCA Overview, Capital Markets Consortium: Global Tax Withholding & Reclamation: Regulatory Compliance (May 13, 2010)
  • Electronic Forms W-8, 2nd Annual IAPP Fusion Conference (May 11, 2010)
  • Electronic Forms W-8, 24th Annual Tax Reporting & Withholding Conference by The Tax Reporting Group (May 4, 2010).
  • Complying with FATCA: What the IRS’ New FATCA Requirements Mean to You Webinar, Executive Enterprise Institute (February 23, 2010)
  • Payments to U.S. Payees – Form 1099 Reporting, IAPP Columbus Chapter, (February 12, 2010)
  • Reporting Nonresident Alien (NRA) Income, Convey Webinar (December 14, 2009)
  • Electronic W-8/W-9, SIFMA Dividend Division Tax Reporting Seminar (December 4, 2009)
  • Principles of NRA Withholding and Reporting For Financial Institutions and for Accounts Payable, 24th Annual Tax Withholding and Information Reporting Conference by Executive Enterprise Institute (October 21, 2009)
  • Mythbusting for NQIs – Common Misconceptions, Withholding Tax on US-sourced Income Operational Compliance for Qualified and Non-Qualified Intermediaries Conference by Osney Media (October 14, 2009)
  • Withholding Tax on Cross-Border Transactions Under Heightened IRS Scrutiny, Strafford Tax Teleconferences (June 24, 2009)
  • Preparing for Audit – Step 2: Testing and Documenting Your Systems and Processes, 21st Annual Forum on International Tax Withholding and Information by Executive Enterprise Institute (June 10, 2009).
  • Form 1042 Update: Managing Tax Withholding & Reporting of NRA Vendor Payments, Progressive Audio Conference (May 22, 2009)
  • Form W-8 Validation Issues, 23rd Annual Tax Withholding and Information Return Reporting Conference by Executive Enterprise Institute (October 17, 2008).
  • Managing Tax Withholding and Reporting of NRA Vendor Payments, Progressive Audio Conferences (October 21, 2008)
  • Forms 1099: B Notices, Accounts Payable Now and Tomorrow Audio Conference (September 22, 2008)
  • Electronic W-8s --Practical Considerations & Tips on Submitting a MOU Application, Tax Information Reporting & AP Leadership Conference by Balance Consulting (July 15, 2008)
  • How to Survive an IRS Tax Audit--Preparing for an Audit and/or Voluntary Disclosure, Tax Information Reporting & AP Leadership Conference by Balance Consulting (July 14, 2008)
  • Validating Documentation— Electronic W-8’s, Systemic Review, Manual Reviews, Checklists, or Plain-Old Experience, 20th Annual International Tax Withholding and Information Reporting Conference by Executive Enterprise Institute (June 19, 2008)
  • Forms 1099: B Notices, Progressive Audio Conferences (March 31, 2008)
  • Form 1042-S: What You Need to Know to Comply with IRS Reporting Requirements for Payments to Nonresident Aliens, Accounts Payable Now and Tomorrow Audio Conference (February 11, 2008)
  • Form 1042 Update: Complying with the IRS and Avoiding Penalties, Progressive Audio Conferences (January 3, 2008)
  • US Withholding Agents, 7th Annual TEI-Sponsored IRS Financial Services Industry Conference (October 10, 2007)
  • Electronic W-8s – Practical Considerations, 4th Annual Financial Industry Tax Reporting Conference by Balance Consulting (July 18, 2007)
  • Keynote: How to Survive the New IRS Withholding Tax Audit Environment: Handling IRS Controversies and Potential Issues in Dispute, 4th Annual Financial Industry Tax Reporting Conference by Balance Consulting (July 17, 2007)
  • Self Review of Tax Compliance and How to be Prepared for an IRS Audit or Tax Controversy, 4th Annual Financial Industry Tax Reporting Conference by Balance Consulting (July 16, 2007)
  • Electronic W-8s – Practical Considerations in Design, Submitting an Application, and Getting the Most out of Your Expenditures, Executive Enterprise Institute (June 5, 2007)
  • Information Reporting, Preparing for a 1042 Audit & Voluntary Disclosure, Bank Tax Institute (November 9, 2006)
  • General Tips that a USWA Should Consider When Putting Together an Electronic Form W-8, Tax Executive Enterprises (October 13, 2006)
  • Issues Raised by U.S. Withholding Agent, Tax Executive Enterprises (October 12, 2006)
  • ABA Money Laundering Enforcement, 1441 & AML Considerations, American Bankers Association (October 9, 2006)
  • Insight into Trends Shaping our Industry, Post VCP: Voluntary Disclosure versus Audit, PwC Banking and Capital Markets Update, Fall 2006
  • New Developments in Information Reporting and Withholding, Seminar on U.S. Taxation of International Banks by the Institute of International Bankers (June 23, 2006)
  • Preparing for Audit – Procedures, Controls, and Documentation Thereof, Executive Enterprise Institute (June 2, 2006)
  • The Basics of Forms W-8 Validation, Florida International Bankers Association (May 17, 2006)
  • VCP & Audit Considerations, Bank Tax Institute, November 2005)
  • Ramping Up for Serious Enforcement by the IRS, Executive Enterprise Institute (June 2, 2005)
  • European Union Savings Directive White Paper, PwC, January 2004
  • Latest Developments in European Union Law, The Clash of Policies: Privacy vs. the Need to Know, Suffolk University Advanced Legal Studies (November 7, 2003)
  • E-Business Legal Handbook, Michael Rustad and Cyrus Daftary, (Aspen Law & Business © 2001, 2002, 2003)
  • Tax and the Internet, PwC Global Investment Management Group, Issue 1, 2001
  • Licensing in a Network Environment, Network Licensing Issues, Suffolk University Advanced Legal Studies (March 10, 2000)


 

   
   
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