Updates to the FATCA FFI List Search & Download Tool System

IRS

On November 3, 2014 the IRS announced updates to the FATCA FFI List Search & Download Tool System. The “FI Name” field can now accommodate up to 150 characters (formerly, 40 characters) and new special characters (brackets, curly brackets, and parentheses). The IRS previously posted the below update to the FATCA Registration System FAQ, requiring […]



IRS

Instructions for the Requestor of Forms W-8

On November 3, 2014 the IRS posted updated and supplemental guidance for the Instructions for Form W-8BEN-E and Instructions for the Requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY. These updates provide corrections and additions to the instructions released in June 2014 and July 2014, respectively, and should be relied on until they are […]

IRS

Updates on Forms 1099

On October 29, 2014 the IRS issued new versions of Forms 1099-DIV, 1099-INT, and 1099-OID and accompanying instructions for the 2015 taxable year, available on the IRS Product Page and attached herein. The Forms 1099 have been updated to allow an FFI to satisfy its Chapter 4 requirement to report U.S. accounts that it maintains […]

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HK and U.S. Sign IGA

On November 13, Hong Kong and the U.S. signed a Model 2 IGA. The HK FSTB also issued a press release regarding the IGA.

IRS

IRS Issues New FAQ

On October 27, 2014 the IRS posted a new FAQ outlining the method of locating a branch on the FFI list using the branch’s GIIN, as set forth below.   Branch/Disregarded Entity Questions Question: How can a withholding agent find the name and Global Intermediary Identification Number (“GIIN”) of a branch on the FFI list?  […]

Ninety-three Countries to Implement CRS

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On October 29, 2014, the Organization for Economic Co-operation and Development (“OECD”) distributed a press release announcing the endorsement by all OECD and G20 countries as well as major financial centers participating in the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) of the standard on automatic exchange of information […]

IRS Releases FAQs on the Validity of Non-U.S. Approved Self-Certifications

IRS

As previously noted, the validity of non-U.S. approved self-certifications may be called into question because of language included in certain portions of the Intergovernmental Agreement (“IGA”) stating that the Foreign Financial Institution (“FFI”) may use a Form W-8/W-9 “or other similar agreed form” to document an account holder. The IRS has updated the FATCA General Frequently […]

Lithuania signs Model 1 IGA

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On August 26, Lithuania signed a Model 1 IGA with the U.S. The agreement is available here.

FATCA Registration System Updates

IRS

The following changes were made to the FATCA Registration System on October 6, 2014.  For more detailed information, refer to “What’s New” section in the updated FATCA Registration Online User Guide. New and Updated Features Updates to FI Legal Name Fields (Questions 2, 12, 13 and 15 of the Registration) Expanded length of FI legal name […]

U.S. Treasury May Require Self-Certification Form Approval

IRS

A U.S. Treasury official indicated that self-certifications used by Foreign Financial Institutions (“FFIs”) in Intergovernmental Agreement (“IGA”) jurisdictions must be approved by the U.S. Treasury for the forms to be considered valid. The position is grounded on language included in certain portions of the IGA stating that the FFI may use a Form W-8/W-9 to […]

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