Notice 2013-69 (the Notice) was released on October 29, 2013 by the Internal Revenue Service (IRS) and covers:
- Guidance to FFIs and branches of FFIs;
- Guidance for stakeholders, but it also contains some surprising twists;
- A draft version of the FFI agreement and describes an FFI’s general responsibilities;
- Miscellaneous guidance such as the application of a 90-day rule to the expiration of documentation, withholding requirements on pre-existing accounts through certain due diligence time periods, and adjustments for under-with-holding and over-with-holding.
The Notice also indicates that the FFI agreement will be finalised by December 31, 2013, but does not request comments. As with all FATCA guidance, stakeholders should review how the new information affects their overall strategy and project plans for complying with FATCA.