IRS issues Final Regulations with respect to foreign financial assets (Form 8938)
The Final rules do not significantly alter previous guidance On December 12, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations implementing Section 6038D, which requires individuals to report interests in specified foreign financial assets (SFFAs) using Form 8938, Statement of Foreign Specified Assets when filing their
The IRS announced yesterday that it will treat 19 countries as having IGAs in effect.
On 2 April 2014, the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) announced that jurisdictions that have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA) can be treated as having agreements in effect until the end of
Recent FATCA developments from the IRS & US Treasury
The following are recent FATCA developments from the IRS and US Treasury. 1. IRS begins issuing GIINs FFIs have reported that their accounts have been updated to include the Global Intermediary Identification Number (GIIN) assigned by the IRS. The notification that a GIIN has been assigned is an email from the address fatca-donot-reply@irs.gov to log into
Update on FATCA-related IRS forms
Please find below the status of FATCA-related forms and instructions. Links are included when available. The list will be updated and recirculated as additional forms are released by the IRS. Form w/ link Title Status 2014 Form 1042 Instructions Annual Withholding Tax Return for U.S. Source income of Foreign Persons Final 2014-03-04 2014 Form 1042-S
FATCA, four months to go!
In brief The US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released on 20 February 2014 two sets of final and temporary regulations. The first set contains changes to the provisions of Chapter 4 of the Internal Revenue Code (Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA
US Treasury and IRS release updates to FATCA regulations
The US Treasury and the IRS released on 20 February two key updates to FATCA and related regulations: Final and temporary regulations for FATCA Coordinating regulations for Chapters 3, 4 and 61 These regulations are lengthy (over 550 pages) and contain numerous changes that will likely impact how FATCA is implemented by foreign financial institutions
IRS opens FATCA online registration system to provide a beneficial user testing period
In brief The Internal Revenue Service (IRS) announced the opening of the Foreign Account Tax Compliance Act(FATCA) registration systemon August 19, 2013.The registration system will enable financial institutions (FIs) to register and obtain a global intermediary identification number (GIIN). FIs are requested to submit the required information online as final on or after January 1,
US government announces six-month extension to FATCA effective dates
The Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) issued Notice 2013-43 (Notice) last Friday announcing revised timelines for implementing various provisions under the Foreign Account Tax Compliance Act (FATCA). The Notice also provides additional guidance concerning financial institutions in jurisdictions that have signed an intergovernmental agreement (IGA) but have not yet enacted
