FATCA publications

FATCA Online Registration System: Sponsoring entity financial institutions can register and obtain GIINs for sponsored entities

The Internal Revenue Service (IRS) on August 20, 2015, updated its website with information about a new feature that will allow sponsoring entity financial institutions to add sponsored entities to the Foreign Account Tax Compliance Act (FATCA) Online Registration System and obtain a global intermediary identification number (GIIN) for each sponsored entity.

Information reporting compliance considerations for nonfinancial multinationals: Are you ready for 2015?

The provisions of the Foreign Account Tax Compliance Act (FATCA) have brought significant implementation challenges to the financial services industry as well as having a broad impact on nonfinancial multinational companies (MNCs). The implementation of FATCA required changes to the existing information reporting and withholding requirements. The next phase of information reporting compliance requirements will bring additional challenges beginning on January 1, 2015.

FATCA reporting of US source insurance premiums not required in certain circumstances

Recently released instructions to the 2014 Form 1042-S clarify FATCA reporting requirements for US premiums. According to the instructions, US premiums subject to the Federal Excise Tax are not reportable so long as FATCA withholding is not applied or required to be applied. However, a failure to properly document the payee’s status introduces both withholding and reporting risk to the payor who fails to obtain the appropriate documentation from payees.

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