Companies should continue to evaluate the processes they have in place to ensure compliance for 2014, as well as prepare for additional information reporting and withholding requirements likely arising in the future. Early planning is critical and technology-enabled strategies can help generate efficiencies going forward. , this article highlights some key US information reporting requirements for 2014 with respect to FATCA. The discussion also includes a list of other potential information reporting and withholding requirements looming on the horizon beyond 2014.
Information reporting and withholding requirements are expected to become more numerous and complex, particularly in light of the many provisions of the Foreign Account Tax Compliance Act (FATCA) becoming effective July 1, 2014.