We posted IRS Delays FATCA Registration for Six Months! on July 12, 2013, Which discusses IRS 2013-43, which provides for a Six-Month Extension for FATCA Withholding!
FATCA withholding delayed until 7/1/2014
- Customer onboarding delayed until 7/1/2014
- Definition of a preexisting account has been extended to 7/1/2014
- Grandfathered obligation extended to 7/1/2014
- For withholding agents other than PFFIs (for example, USFIs), due diligence on preexisting obligations has been postponed by 6 months. Prima facie FFIs now need to be documented by 12/31/2014; other entities and individuals need to be documented by 6/30/2016
- FFI registration delayed by 6 months.
- Portal comes out 8/19/2013. To get on initial FFI list must be registered by 4/25/2014 to get on initial list that will be published on 6/2/2014
- Due diligence for PFFIs extended by 6 months for each category. However, enhanced review for high-value individuals has been extended by 1 year to 12/31/2015
- Extension of all QI, WP, and WT agreements by 6 months
- Current W-8s and documentary evidence expiring on 12/31/2013 will now expire on 6/30/2014
Read more at: Tax Times blog