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FATCA timelines and release dates

FATCA timelines and release dates

On May 7th, at the 26th Annual Tax Reporting & Withholding Conference in Arlington, VA, IRS representatives discussed timelines and release dates pertaining to Chapter 4 (FATCA) implementation.

§  Final regulations are still expected to be released at the end of this summer.

§  Draft FFI Agreements should be available by the end of June.

§  There may still be some flexibility in the implementation deadlines; however, the IRS needs to know how much time is needed for each portion and requested specific comments.

§  Coordinating rules for FATCA and Chapter 3 (U.S. nonresident withholding) and Chapter 61 (backup withholding) are in process.

§  There is work being undertaken to develop a model intergovernmental agreement; however, no specifics were provided on when a model intergovernmental agreement would be provided.

In addition, the IRS said that there will be a Form W-8 for individuals, and a Form W-8 for entities. The Form W-8 for entities is expected to be complex.

Read more at: Tax Times blog

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