The Resource More FATCA regulations

More FATCA regulations

More FATCA regulations
More FATCA regulations
Treasury and IRS released two sets of final and Temporary Regulations (TD 9657, TD 9658, 20 February 2014) under the Foreign Account Tax Compliance Act (FATCA). The first set (TD 9657) contains changes to Chapter 4 of the Code (FATCA Regulations). The second set (TD 9658) coordinates the documentation standards and reporting and withholding rules relating to payments made to non-U.S. and U.S. persons (Chapters 3 and 61 and Section 3406 of the Code), with the FATCA Regulations. According to Treasury's press release, this is the last substantial package of Regulations (500+ pages) necessary to implement FATCA. Thus, the Regulations contain numerous changes with varying impact depending on the products or services and whether activities are onshore or offshore. Broadly, the guidance provided is a compilation of many smaller changes and clarifications. This article looks at the more significant items in the Regulations, including entities in scope, pre-existing account due diligence, account documentation and classification, presumption rules, withholding requirements, reprting requirements, insurance companies, repeal of portfolio interest treatment for foreign-targeted obligations, legal entity analyses, procedures to document and classify payees, and broader compliance timelines
Citation source
In: Journal of international taxation. - New York. - Vol. 25 (2014),
Geographic coverage
North America
Language note
PWC Global Information Reporting Network
  • tax compliance
  • offshore bank
  • due diligence
  • withholding tax
  • insurance company
  • legal entity
More FATCA regulations

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      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.3736660 4.9336932
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