Author: admin

Six More IGAs to Finish Out Year

The Treasury Department has been busy wrapping up some additional Intergovernmental Agreements before year-end.  The following IGAs have been finalized: Jersey Isle of Man Guernsey Netherlands (excludes Aruba, Curacao, and Sint Maarten) Malta Bermuda These 6 represent a 50% increase in the total IGAs finalized and brings the total to 18.  A number of EU […]

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New IRS Annoucement on FATCA Portal

The IRS released Annoucement 2014-1 that relates to users of the FATCA registration portal.  It reminds FIs that the portal was made available August 19, 2013 and that all information entered into the system has been saved.  Additionally, access to the site will be restricted on December 21 and 31 as the site will undergo end-of-year […]

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Cayman Islands and Costa Rica Finalize IGAs

After recovering from a full Thanksgiving meal, the Treasury Department finally released the finalization of the Cayman Islands IGA (Model 1B) and Costa Rica (Model 1A).  Given the large financial hub that the Cayman Islands serves, this agreement serves as solid start in the right direction for the many many foreign financial institutions domiciled there. […]

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France Enters into Model 1A IGA

The Treasury Department has just released the language of the final IGA between the United States and France.  Because of the Model 1A nature of the IGA, reporting entities must report the required information to their own country’s competent authority.  From here, the governments will exchange information between each other. The language of the IGA […]

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Draft 2014 1042-S Instructions Released

The IRS has released draft instructions for the 2014 Form 1042-S.  This is of importance because this will be the first reporting year where FATCA will be in effect.  We have already seen a draft of the form itself, but the instructions may be able to provide answers to any new form fields that may […]

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IRS Releases FFI Agreement Text

The IRS has recently released the draft text and other supporting language that Participating Foreign Financial Institutions (“PFFIs”) and Reporting Model 2 Foreign Financial Institutions must agree to in order to avoid being subject to the painful 30% withholding required under FATCA. Prior discussions have indicated that the agreement would largely contain the requirements already available […]

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Treasury Fights Back FATCA Critics

The Treasury Department has been finally sharing the fruits of its labor.  While it appears that the IRS and Treasury Department was moving a snail speeds to get FATCA’s framework up and going, the rate of activity has picked up greatly.  After announcing the further delay of FATCA until July 1, 2014, they seem serious […]

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New IRS FATCA FAQs

In a continued effort to educate the public about the quickly approaching FATCA rules and the registration process, the IRS has released two FAQs to answer some of the most basic and (apparently) the most frequently asked questions. FAQ #1:  This FAQ consists of 30 questions and answers regarding the freshly opened FATCA registration portal […]

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IRS FATCA Online Manual

As part of the online registration process, the IRS has released a user manual. http://www.irs.gov/pub/irs-pdf/p5118.pdf The document is 75 pages and includes step by step instructions, including screen shots, on all areas of the registration process.  There is also a glossary on page 65 that some may find useful in learning all the new acronyms and […]

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