Category: Reporting

New Form W-8IMY Instructions Released

The IRS has released form instructions for the recently updated Form W-8IMY.  You can find those instructions here:  http://www.irs.gov/pub/irs-pdf/iw8imy.pdf and the form itself here:  http://www.irs.gov/pub/irs-pdf/fw8imy.pdf. Please note, there seems to be a delay in the IRS updating where its links are directed because the current link still brings you to the old instructions.  The link is valid […]

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Form W-8IMY Released

In one of the last forms to finish its FATCA facelift, the IRS has released a final version of Form W-8IMY. This form will continued to be used by intermediaries, foreign flow-throughs, and certain other entities as a withholding certificate to be completed and given to withholding agents. Similar to the also recently finalized Form […]

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W-8BEN-E Released

At the end of March the IRS finally released the final version of the new W-8BEN-E.  This form has been much awaited as it will be used by foreign entities to provide withholding agents with needed information to properly comply with the tradition withholding rules plus new requirements implemented under FATCA.  It has been greatly […]

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W-8BEN and W-8ECI Finalized

The IRS has recently released final versions of Forms W-8BEN and W-8ECI to accommodate new disclosure requirements under FATCA.  There are still other forms in the W-8 series that are still in draft and have not be finalized.  These include Forms W-8IMY, W-8BEN-E, and W-8EXP.  Keep in mind that the W-8BEN that has been finalized […]

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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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Draft IRS Form 8966 – Annual FACTA Reporting

The IRS has released a draft dated August 13, 2013, of Form 8966.  As we’ve seen with most of the other draft form releases, no accompanying form instructions have been released.  The available fields are fairly plain and uninteresting.  The form is divided into 5 parts.  Because the form reports information on a single underlying account […]

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GIIN Management Tools

Thank you for visiting FATCAsmart’s blog. We invite you to view our FATCAsmart GIIN tools and subscription service. These services provide customized levels of complete GIIN management for any US or Foreign Financial Institutions that are required to track and verify GIIN’s of their account holders. Please visit FATCAsmart and learn how we can assist […]

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Updated FATCA Timeline

As was announced yesterday, the IRS released Notice 2013-43 (Revised Timeline and Other Guidance Regarding the Implementation of FATCA) to adjust the timeline for certain FATCA requirements.  While this Notice will be welcomed by many, it reflects the difficulty that the Treasury Department and IRS is having in releasing timely guidance and setting up necessary […]

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Notice Extends Certain FATCA Related Timelines

The IRS recently released Notice 2013-43 (also added to our Resources page) to extend certain FATCA compliance dates.  Notably, the start date of FATCA withholding has been delayed to July 1, 2014.  Additionally certain FFI registration dates and procedures have also been extended. Further analysis will be provided shortly. All pages and information contained therein are subject […]

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New Forms – Draft W-8 and W-9

In the past week or so, the IRS has released new draft W-8 and W-9 forms that will eventually superseded the current versions being used.  These new forms are necessary to accommodate the additional information that withholding agents are required to possess in order to be in compliance. The recently updated draft forms include: Form […]

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