FATCA/CRS

US posts two new FATCA FAQs

September 27, 2014

The US has posted new frequently asked questions (FAQs) to its FATCA website regarding registration for nonreporting financial institutions in Model 1 IGA jurisdictions and self-certifications on similarly agreed forms . . .

Canadian dual-citizens lose first round in FATCA fight

September 18, 2015

Two Canadian-US dual citizens have lost a court challenge to a law that allows the Canadian goverment to collect and disclose to the US government information about US reportable accounts, as specified in the FATCA intergovernmental . . .

US and Philippines sign Model 1 FATCA IGA

July 15, 2015

The US Treasury Department has updated its FATCA website, reporting that the Philippines has signed a Model 1 intergovernmental agreement (IGA) with the United States as of July 13. . .

US and Uzbekistan sign Model 1 FATCA IGA

April 13, 2015

The US Treasury Department has updated its FATCA website, reporting that Uzbekistan has signed a Model 1 intergovernmental agreement (IGA) with the United States as of April 3. The text of the agreement is available. See, Model 1 IGA.

US and Croatia sign Model 1 FATCA IGA

March 23, 2015

The US Treasury Department has updated its FATCA website, reporting that Croatia has signed a Model 1 intergovernmental agreement (IGA) with the United States as of March 20. The text of the agreement is available. See: Model 1 IGA

US IRS gives countries with “in substance” FATCA IGAs more time to sign IGAs, adds more countries to the “in substance” list

December 1, 2014

The US IRS on December 1 released an advance copy of guidance that provides that countries that have reached FATCA intergovernmental agreements (IGAs) "in substance" that do not sign an IGA by December 31 will continue to be treated as if an IGA was in effect as long as the country displays a "firm resolve" to sign an IGA as soon as possible. The new guidance . . .

U.S. and Nicaragua agree in substance on Model 2 FATCA IGA

July 1, 2014

U.S. Treasury Department has updated its FATCA website, reporting that Nicaragua has reached an “agreement in substance” on a Model 2 intergovernmental agreement (IGA) with the United States and consented to this status as of June 30.

IRS updates FATCA Withholding Foreign Partnership and Withholding Foreign Trust agreements

August 8, 2014

The U.S. IRS, on August 8, released Rev.Proc. 2014-47, which updates the Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) agreements for foreign partnerships and trusts that seek to enter into a WP or WT withholding agreement with the IRS under ­reg. section 1.1441-5(c)(2)(ii) and (e)(5)(iv). The new agreements replace agreements found in Rev. Proc. 2003-64, 2003-2 C.B. 306. Rev. Proc. 2014-47

US and Poland sign Model 1 FATCA IGA

October 10, 2014

The US Treasury Department has updated its FATCA website, reporting that Poland has signed a Model 1 intergovernmental agreement (IGA) with the United States as of October 7. Agreement

IRS releases updated qualified intermediary agreement

June 27, 2014

The IRS has released Rev. Proc. 2014-39, which includes an updated qualified intermediary (QI) agreement. The revenue procedure supersedes the QI agreement originally released as Rev. Proc. 2000-12. Rev Proc. 2014-39 also outlines the application procedures and the requirements for qualified intermediary status under Chapters 3, 4, and 61 and Section 3406. Rev. Proc. 2014-39

US updates FATCA foreign financial institution agreement

June 24, 2014

The US IRS, on June 24, released Rev. Proc. 2014-38, which includes a revised foreign financial institutions (FFI) agreement for FFIs that wish to enter into an agreement with the IRS to be treated as a participating FFI under the Foreign Account Tax Compliance Act (FATCA) . . .
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