US IRS corrects regs on withholding tax, foreign financial institution reporting

The US IRS today made corrections to final and temporary regulations (TD 9808) published January 6 relating to withholding of tax on certain US source income paid to foreign persons, information reporting and backup withholding with respect to payments made to certain US persons, and portfolio interest paid to nonresident alien individuals and foreign corporations.

Most of the correcting amendments clarified or corrected the results of inaccurate amendatory instructions. The correcting amendments also include the addition, deletion, or modification of regulatory language to clarify the relevant provisions to meet their intended purposes.

The Service also made a correction to final and temporary regulations (TD 9809) published January 6 that relate to information reporting by foreign financial institutions (FFIs) with respect to US accounts and withholding on certain payments to FFIs and other foreign entities.

This correction concerned the the authority citation for part 301 of the regulations.

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