FATCA Pass-Through 2017 A Definitive Guide to Meeting Compliance Obligations

... 2017 in any case. Understandably, however, parties to non-US ... foreign passthru payments (Treas. Reg. § 1.1471- 2(b)(2)(i)(B)). 6 ... On February 8, 2012, the Internal Revenue Service ("IRS") issued proposed regulations (the "Proposed Regulations") which will implement the provisions of ... This document contains proposed regulations eliminating withholding on payments of gross proceeds, deferring withholding on foreign passthru payments. FATCA essentially forces many FFIs and other foreign entities to disclose to the IRS information about their US account holders and owners. Further Suspension of Potential “Foreign Passthru Payment” Withholding. FATCA provides that certain payments by an FFI to a non-compliant ... In 2010, Congress passed the Foreign Account Tax Compliance Act (FATCA), to reduce tax evasion by US taxpayers holding funds in foreign accounts. FATCA becomes effective beginning July 1. 2014 and will be phased-in over two and a half years, ending in 2017. ... • Start Foreign “passthru” withholding on ... In June 2017, the IRS published corrections to the FATCA and chapter ... foreign passthru payment.” The Preamble reiterates that the ... The proposed regulations extend FATCA's “grandfathering” period, delay the effective date for withholding on foreign-source passthru payments, provide potential ... The FATCA regulations currently reserve on the definition of the term “foreign passthru payment. ... 2017, or the date of publication in ...