FATCA Pass-Through A Practical Implementation Guide for 2017

Foreign passthru payments made to recalcitrant account holders and nonparticipating FFIs by a participating FFI are also subject to withholding; ... In 2010, Congress passed the Foreign Account Tax Compliance Act (FATCA), to reduce tax evasion by US taxpayers holding funds in foreign accounts. The full compliance date for pass-through obligations has been further extended to. 1 January 2017. Amidst concerns that European banks and other financial ... In 2010, the United States enacted FATCA to increase income tax reporting by US taxpayers on assets held in offshore accounts and through “Non-US Entities”. In addition, the Treasury Department and the IRS intend to amend the regulations so that withholding on foreign passthru payments will not begin ... Updated as of 9 August 2017. Page 1 of 7. FATCA Frequently Asked Questions ... pass-through payments", which are expected to be the subject of future ... In June 2017, the IRS published corrections to the FATCA and chapter ... foreign passthru payment.” The Preamble reiterates that the ... The withholding tax is a 30% tax on “withholdable payments.” F.A.T.C.A. also requires participating F.F.I.s (“P.F.F.I.s”) to withhold on “passthru payments” ... ... FATCA's “Passthru Penalty”; (4) the IGAs; and. (5) the FBAR ... 9We note that Senator Paul introduced a bill to repeal FATCA in April 2017. U.S. withholding tax will apply to foreign passthru payment to a recalcitrant account holder or a nonparticipating FFI that is made after the ...