Mastering FATCA Pass-Through 2017 A Step-by-Step Guide to Compliance

FATCA essentially forces many FFIs and other foreign entities to disclose to the IRS information about their US account holders and owners. Under FATCA, certain types of financial institutions are required to register with the IRS or face a very significant penalty of 30 per cent withholding tax. FATCA seeks to accomplish this goal by requiring foreign ... Delay withholding on foreign "passthru payments" until at least 2017. Participating FFIs (including Reporting Model 2 FFIs) are required to renew their FFI Agreements through the FATCA. 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”. 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 ... During 2017, the committee continued its dialogue with IRS officials regarding reporting requirements under the Foreign Account Tax Compliance ... On April 6, 2017, the Internal Revenue Service (the IRS) added three new frequently asked questions to its Foreign Account Tax Compliance ... "Under the passthru payment provision in FATCA, which takes effect in 2017, Wegelin does not have to have a direct relationship with the United ... ... 2017 in any case. Understandably, however, parties to non-US ... foreign passthru payments (Treas. Reg. § 1.1471- 2(b)(2)(i)(B)). 6 ...