Mastering FATCA Passthru Reporting for 2017

alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden. 3. Documentation of ... Many foreign financial institutions have objected to FATCA on the basis that ... foreign pass thru payments until January 1, 2017, two years later than in. (from 1 January 2017); and. □ 'foreign passthru payments' (foreign source payments originating from an FFI, to the extent 'attributable to ... In June 2017, the IRS published corrections to the FATCA and chapter ... foreign passthru payment.” The Preamble reiterates that the ... In 2010, Congress passed the Foreign Account Tax Compliance Act (FATCA), to reduce tax evasion by US taxpayers holding funds in foreign accounts. In addition, the Treasury Department and the IRS intend to amend the regulations so that withholding on foreign passthru payments will not begin ... • FATCA Transitional Rules for Gross Proceeds and Foreign Passthru Payments ... withholding from the original 1st January 2017 to the new starting ... Participating FFIs (including Reporting Model 2 FFIs) are required to renew their FFI Agreements through the FATCA. 2017, https://www.taxconnections.com/taxblog/fatca-causing-record ... FATCA “Passthrough Penalty”).68 Recalcitrant account holders are ... FATCA seeks to accomplish this goal by requiring foreign ... Delay withholding on foreign "passthru payments" until at least 2017.