Demystify Foreign Passthru Payments Your Key to Tax Success in 2017

Under existing regulations, certain other payments referred to as “foreign passthru payments” (term is not yet defined) may also become subject to withholding ... Foreign pass-thru payments ... withholding on such payments will be required until, at the earliest, January 1, 2017. If you are a nonresident and the pass-through withholding payments reported to you satisfy your Illinois Income Tax liability, you are not required to file an ... ... foreign passthru payments. Moreover, the proposed regulations delay withholding on foreign passthru payments until 2017 at the earliest. Pass-through payments under FATCA are certain payments that would originate from a debtor payment, which passes through a foreign financial institution ... Deferral of withholding on “foreign passthru payments. “An FFI that has an agreement described in Code Sec. 1471(b) in effect with IRS is ... The proposed regulations extend FATCA's “grandfathering” period, delay the effective date for withholding on foreign-source passthru payments, provide potential ... More specifically, the problems with application of the new regulations to foreign-to-foreign substitute payments ... alternative, to pass through documentation ... Withholding on foreign passthru payments will not begin before January 1, 2017, although transitional reporting of payments of certain FDAP ... Chapter 4 generally requires U.S. withholding agents to withhold tax on certain payments to foreign financial institutions (FFIs) that do not ...