FATCA timeline and library

2014

May 5

Finalize FATCA Registration in IRS Portal

FFIs finalize registration to ensure inclusion on 2Jun2014 IRS FFI list.




Jun 3

Finalize FATCA Registration in IRS Portal

FFIs finalize registration to ensure inclusion on 1Jul2014 IRS FFI list.

2014

Jun 30

Earliest FFI agreement effective date

The earliest possible effective date for an FFI agreement entered into on or before 30 June 2014 will be 30 June 2014. PFFIs that register and receive a Global Intermediary Identification Number (GIIN) on or before 30 June 2014 will have an effective date of 30 June 2014.

USWAs and FFIs begin due diligence for pre-existing accounts

PFFIs cut-off date for pre-existing individual accounts.

2014

Jul 1

Grandfathered obligation cutoff for USWAs and PFFIs

FATCA withholding is not required on obligations outstanding on 1 July 2014 (unless they are materially modified subsequent to 1 July 2014). Obligations to make a payment with respect to, or to repay, collateral posted to secure obligations under a notional principal contract (NPC) that is a grandfathered obligation are also grandfathered.

Transition Rules

Transition period begins for purposes of IRS enforcement and administration of FATCA Due Diligence, Withholding and Reporting provisions; and certain provisions of chapters 3 and 61, and section 3406 to the extent rules were recently modified (ending 31 Dec 15).

2014

Jul 1

Onboarding new accounts

FATCA-compliant onboarding processes/systems for new accounts of both USWAs and PFFIs must be operational. A USWA or PFFI may treat an obligation (which includes an account) held by an entity that is opened, executed, or issued on or after July 1, 2014, and before January 1, 2015, as a preexisting obligation.

2014

Jul 1

FATCA withholding begins

USWAs & PFFIs begin to withhold on US source Fixed, Determinable, Annual, Periodic (FDAP) payments to new accounts held by documented NPFFIs.

PFFIs must withhold on US source FDAP payments to recalcitrant accounts.

2014

Dec 31

USWAs & PFFIs - Expiration delayed until 31 December 2014 for certain tax documentation

For purposes of Chapter 3 withholding, withholding certificates and documentary evidence that would otherwise expire on 31 December 2013, will expire instead on 31 December 2014, unless a change in circumstances occurs that would otherwise render the withholding certificate or documentary evidence incorrect or unreliable.

2014

Dec 31

Complete due diligence for prima facie FFIs

With respect to pre-existing obligations, USWAs and other WAs, other than participating FFIs, will be required to document pre-existing payees that are prima facie FFIs by 31 December 2014. PFFIs will be required to document these prima facie FFI payees by the later of 31 December 2014, or six months after the effective date of their FFI Agreement.

USWAs and FFIs due diligence ends for pre-existing accounts

USWAs and PFFIs cut-off date for pre-existing entity accounts.

2010

Mar 18

FATCA is signed into law

The FATCA provisions are signed into law as part of the Hiring Incentives to Restore Employment (HIRE) Act.

Aug 27

IRS issues the first round of FATCA guidance

The IRS issues Notice 2010-60, which includes the definition of a foreign financial institution (FFI), certain FATCA exemptions, and account documentation and reporting requirements.

2011

Apr 8

IRS issues the second round of FATCA guidance

The IRS issues Notice 2011-34, which revises certain requirements introduced in Notice 2010-60 and provides further guidance on "priority concerns," including passthru payments.

Jul 14

IRS issues the third round of FATCA guidance

The IRS issues Notice 2011-53, which provides additional time for participating FFIs to enter into FFI agreements and to meet FATCA requirements associated with account identification, information reporting, and withholding.

2011

Jul 25

IRS issues revised Notice 2011-53

The IRS issues revised Notice 2011-53, which clarifies that the revised withholding timeline in Notice 2011-53 applies to payments made by all withholding agents to both FFIs and Non-Financial Foreign Entities (NFFEs).

2012

Feb 8

IRS releases proposed regulations

The IRS issues proposed regulations with significant changes and clarifications
to prior guidance, including updated timelines for grandfathered debt
obligations, reporting, and withholding.

2012

Jul 26

IRS issues draft Model Intergovernmental Agreement (IGA) Model 1

The draft Model 1 IGA reflects the approach whereby FFIs will report information on certain account holders to their national tax authorities, which will in turn provide such information to the US under an automatic exchange of information.

Sep 12

First IGA signed based on Model 1

US and UK sign agreement on international tax compliance and FATCA implementation based largely on the draft Model 1 IGA.

2012

Oct 24

IRS issues Announcement 2012-42

The IRS issues Announcement 2012-42, which revises certain timelines for withholding agents (both USWAs and other WAs) and participating FFIs (PFFIs) to complete due diligence and other requirements related to FATCA, provides extended timelines for gross proceeds withholding, and expands the definition of obligations that will be considered grandfathered for purposes of the FATCA provisions. All changes to be reflected in the final regulations.

2012

Nov 15

IRS issues draft Model Intergovernmental Agreement (IGA) Model 2

The Model 2 IGA addresses potential conflicts of law which would make it difficult for financial institutions in certain countries to comply with FATCA. Model 2 IGA differs from Model 1 IGA in certain ways. Notably, FFIs under Model 2 IGA will report directly to the IRS, and countries that have signed a Model 2 IGA will not benefit from reciprocity.

2013

Jan 17

Final FATCA regulations issued

The final regulations address many of the major items requiring further clarification following the proposed regulations issued in February 2012.

Feb 14

First IGA signed based on Model 2

US and Switzerland sign agreement on international tax compliance and FATCA implementation based largely on the draft Model 2 IGA.

2013

Jul 12

Notice 2013-43 released providing revised timeline and other guidance

Notice 2013-43 generally provided a six month delay for the implementation of new onboarding procedures, due diligence reviews and FATCA withholding. The Notice also provided details for the treatment of FFIs located in jurisdictions which have entered into intergovernmental agreements not yet in force with the US.

Aug 19

FATCA Registration Portal open date

The online process for registering as a PFFI, a registered Deemed Compliant FFI, a limited FFI or a sponsoring entity opened.

2013

Sep 10

Correcting amendments to the final FATCA regulations issued

The correcting amendments correct or clarify provisions contained in the final regulations issued on 17 January 2013.

Oct 29

IRS issues Notice 2013-69

The IRS issued Notice 2013-69, which provides guidance to FFIs entering into FFI agreements with the IRS to be treated as participating FFIs (PFFIs), including FFIs in Model 2 IGA countries. The Notice contains a draft of the FFI agreement.

2015

Jan 1

Withhold on FDAP payments to undocumented pre-existing NPFFIs (prima facie FFIs)

WAs, USWAs and PFFIs must begin treating undocumented pre-existing prima facie FFIs as NPFFIs after the 31 December 2014 due diligence deadline (or, for PFFIs, six months after the effective date of the FFI agreement, if later) passes until the date the withholding agent obtains documentation sufficient to establish a different Chapter 4 status for the payee. Therefore, all withholding agents must withhold on withholdable payments made to these NPFFIs.

2015

Jan 1

PFFIs begin due diligence monitoring by PFFIs for certain de minimis accounts for account balances or values >$1 million

Begin monitoring of the balance or value of an entity’s or individual’s preexisting account that was <=$250k or $50k respectively at 30 June 2014 to determine if the balance ever exceeded $1m. If exceeded, then the account loses its exception from review as of YE. Monitoring of an individual’s depository account that was <=$50k at 30 June 2014 or is a new depository account is not required. Instead a depository account’s balance or value is reviewed at each YE, or at account closure, to see if it is >$50k in which case the account loses its exception and must be made FATCA compliant.

2015

Mar 15

1042-S reporting for USWAs, WAs, and PFFIs

Reporting on Forms 1042 and 1042-S regarding US FDAP payments to foreign entity recipients begins.

Mar 31

USWAs and PFFIs begin reporting of owner-documented FFIs

USWAs and PFFIs report owners of documented FFIs.

USWAs begin reporting of US substantial owners of passive NFFEs

USWAs report on NFFEs with substantial US owners.

2015

Mar 31

US account reporting for PFFIs (year-end 2014)

PFFIs begin annual reporting of account balances and identifying information for year-end 2014. Information to be reported includes: name, address, Tax Identification Number (TIN) and account number of either (1) the account holder, who is a specified US person; (2) the NFFE that is US-owned (TIN if available) and of each substantial US owner of such entity; or (3) the owner-documented FFI (ODFFI) and of each specified US person owner of the ODFFI.

2015

Mar 31

Reporting of recalcitrant accounts (year-end 2014)

PFFIs begin annual reporting of the aggregate number and value of year-end recalcitrant accounts broken out by US persons, those with US indicia, those without US indicia, passive NFFEs and dormant accounts for year-end 2014.

2015

Jun 30

FFIs complete due diligence for high-value (HV) individual accounts

PFFIs must complete due diligence on high-value accounts within one year of the effective date of their FFI agreement.

Jul 1

FFIs begin withholding on US FDAP payments to recalcitrant high-value pre-existing accounts

PFFIs begin withholding on high-value pre-existing accounts identified as recalcitrant.

2015

Sept 30

FFIs covered by a Model 1 IGA begin reporting

Model 1 IGA requires the competent authority to start reporting to the IRS on an annual basis (See individual country requirements for FI reporting dates to relevant competent authority).

2015

Dec 31

Due diligence for pre-existing accounts

PFFIs perform first annual review of year end balances or values of individual accounts for requirement to perform enhanced review if balance >$1 million.

Transition Rules

Transition period ends for purposes of IRS enforcement and administration of FATCA Due Diligence, Withholding and Reporting provisions; and certain provisions of chapters 3 and 61, and section 3406 to the extent rules were recently modified.

2016

Jan 1

Limited FFI/limited branch status expire

Members of a PFFI's expanded affiliated group and branches with local law restrictions to compliance will no longer be able to claim the limited FFI or limited branch exemptions from compliance.

Mar 31

Report source payments

PFFIs report YE 2015 non-US reportable amounts paid to NPFFIs.

Include income information

PFFIs: Annual reporting for US accounts includes payments other than gross proceeds for year-end 2015.

2016

Jun 30

Complete due diligence for all remaining pre-existing accounts

Pre-existing obligations: USWAs and WAs, other than participating FFIs, will be required to document all remaining pre-existing accounts by 30 June 2016. Undocumented entity accounts and payees will be treated as NPFFIs after that date.

Pre-existing obligations: PFFIs will be required to document all remaining accounts by the later of 30 June 2016 or six months after the effective date of their FFI Agreement. Undocumented entity accounts and payees will be treated as NPFFIs, and undocumented individual account holders will be treated as recalcitrant after that date.

2016

Jul 1

Grandfathered obligation cutoff for USWAs and PFFIs

Obligations that give rise to a dividend equivalent [pursuant to §871(m)] are grandfathered until the date the obligation is first subject to dividend equivalent treatment plus six months.

Begin withholding

PFFIs begin withholding on all recalcitrant individual accounts and undocumented entity accounts that were pre-existing accounts. USWAs and WAs begin withholding on all undocumented entity accounts that were pre-existing accounts.

2016

Aug 29

PFFIs: Responsible officer makes certifications related to due diligence and FATCA anti-avoidance

Responsible officer must certify that:

The high-value pre-existing individual account due diligence is complete, that all account due diligence is complete and that all documentation requirements are complete, or if no documentation is obtained, account is treated as a recalcitrant account;

The PFFI did not have any formal or informal practices or procedures in place at any time from 6 August 2011 through the date of certification to assist account holders in the avoidance of Chapter 4.

2016

Dec 31

Ability to rely on old Forms W-8 expires

USWAs and PFFIs ability to rely on pre-FATCA Forms W-8 from certain payees expires after 31 December 2016.

2017

Jan 1

Withholding on gross proceeds begins for USWAs, WAs and PFFIs

USWAs, WAs and PFFIs are required to withhold on gross proceeds payments made to recalcitrant individual and entity accounts.

PFFI withholding on foreign passthru payments

Finals regulations "reserved" on definition of foreign passthru payments. Any required withholding on such payments will not occur before 1 January 2017.

2017

Jan 1

FFI grandfathered obligation cutoff for passthru payments [Date TBD]

Obligations that produce or could produce a foreign passthru payment (that cannot produce a withholdable payment) are grandfathered until the date final regulations are issued defining the term “foreign passthru payment” plus six months.

2017

Mar 31

Source payment reporting begins

PFFIs report YE 2016 non-US reportable amounts paid to NPFFIs.

FATCA reporting adds gross proceeds

PFFIs: US account reporting to include gross proceeds on sales or redemption of property in custodial accounts.

2018

Mar 15

Gross proceeds included

PFFIs, WAs and USWAs include US gross proceeds for year-end 2017 subject to withholding on Forms 1042 and 1042-S.

Jun 30

PFFIs: Begin every three-year certification by responsible officer that FFI has effective internal controls

Once every three years, the responsible officer must certify to the IRS that the PFFI is in compliance with the FFI agreement and make a certification on effective internal controls.

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Forgeign Account Tax Complicance Act (FATCA)

Implementation timeline


2010

Mar 18

FATCA is signed into law

The FATCA provisions are signed into law as part of the Hiring Incentives to Restore Employment (HIRE) Act.

Aug 27

IRS issues the first round of FATCA guidance

The IRS issues Notice 2010-60, which includes the definition of a foreign financial institution (FFI), certain FATCA exemptions, and account documentation and reporting requirements.


2011

Apr 8

IRS issues the second round of FATCA guidance

The IRS issues Notice 2011-34, which revises certain requirements introduced in Notice 2010-60 and provides further guidance on "priority concerns," including passthru payments.

Jul 14

IRS issues the third round of FATCA guidance

The IRS issues Notice 2011-53, which provides additional time for participating FFIs to enter into FFI agreements and to meet FATCA requirements associated with account identification, information reporting, and withholding.

Jul 25

IRS issues revised Notice 2011-53

The IRS issues revised Notice 2011-53, which clarifies that the revised withholding timeline in Notice 2011-53 applies to payments made by all withholding agents to both FFIs and Non-Financial Foreign Entities (NFFEs).


2012

Feb 8

IRS releases proposed regulations

The IRS issues proposed regulations with significant changes and clarifications to prior guidance, including updated timelines for grandfathered debt obligations, reporting, and withholding.

Jul 26

IRS issues draft Model Intergovernmental Agreement (IGA) Model 1

The draft Model 1 IGA reflects the approach whereby FFIs will report information on certain account holders to their national tax authorities, which will in turn provide such information to the United States under an automatic exchange of information.

Sep 12

First IGA signed based on Model 1

United States and United Kingdom sign agreement on international tax compliance and FATCA implementation based largely on the draft Model 1 IGA.

Oct 24

IRS issues Announcement 2012-42

The IRS issues Announcement 2012-42, which revises certain timelines for withholding agents (both USWAs and other WAs) and participating FFIs (PFFIs) to complete due diligence and other requirements related to FATCA, provides extended timelines for gross proceeds withholding, and expands the definition of obligations that will be considered grandfathered for purposes of the FATCA provisions. All changes to be reflected in the final regulations.

Nov 15

IRS issues draft Model Intergovernmental Agreement (IGA) Model 2

The Model 2 IGA addresses potential conflicts of law which would make it difficult for financial institutions in certain countries to comply with FATCA. Model 2 IGA differs from Model 1 IGA in certain ways. Notably, FFIs under Model 2 IGA will report directly to the IRS, and countries that have signed a Model 2 IGA will not benefit from reciprocity.


2013

Jan 17

Final FATCA regulations issued

The final regulations address many of the major items requiring further clarification following the proposed regulations issued in February 2012.

Feb 14

First IGA signed based on Model 2

United States and Switzerland sign agreement on international tax compliance and FATCA implementation based largely on the draft Model 2 IGA.

Jul 12

Notice 2013-43 released providing revised timeline and other guidance

Notice 2013-43 generally provided a six month delay for the implementation of new onboarding procedures, due diligence reviews and FATCA withholding. The Notice also provided details for the treatment of FFIs located in jurisdictions which have entered into intergovernmental agreements not yet in force with the US.

Aug 19

FATCA Registration Portal open date

The online process for registering as a PFFI, a registered Deemed Compliant FFI, a limited FFI or a sponsoring entity opened.

Sep 10

Correcting amendments to the final FATCA regulations issued

The correcting amendments correct or clarify provisions contained in the final regulations issued on 17 January 2013.

Oct 29

IRS issues Notice 2013-69

The IRS issued Notice 2013-69, which provides guidance to FFIs entering into FFI agreements with the IRS to be treated as participating FFIs (PFFIs), including FFIs in Model 2 IGA countries. The Notice contains a draft of the FFI agreement.


2014

Apr 25

Finalize FATCA Registration in IRS Portal

FFIs finalize registration in IRS Registration Portal to ensure inclusion on IRS FFI list which will be electronically posted on 2 June 2014. (Note: The IRS may allow FFIs that register by 3 June 2014 to be included on the IRS list for 1 July 2014.)

Jun 30

Earliest FFI agreement effective date

The earliest possible effective date for an FFI agreement entered into on or before 30 June 2014 will be 30 June 2014. PFFIs that register and receive a Global Intermediary Identification Number (GIIN) on or before 30 June 2014 will have an effective date of 30 June 2014.

Jul 1

Grandfathered obligation cutoff for USWAs and PFFIs

FATCA withholding is not required on obligations outstanding on 1 July 2014 (unless they are materially modified subsequent to 1 July 2014). Obligations to make a payment with respect to, or to repay, collateral posted to secure obligations under a notional principal contract (NPC) that is a grandfathered obligation are also grandfathered.

Obligations that give rise to a dividend equivalent [pursuant to §871(m)] are grandfathered until the date the obligation is first subject to dividend equivalent treatment plus six months.

Jul 1

Onboarding new accounts

FATCA-compliant onboarding processes/systems for new accounts of both USWAs and PFFIs must be operational. Accounts opened prior to 1 July 2014 will be considered pre-existing accounts for USWAs and PFFIs.


USWAs and FFIs begin due diligence for pre-existing accounts

USWAs & PFFIs must begin account due diligence and start obtaining sufficient documentation for pre-existing account holders.

Jul 1

FATCA withholding begins

USWAs (and other WAs) and PFFIs must withhold on US source Fixed, Determinable, Annual, Periodic (FDAP) payments to new accounts held by documented and presumed NPFFIs and undocumented NFFEs.

PFFIs must withhold on US source FDAP payments to recalcitrant accounts.

Dec 31

USWAs & PFFIs - Expiration delayed until 31 December 2014 for certain tax documentation

For purposes of Chapter 3 withholding, withholding certificates and documentary evidence that would otherwise expire on 31 December 2013, will expire instead on 31 December 2014, unless a change in circumstances occurs that would otherwise render the withholding certificate or documentary evidence incorrect or unreliable.

Dec 31

Complete due diligence for prima facie FFIs

With respect to pre-existing obligations, USWAs and other WAs, other than participating FFIs, will be required to document pre-existing payees that are prima facie FFIs by 31 December 2014. PFFIs will be required to document these prima facie FFI payees by the later of 31 December 2014, or six months after the effective date of their FFI Agreement.


2015

Jan 1

Withhold on FDAP payments to undocumented pre-existing NPFFIs (prima facie FFIs)

WAs, USWAs and PFFIs must begin treating undocumented pre-existing prima facie FFIs as NPFFIs after the 31 December 2014 due diligence deadline (or, for PFFIs, six months after the effective date of the FFI agreement, if later) passes until the date the withholding agent obtains documentation sufficient to establish a different Chapter 4 status for the payee. Therefore, all withholding agents must withhold on withholdable payments made to these NPFFIs.

Jan 1

PFFIs begin due diligence monitoring by PFFIs for certain de minimis accounts for account balances or values >$1 million

Begin daily monitoring of balance or value of an entity’s or individual’s pre-existing account that was <=$250K or $50K respectively at 30 June 2014 to determine if balance ever exceeded $1 million. If exceeded, then account loses its exception from review as of YE. Daily monitoring of an individual’s depository account that was <=$50K at 30 June 2014 or is a new depository account is not required. Instead a depository account’s balance or value is reviewed at each YE, or at account closure, to see if it is >$50K in which case account loses its exception and must be made FATCA compliant.

Mar 15

1042-S reporting for USWAs, WAs, and PFFIs

Reporting on Forms 1042 and 1042-S regarding US FDAP payments to foreign entity recipients begins.

Mar 31

USWAs and PFFIs begin reporting of owner-documented FFIs

USWAs and PFFIs report owners of documented FFIs.

USWAs begin reporting of US substantial owners of passive NFFEs

USWAs report on NFFEs with substantial US owners.

Mar 31

US account reporting for PFFIs (year-end 2014)

PFFIs begin annual reporting of account balances and identifying information for year-end 2014. Information to be reported includes: name, address, Tax Identification Number (TIN) and account number of either (1) the account holder, who is a specified US person; (2) the NFFE that is US-owned (TIN if available) and of each substantial US owner of such entity; or (3) the owner-documented FFI (ODFFI) and of each specified US person owner of the ODFFI.

Mar 31

Reporting of recalcitrant accounts (year-end 2014)

PFFIs begin annual reporting of the aggregate number and value of year-end recalcitrant accounts broken out by US persons, those with US indicia, those without US indicia, passive NFFEs and dormant accounts for year-end 2014.

Jun 30

FFIs complete due diligence for high-value (HV) individual accounts

PFFIs must complete due diligence on high-value accounts within one year of the effective date of their FFI agreement.

Jul 1

FFIs begin withholding on US FDAP payments to recalcitrant high-value pre-existing accounts

PFFIs begin withholding on high-value pre-existing accounts identified as recalcitrant.

Dec 31

Due diligence for pre-existing accounts

PFFIs perform first annual review of year end balances or values of individual accounts for requirement to perform enhanced review if balance >$1 million


2016

Jan 1

Limited FFI/limited branch status expire

Members of a PFFI's expanded affiliated group and branches with local law restrictions to compliance will no longer be able to claim the limited FFI or limited branch exemptions from compliance.

USWAs and PFFIs – for pre-existing obligations, begin withholding on payments to certain passive NFFEs

USWAs and PFFIs begin withholding on payments to certain passive NFFEs with respect to pre-existing obligations. This provision applies when a payment is made to a passive NFFE that fails to provide US owner information.

Mar 15

Report source payments

PFFIs: Reporting begins for non-US reportable amounts and US FDAP payments made to NPFFIs for year-end 2015 on Forms 1042 and 1042-S.

Mar 31

Include income information

PFFIs: Annual reporting for US accounts includes payments other than gross proceeds for year-end 2015.

Jun 30

Complete due diligence for all remaining pre-existing accounts

Pre-existing obligations: USWAs and WAs, other than participating FFIs, will be required to document all remaining pre-existing accounts by 30 June 2016. Undocumented entity accounts and payees will be treated as NPFFIs after that date.

Pre-existing obligations: PFFIs will be required to document all remaining accounts by the later of 30 June 2016 or six months after the effective date of their FFI Agreement. Undocumented entity accounts and payees will be treated as NPFFIs, and undocumented individual account holders will be treated as recalcitrant after that date.

Jul 1

Begin withholding

PFFIs begin withholding on all recalcitrant individual accounts and undocumented entity accounts that were pre-existing accounts. USWAs and WAs begin withholding on all undocumented entity accounts that were pre-existing accounts.

Aug 29

PFFIs: Responsible officer makes certifications related to due diligence and FATCA anti-avoidance

Responsible officer must certify that:

The high-value pre-existing individual account due diligence is complete, that all account due diligence is complete and that all documentation requirements are complete, or if no documentation is obtained, account is treated as a recalcitrant account;

The PFFI did not have any formal or informal practices or procedures in place at any time from 6 August 2011 through the date of certification to assist account holders in the avoidance of Chapter 4.

Dec 31

Ability to rely on old Form W-8s expire

USWAs’ ability to rely on old Form W-8s from certain payees expires after 31 December 2016.


2017

Jan 1

Withholding on gross proceeds begins for USWAs, WAs and PFFIs

USWAs, WAs and PFFIs are required to withhold on gross proceeds payments made to recalcitrant individual and entity accounts.

PFFI withholding on foreign passthru payments

Finals regulations "reserved" on definition of foreign passthru payments. Any required withholding on such payments will not occur before 1 January 2017.

Jan 1

FFI grandfathered obligation cutoff for passthru payments [Date TBD]

Obligations that produce or could produce a foreign passthru payment (that cannot produce a withholdable payment) are grandfathered until the date final regulations are issued defining the term “foreign passthru payment” plus six months.

Mar 15

Source payment reporting begins

PFFIs: Reporting begins for non-US FDAP payments made to NPFFIs for year-end 2016 on Forms 1042 and 1042-S.

Mar 31

FATCA reporting adds gross proceeds

PFFIs: US account reporting to include gross proceeds on sales or redemption of property in custodial accounts.


2018

Mar 15

Gross proceeds included

PFFIs, WAs and USWAs include US gross proceeds for year-end 2017 subject to withholding on Forms 1042 and 1042-S.

Jun 30

PFFIs: Begin every three-year certification by responsible officer that FFI has effective internal controls

Once every three years, the responsible officer must certify to the IRS that the PFFI is in compliance with the FFI agreement and make a certification on effective internal controls.

FATCA library

Organizing and maintaining documentation required under FATCA can be challenging. Original government regulatory pronouncements are presented here; EY interpretive materials may be found in our Alerts.

Advisory library

Date Issued Topic Title Country
201408August 2014 IGA Agreement between the Government of the United States of America and the Government of Sweden to Improve International Tax Compliance and to Implement FATCA Sweden, US
201408August 2014 IGA Agreement between the Government of the United States of America and the Government of Republic of Lithuania to Improve International Tax Compliance and to Implement Foreign Account Tax Compliance Act Lithuania, US
201408August 2014 IGA Agreement between the United States of America and the Czech Republic to Improve International Tax Compliance and with Respect to the United States Information and Reporting Provisions Commonly Known as the Foreign Account Tax Compliance Act Czech Republic, US
201407July 2014 Forms and Instructions FINAL Form W-8BEN-E, Certificate of Entities Status of Beneficial Owner for United States Tax Witholding and Reporting (Entities) All
201407July 2014 Forms and Instructions FINAL Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting All
201407July 2014 Forms and Instructions FINAL Form W-8EXP, Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting All
201407July 2014 Forms and Instructions FINAL Form W-8ECI, Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States All
201406June 2014 IGA Agreement between the Government of the United States of America and the Government of the British Virgin Islands to Improve Tax Compliance and to Implement FATCA British Virgin Islands, US
201406June 2014 IGA Agreement between the Government of the United States of America and the Government of the State of Israel to Improve International Tax Compliance and to Implement FATCA Israel, US
201406June 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Latvia to Improve International Tax Compliance and to Implement FATCA Latvia, US
201406June 2014 Forms and Instructions Instructions for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding All
201406June 2014 Forms and Instructions Publication 5118-A, FATCA Online Registration User Guide Addendum All
201406June 2014 Forms and Instructions Instructions for Form W-8BEN(E), Certificate of Entities Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) All
201406June 2014 Forms and Instructions Instructions for Form 8966, Foreign Asset Tax Compliance Act (FATCA) Report All
201406June 2014 Forms and Instructions Instructions for Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding All
201406June 2014 IGA Agreement between the Government of the United States of America and the Government of New Zealand to Improve International Tax Compliance and to Implement FATCA New Zealand, US
201406June 2014 Forms and Instructions Publication 5124, FATCA XML v1.1 User Guide All
201406June 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of South Africa to Improve International Tax Compliance and to Implement FATCA South Africa, US
201406June 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Slovenia to Improve International Tax Compliance and to Implement FATCA Slovenia, US
201405May 2014 Forms and Instructions Instructions for Form W-8EXP, Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting All
201405May 2014 IGA ABBL Guidance notes on the implementation of FATCA in Luxembourg Luxembourg
201405May 2014 IGA Slides - Conference on the ABBL Guidance notes on FATCA Luxembourg
201405May 2014 IGA Agreement between the Government of the United States of America and the Government of the Principality of Liechtenstein to Improve International Tax Compliance and to Implement FATCA Liechtenstein, US
201405May 2014 IGA Agreement between the Government of the United States of America and the Government of Gibraltar to Improve International Tax Compliance and to Implement FATCA Gibraltar, US
201405May 2014 IGA Agreement between the Government of the United States of America and the Government of Jamaica to Improve International Tax Compliance and to Implement FATCA Jamaica, US
201405May 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Estonia to Improve International Tax Compliance and to Implement FATCA Estonia, US
201405May 2014 IGA Guidance Notes on the International Tax Compliance Requirements of the Intergovermental Agreements Between the Cayman Islands and the United States of America and The United Kingdom The Cayman Islands, U.S. & U.K.
201405May 2014 Notice Notice 2014-33: Further Guidance on the Implementation of FATCA and Related Withholding Provisions All
201404April 2014 IGA Agreement between the United States of America and the Republic of Austria for Cooperation to Facilitate the Implementation of FATCA Austria, US
201404April 2014 IGA Agreement between the Government of the United States of America and the Government of Australia to Improve International Tax Compliance and to Implement FATCA Australia, US
201404April 2014 IGA Agreement between the Government of the Kingdom of Belgium and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA Belgium, US
201404April 2014 IGA Australia - Memorandum of Understanding Australia, US
201404April 2014 IGA Australia - Explanatory Memorandum Australia, US
201404April 2014 IGA Australia - Exposure Draft Australia, US
201404April 2014 Forms and Instructions FINAL Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding All
201404April 2014 Announcement Announcement 2014-17 Update on Jurisdictions Treated as Having an IGA in Effect and on FATCA Financial Institution Registration All
201403March 2014 Forms and Instructions Instructions for Form W-8ECI, Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States All
201403March 2014 Forms and Instructions FINAL Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons All
201403March 2014 Forms and Instructions FINAL Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individuals) All
201403March 2014 Forms and Instructions Instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding All
201403March 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Honduras to Improve International Tax Compliance and to Implement FATCA Honduras, US
201403March 2014 IGA Agreement between the Government of the United States of America and the Government of the Grand Duchy of Luxembourg to Improve International Tax Compliance and with respect to The United States information reporting provisions commonly known as the Foreign Account Tax Compliance Act Luxembourg, US
201403March 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Finland to Improve International Tax Compliance and to Implement FATCA Finland, US
201403March 2014 IGA Agreement between the Government of the United States of America and the Government of Chile to facilitate the Implementation of FATCA Chile, US
201403March 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Finland to Improve International Tax Compliance and to Implement FATCA Finland, US
201402February 2014 IGA Agreement between the Government of the United States of America and the Government of Canada to Improve International Tax Compliance through Enhanced Exchange of Information under the Convention Between the United States of America and Canada with Respect to Taxes on Income and Capital Canada, US
201402February 2014 IGA Agreement between the Government of the United States of America and the Government of Hungary to Improve International Tax Compliance and to Implement FATCA Hungary, US
201402February 2014 Regulations Coordination Regulations: Revision of Regulations Regarding Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment All
201402February 2014 Regulations Final and temporary regulations: Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities All
201402February 2014 Announcement U.S. Treasury Department Office of Public Affairs Fact Sheet: FATCA Amendments and Coordination Regulations All
201401January 2014 IGA Agreement between the Government of the United States of America and the Government of the Republic of Italy to Improve International Tax Compliance and to Implement FATCA Italy, US
201401January 2014 FFI Agreement Revenue Procedure 2014-13, FFI Agreement for Participating FFI and Reporting Model 2 FFI All
201312December 2013 IGA Agreement between the Government of the United States of America and the Government of the Republic of Mauritius to Improve International Tax Compliance and to Implement FATCA Mauritius, US
201312December 2013 IGA Agreement between the Government of the United States of America and the Government of Bermuda for Cooperation to Facilitate the Implementation of FATCA Bermuda, US
201312December 2013 IGA Agreement between the Government of the United States of America and the Kingdom of the Netherlands to Improve International Tax Compliance and to Implement FATCA Netherlands, US
201312December 2013 IGA Agreement between the Government of the United States of America and the Government of the Republic of Malta to Improve International Tax Compliance and to Implement FATCA Malta, US
201312December 2013 IGA Agreement between the Government of the United States of America and the Government of the States of Guernsey to Improve International Tax Compliance and to Implement FATCA Guernsey, US
201312December 2013 IGA Agreement between the Government of the United States of America and the Government of the Isle of Man to Improve International Tax Compliance and to Implement FATCA The Isle of Man, US
201312December 2013 IGA Agreement between the Government of the United States of America and the Government of Jersey to Improve International Tax Compliance and to Implement FATCA Jersey, US
201312December 2013 Registration FATCA Online Registration User Guide All
201312December 2013 Forms and Instructions DRAFT Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting All
201311November 2013 IGA Agreement between the Government of the Cayman Islands and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA The Cayman Islands, US
201311November 2013 IGA Agreement between the Government of the United States of America and the Government of the Republic of Costa Rica to Improve International Tax Compliance and to Implement FATCA Costa Rica, US
201311November 2013 IGA Agreement between the Government of the United States of America and the Government of the French Republic to Improve International Tax Compliance and to implement FATCA France, US
201311November 2013 Forms and Instructions DRAFT Form 1042-T, Annual Summary and Transmittal of Forms 1042-S All
201312November 2013 Forms and Instructions DRAFT Instructions for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons All
201311November 2013 Forms and Instructions DRAFT Instructions for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding All
201310October 2013 Notice Notice 2013-69: FFI agreement for Participating FFI and Reporting Model 2 FFI All
201308August 2013 Forms and Instructions DRAFT Form 8966, Foreign Asset Tax Compliance Act (FATCA) Report All
201308August 2013 Regulations UK Guidance Notes, Implementation of the International Tax Compliance (United States of America) Regulations 2013 UK
201308August 2013 Regulations UK Final Regulations, The International Tax Compliance (United States of America) Regulations 2013 UK
201308August 2013 Forms and Instructions Form W-9, Request for Taxpayer Identification Number and Certification All
201308August 2013 Forms and Instructions Instructions for the Requester of Form W-9 All
201307July 2013 Notice Notice 2013-43: Revised timeline and other guidance regarding the implementation of FATCA All
201307July 2013 Forms and Instructions DRAFT Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) All
201307July 2013 Forms and Instructions DRAFT Form W-8ECI, Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States All
201306June 2013 IGA Statement of Mutual Cooperation and Understanding between the U.S. Department of the Treasury and the Authorities of Japan to Improve International Tax Compliance and to Facilitate Implementation of FATCA Authorities of Japan, US
201305May 2013 IGA Agreement Between the United States of America and the Federal Republic of Germany to Improve International Tax Compliance and with respect to the United States Information and Reporting Provisions Commonly known as FATCA Germany, US
201305May 2013 IGA Agreement Between the United States of America and the Kingdom of Spain to Improve International Tax Compliance and to Implement FATCA Spain, US
201304April 2013 IGA Agreement Between the Government of the United States of America and the Government of the Kingdom of Norway to Improve International Tax Compliance and to Implement FATCA Norway, US
201304April 2013 Forms and Instructions DRAFT Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons All
201304April 2013 Forms and Instructions DRAFT Form 8957: Foreign Account Tax Compliance Act (FATCA) Registration All
201304April 2013 Forms and Instructions DRAFT Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding All
201302February 2013 IGA Agreement between the United States of America and Switzerland for Cooperation to Facilitate the Implementation of FATCA Switzerland, US
201301January 2013 Regulations Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities All
201212December 2012 IGA Agreement between the Government of Ireland and the Government of the Unites States of America to Improve International Tax Compliance and to Implement FATCA Ireland, US
201211November 2012 IGA Agreement between the Department of the Treasury of the United States of America and the Ministry of Finance and Public Credit of the United Mexican States to Improve International Tax Compliance Including with Respect to FATCA Mexico, US
201211November 2012 IGA Agreement between the Government of the United States of America and the Government of the Kingdom of Denmark to Improve International Tax Compliance and to Implement FATCA Denmark, US
201211November 2012 IGA Agreement between the United States of America and [FATCA Partner] for Cooperation to Facilitate the Implementation of FATCA [Model 2 Template] (November 2012) All
201210October 2012 Announcement Announcement 2012-42: Timelines for Due Diligence and Other Requirements under FATCA All
201209September 2012 IGA Agreement Between the Government of the United States and the Government of the United Kingdom of Great Britain and Northern Ireland to Improve International Tax Compliance and to Implement FATCA (September 2012) UK, US
201207July 2012 Announcement Joint Communiqué by France, Germany, Italy, Spain, the United Kingdom and the United States on the Occasion of the Publication of the Model Intergovernmental Agreement to Improve Tax Compliance and Implement FATCA (July 2012) France, Germany, Italy, Spain, UK, US
201207July 2012 IGA US Treasury Department Model Intergovernmental Agreement to Improve Tax Compliance and Implement FATCA—Reciprocal Agreement (July 2012) All
201207July 2012 IGA US Treasury Department Model Intergovernmental Agreement to Improve Tax Compliance and Implement FATCA—Non-Reciprocal Agreement All
201206June 2012 Announcement US Treasury Department Joint Statement from the US and Switzerland Regarding a Framework for Cooperation to Facilitate the Implementation of FATCA (June 2012) Switzerland, US
201206June 2012 Announcement US Treasury Department Joint Statement from the US and Japan Regarding a Framework for Intergovernmental Cooperation to Facilitate the Implementation of FATCA and Improve International Tax Compliance (June 2012) Japan, US
201202February 2012 Regulations IRS Proposed Regulations All
201202February 2012 Announcement US Treasury Joint Statement from the US, France, Germany, Italy, Spain and the UK Regarding an Intergovernmental Approach to Improving International Tax compliance and Implementing FATCA (February 2012) France, Germany, Italy, Spain, UK, US
201107July 2011 Notice Revised Notice 2011-53 (original Notice 14 July 2011): Chapter 4 Implementation Notice All
201104April 2011 Notice Notice 2011-34: Supplemental Notice to Notice 2010-60 Providing Further Guidance and Requesting Comments on Certain Priority Issues Under Chapter 4 of Subtitle A of the Code All
201008August 2010 Notice Notice 2010-60: Notice and Request for Comments Regarding Implementation of Information Reporting and Withholding Under Chapter 4 of the Code All