IRS updates procedures for withholding foreign partnerships and withholding foreign trusts; coordinates rules with FATCA
The IRS has issued updated procedures [Revenue Procedure 2014-47, 2014-35 IRB 1 (released and effective 8 August 2014)] for “withholding foreign partnerships” (WPs) and “withholding foreign trusts” (WTs) that elect to assume certain US withholding tax responsibilities.
OECD issues Standard for Automatic Exchange of Information in Tax Matters
On 21 July 2014, the Organisation for Economic Co-operation and Development (OECD) published the Standard for Automatic Exchange of Information in Tax Matters (the Standard).
OECD publishes Standard for Automatic Exchange of Financial Information in Tax Matters
On 21 July 2014, the Organisation for Economic Co-operation and Development (OECD) published the first edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Standard).
Australia releases discussion paper Common Reporting Standard for the automatic exchange of tax information for comment
On 19 June 2014, the Australian Treasury released a discussion paper (DP) Common Reporting Standard for the automatic exchange of tax information for comment.
IRS issues instructions to Form W-8BEN-E
In anticipation of the 1 July 2014, initial effective date of FATCA, the IRS has issued a flurry of new information, including the instructions to the Form W-8BEN-E, Certificate.
Additional countries issue statement of public support for adoption of the OECD’s Common Reporting Standard
On 6 May 2014, a declaration on automatic exchange of information in tax matters was adopted at the meeting of the OECD Council at the Ministerial Level.
IRS eases enforcement for compliance with FATCA and other recent information reporting and withholding changes until 2016 for taxpayers making a good faith effort to comply with FATCA.
In Notice 2014-33, the IRS has announced that it will treat calendar years 2014 and 2015 as a transition period for purposes of enforcing and administering implementation of the Foreign Account Tax Compliance Act (FATCA) by all withholding agents (including foreign financial institutions).
Numerous countries commit to early adoption of OECD’s CRS Statement
In a joint statement issued 19 March 2014, numerous countries committed to the early adoption of the OECD’s new standard for the automatic exchange of information between tax authorities, also known as the Common Reporting Standard (CRS).
Impact of final FATCA regulations on the asset management industry
With final FATCA regulations now released, learn how they affect the industry and what firms need to focus on for the remainder of 2013.
Final FATCA regulations refine definitions and provide relief for insurance companies
In this alert, learn which four changes in the final regulations have the broadest implications for the insurance industry. (January 2013)
Does FATCA apply to your life insurance business?
Many financial institutions are asking if FATCA applies to them -- and if so, what are the compliance requirements? Get the answers to common FATCA questions.
FATCA and insurance: the saga continues
New guidance brings answers and questions for the insurance industry.