IRS Revises FATCA FAQs

On April 24, the IRS revised the FATCA FAQs on its website to add several new questions and answers dealing with qualified intermediaries, expanded affiliated groups and other interpretative questions.An entire new section titled "General Compliance" contains five new questions and answers. For example, one of the questions addressed is this: How do Certified Deemed-Compliant Foreign Financial Institutions ("FFIs"), Owner-Documented FFIs and Excepted FFIs certify to withholding agents that they are not subject to FATCA withholding, given that they are not required to register with the IRS and obtain a FATCA Global Intermediary Identification Number ("GIIN")? The IRS response is that these entities demonstrate their exemption from FATCA withholding by providing a withholding certificate (e.g., W-8BEN-E) and other documentary evidence that complies with the FATCA regulations for such status.

A copy of the revised FATCA FAQs, with the most recent FAQs labeled "New," is linked below.

See: FATCA FAQs.
See also: Cabinet FATCA Materials (for Cabinet subscribers only).

For more information, please contact Daniel Mulcahy and Mark Howe.