IRS Issues Revised Form W-8IMY; Hints That Delay in FATCA Implementation Is under Consideration

The IRS has issued a revised Form W-8IMY that will be used by a non-U.S. nominee, intermediary or foreign partnership to certify its claimed FATCA status. This is the form used by foreign companies to certify that they are not the beneficial owners of the U.S. source income, but are acting on behalf of the beneficial owner. As with the Form W-8BEN-E that was recently issued, the revised Form W-8IMY contains multiple FATCA categories that can be claimed by the intermediary. Similarly, as with Form W-8BEN-E, no instructions have yet been issued for Form W-8IMY.Meanwhile, IRS officials reportedly have stated publicly that they are considering requests for a further deferral in the July 1 implementation date of FATCA. Treasury and IRS officials have stated previously that no further deferral would occur, although they indicated that they would be lenient in evaluating compliance.

See: Revised Form W-8IMY.See also: Cabinet FATCA Materials (for Cabinet subscribers only).For more information, please contact Daniel Mulcahy and Mark Howe.