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Issue Number: 2016-1
Inside This Issue
- Notice 2016-08 Published
1. Notice 2016-08 Published
Notice 2016-08 published in the Internal Revenue Bulletin (IRB) dated February 8, 2016 provides guidance concerning (1) the timing for FFIs’ submission of preexisting account certifications and periodic certifications, (2) reporting of accounts of nonparticipating FFIs by certain FFIs, and (3) reliance by withholding agents on electronically furnished Forms W-8 and W-9. This publication includes two changes to the version of the notice that was made publicly available on January 19, 2016. One change clarifies that the time permitted under the Notice for a participating FFI or reporting Model 2 FFI to provide its preexisting account certification includes the FFI’s certification that it did not have practices and procedures to assist account holders in the avoidance of chapter 4. The second change removes an incorrect reference to a registered deemed-compliant FFI in §1.1471-4(d)(2)(ii)(F) (as modified in a correcting amendment to this paragraph) with respect to the reporting of an account of a nonparticipating FFI that does not affect which FFIs are subject to this reporting or the exception to reporting provided in the Notice. Click here for the Notice.
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