FATCA News and Information Newsletter
Internal Revenue Service (IRS) sent this bulletin at 04/26/2013 12:41 PM EDTHaving trouble viewing this email? View it as a Web page.
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Issue Number: 2013-5Inside This Issue
1. Upcoming Deadline May 3 for QI/WP/WT Status and FATCA Registration Foreign financial institutions may now be considering applying for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust status in conjunction with their compliance with the chapter 4. Beginning on December 31, 2013, the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Agreements will be expanded to incorporate an FFI’s requirements under chapter 4 (more commonly referred to as the Foreign Asset Tax Compliance Act or FATCA) with the QI, WP, or WT responsibilities under chapter 3 (to the extent applicable). In order to ensure that QI, WP, or WT status is obtained prior to the date the registration portal opens, no later than July 15, 2013, financial institutions are required to submit their application and all required attachments no later than May 3, 2013. Please follow this link for more information. 2. Draft Forms 1042 and 1042-S for 2014 Released The IRS has issued draft Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, for 2014. Draft Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Draft Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding If you have any comments on this draft, you can email the IRS at taxforms@IRS.gov or submit the comments through the IRS.gov page titled "Comments on Forms and Publications." Thank you for subscribing to FATCA News & Information, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the FATCA News & Information mailing list. Please Do Not Reply To This Message. |