FATCA News and Information

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FATCA News & Information

October 31, 2012

Issue Number: 2012-9

Inside This Issue

Timelines for Due Diligence and Other Requirements Under FATCA
The IRS Electronic W-8 Memorandum of Understanding (MOU) Program

1. Timelines for Due Diligence and Other Requirements Under FATCA

Announcement 2012-42 - This announcement outlines (i) certain timelines for withholding agents and foreign financial institutions (FFIs) to complete due diligence and other requirements and (ii) certain additional guidance concerning gross proceeds withholding and the status of certain instruments as gradfathered obligations under sections 1471 through 1474 of the Internal Revenue Code (Code).

2. The IRS Electronic W-8 Memorandum of Understanding (MOU) Program

The IRS EW-8 MOU Program, a collaborative process between the withholding agent and IRS, is open to all withholding agents.

For qualified intermediaries (QIs), click here and see Section X of the FAQs.

For withholding agents, click here and see Section 8 of the FAQs.

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Issue Number: 2012-9

Inside This Issue