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FATCA News & Information April 26, 2013

 

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Issue Number:  2013-5

Inside This Issue


  1. Upcoming Deadline May 3 for QI/WP/WT Status and FATCA Registration
  2. Draft Forms 1042 and 1042-S for 2014 Released

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.


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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."

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