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  Diligence and Other Requirements under FATCA</span></b><span  ...
  

Source: http://iptaxservicesnews.blogspot.hk/feeds/posts/default

1. <?xml version='1.0' encoding='UTF-8'?><?xml-stylesheet href="http://www.blogger.com/styles/atom.css" type="text/css"?><feed xmlns='http://www.w3.org/2005/Atom' xmlns:openSearch='http://a9.com/-/spec/opensearchrss/1.0/' xmlns:blogger='http://schemas.google.com/blogger/2008' xmlns:georss='http://www.georss.org/georss' xmlns:gd="http://schemas.google.com/g/2005" xmlns:thr='http://purl.org/syndication/thread/1.0'><id>tag:blogger.com,1999:blog-4818047239876695217</id><updated>2024-02-20T14:54:37.310+08:00</updated><title type='text'>IP Tax Services News</title><subtitle type='html'></subtitle><link rel='http://schemas.google.com/g/2005#feed' type='application/atom+xml' href='http://iptaxservicesnews.blogspot.com/feeds/posts/default'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default'/><link rel='alternate' type='text/html' href='http://iptaxservicesnews.blogspot.com/'/><link rel='hub' href='http://pubsubhubbub.appspot.com/'/><author><name>Anonymous</name><uri>http://www.blogger.com/profile/18259452985380424408</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='https://img1.blogblog.com/img/b16-rounded.gif'/></author><generator version='7.00' uri='http://www.blogger.com'>Blogger</generator><openSearch:totalResults>3</openSearch:totalResults><openSearch:startIndex>1</openSearch:startIndex><openSearch:itemsPerPage>25</openSearch:itemsPerPage><entry><id>tag:blogger.com,1999:blog-4818047239876695217.post-6499788226213140061</id><published>2012-10-26T21:30:00.002+08:00</published><updated>2012-10-26T21:51:01.541+08:00</updated><title type='text'>FATCA - IRS Announcement 2012-42</title><content type='html'>&lt;br /&gt;
2. <br />
3. <b><span style="color: black; font-family: "Arial","sans-serif";">Announcement 2012-42: Timelines for Due
4. Diligence and Other Requirements under FATCA</span></b><span style="color: black; font-family: "Arial","sans-serif";"><o:p></o:p></span><br />
5. <br />
6. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
7. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
8. <br />
9. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
10. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">I.<span style="mso-spacerun: yes;">  </span><span style="text-transform: uppercase;">Purpose</span><o:p></o:p></span></b></div>
11. <br />
12. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
13. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
14. <br />
15. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
16. <span style="color: black; font-family: "Arial","sans-serif";">This
17. announcement outlines (i) certain timelines for withholding agents and foreign financial
18. institutions (FFIs) to complete due diligence and other requirements and (ii)
19. certain additional guidance concerning gross proceeds withholding and the
20. status of certain instruments as grandfathered obligations under sections 1471
21. through 1474 of the Internal Revenue Code (Code). The Department of the
22. Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to
23. incorporate the rules described in this announcement in final regulations under
24. sections 1471 through 1474.<o:p></o:p></span></div>
25. <br />
26. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
27. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
28. <br />
29. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
30. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">II.<span style="mso-spacerun: yes;">  </span>BACKGROUND <o:p></o:p></span></b></div>
31. <br />
32. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
33. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
34. <br />
35. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
36. <span style="color: black; font-family: "Arial","sans-serif";">On March 18, 2010, the Hiring Incentives to Restore Employment Act
37. of 2010, Pub. L. 111-147 (H.R. 2847), added sections 1471 through 1474 (chapter
38. 4) to Subtitle A of the Code.<span style="mso-spacerun: yes;">  </span>These
39. provisions are commonly referred to as the Foreign Account Tax Compliance Act,
40. or FATCA. Chapter 4 requires withholding agents to withhold 30 percent of
41. certain payments to an FFI unless the FFI has entered into an agreement (FFI
42. agreement) with the IRS to, among other things, report certain information with
43. respect to U.S. accounts.<span style="mso-spacerun: yes;">  </span>Chapter 4 also
44. imposes on withholding agents certain withholding, documentation, and reporting
45. requirements with respect to certain payments made to certain other foreign
46. entities.<o:p></o:p></span></div>
47. <br />
48. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
49. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
50. <br />
51. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
52. <span style="font-family: "Arial","sans-serif";">On February
53. 15, 2012, the Treasury Department and the IRS published proposed regulations
54. under chapter 4 in the Federal Register (REG-121647-10, 77 Fed. Reg. 9022)
55. (proposed regulations).<span style="mso-spacerun: yes;">  </span>On May 15, 2012,
56. the IRS held a public hearing on the proposed regulations.<span style="mso-spacerun: yes;">  </span><span style="color: black;">On July 26, 2012,
57. the Treasury Department released a model for bilateral agreements with other
58. jurisdictions (in both reciprocal and nonreciprocal versions) under which FFIs
59. would satisfy their chapter 4 requirements by reporting information about U.S.
60. accounts to their respective tax authorities, followed by the automatic
61. exchange of that information on a government-to-government basis with the
62. United States.<span style="mso-spacerun: yes;">  </span>The model agreement
63. outlines time frames for FFIs in partner jurisdictions to complete the
64. necessary due diligence to identify U.S. accounts.<span style="mso-spacerun: yes;">  </span>On June 21, 2012, the Treasury Department
65. announced its intent to develop a second model agreement, under which financial
66. institutions in the partner jurisdiction would report specified information
67. directly to the IRS in a manner consistent with the FATCA regulations,
68. supplemented by government-to-government exchange of information on
69. request.<span style="mso-spacerun: yes;">  </span>The Treasury Department intends
70. to conclude bilateral agreements (“Intergovernmental Agreements”) based on the
71. model agreements.<span style="mso-spacerun: yes;">  </span><o:p></o:p></span></span></div>
72. <br />
73. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
74. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
75. <br />
76. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
77. <span style="color: black; font-family: "Arial","sans-serif";">The
78. Treasury Department and the IRS have received comments identifying certain
79. practical issues in implementing the chapter 4 rules within the time frames
80. prescribed in the proposed regulations.<span style="mso-spacerun: yes;"> 
81. </span>In particular, comments have noted that the chapter 4 status of entity
82. account holders may change during 2013 as FFIs enter into FFI agreements with
83. the IRS, with the result that withholding agents that put in place new account
84. opening procedures by January 1, 2013, could be required to undertake
85. duplicative efforts to verify an FFI’s status as a participating,
86. deemed-compliant, or nonparticipating FFI</span><span style="font-family: "Arial","sans-serif";">.<span style="mso-spacerun: yes;">  </span>Furthermore, comments have indicated that
87. global financial institutions intend to implement uniform due diligence
88. procedures for all affiliates.<span style="mso-spacerun: yes;"> 
89. </span>Accordingly, these comments have suggested aligning the timelines for
90. due diligence for U.S. withholding agents, FFIs in countries with
91. Intergovernmental Agreements, and FFIs in countries without Intergovernmental
92. Agreements in order to significantly reduce administrative burden.<o:p></o:p></span></div>
93. <br />
94. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
95. <span style="font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
96. <br />
97. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none;">
98. <span style="font-family: "Arial","sans-serif";">In
99. addition, the Treasury Department and the IRS have received comments requesting
100. that obligations that may give rise to foreign passthru payments, but not to
101. withholdable payments, be treated as grandfathered obligations if such
102. obligations are executed prior to the issuance of final regulations that define
103. foreign passthru payments.<span style="mso-spacerun: yes;">  </span>Comments also
104. have requested that an obligation to make payments with respect to collateral
105. posted in connection with a grandfathered derivative transaction be treated as
106. a grandfathered obligation.<span style="mso-spacerun: yes;">  </span>Finally,
107. comments have expressed concern over the treatment of existing financial
108. transactions that may begin to give rise to withholdable payments for purposes
109. of chapter 4 due to the promulgation of regulations under section 871(m)
110. (treating certain payments on notional principal contracts and certain other
111. financial instruments as U.S. source dividends). <o:p></o:p></span></div>
112. <br />
113. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
114. <span style="font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
115. <br />
116. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 76.5pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
117. <span style="color: black; font-family: "Arial","sans-serif";">In consideration of these comments, the Treasury Department and
118. the IRS intend to issue regulations that modify the rules set forth in the
119. proposed regulations as follows.<span style="mso-spacerun: yes;">  </span>Unless
120. otherwise defined, terms used in this announcement have the meanings set forth
121. in the proposed regulations.<o:p></o:p></span></div>
122. <br />
123. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; page-break-after: avoid; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
124. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
125. <br />
126. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; page-break-after: avoid; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
127. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">III. DUE
128. DILIGENCE TIMELINES <o:p></o:p></span></b></div>
129. <br />
130. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
131. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
132. <br />
133. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
134. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">A.<span style="mso-spacerun: yes;">  </span>Timeline for Implementing New Account Opening
135. Procedures and the Definition of Preexisting Obligations<o:p></o:p></span></b></div>
136. <br />
137. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
138. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
139. <br />
140. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
141. <span style="color: black; font-family: "Arial","sans-serif";">Withholding agents, including participating FFIs and
142. registered-deemed compliant FFIs, generally will be required to implement new
143. account opening procedures by January 1, 2014.<span style="mso-spacerun: yes;"> 
144. </span>Accordingly, the definition of the term “preexisting obligation”
145. (currently set forth in Prop. Reg. §1.1471-1(b)(48)) will be modified in the
146. final regulations to include: <o:p></o:p></span></div>
147. <br />
148. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
149. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
150. <br />
151. <div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: .5in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt; text-indent: -0.25in;">
152. <span style="color: black; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">        
153. </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">With respect to a
154. withholding agent other than a participating FFI or a registered
155. deemed-compliant FFI: </span></b><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"> </span>any account, instrument, or
156. contract maintained or executed by the withholding agent prior to January 1,
157. 2014;<o:p></o:p></span></div>
158. <br />
159. <div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: .5in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
160. <span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;">  </span><o:p></o:p></span></div>
161. <br />
162. <div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: .5in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt; text-indent: -0.25in;">
163. <span style="color: black; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">        
164. </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">With respect to a
165. participating FFI</span></b><span style="color: black; font-family: "Arial","sans-serif";">:<span style="mso-spacerun: yes;">  </span>any account, instrument,
166. or contract maintained or executed by the participating FFI prior to the later
167. of January 1, 2014, or the date that the participating FFI’s FFI agreement
168. becomes effective (the final regulations will provide that an FFI agreement
169. entered into prior to January 1, 2014, will have an effective date of January
170. 1, 2014); and<o:p></o:p></span></div>
171. <br />
172. <div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-layout-grid-align: none; mso-pagination: none; tab-stops: .5in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
173. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
174. <br />
175. <div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0pt 0.5in; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; tab-stops: .5in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt; text-indent: -0.25in;">
176. <span style="color: black; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">        
177. </span></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">With respect to a
178. registered deemed-compliant FFI:</span></b><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;">  </span>any account, instrument,
179. or contract maintained or executed by the FFI prior to the date on which the
180. FFI implements its required account opening procedures.<span style="mso-spacerun: yes;">  </span>A registered deemed-compliant FFI must
181. implement any required account opening procedures by the later of January 1,
182. 2014, or the date on which the FFI registers as a deemed-compliant FFI.<o:p></o:p></span></div>
183. <br />
184. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
185. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
186. <br />
187. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
188. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">B.<span style="mso-spacerun: yes;">  </span>Transition Rules for Completing Due Diligence
189. on Preexisting Obligations<o:p></o:p></span></b></div>
190. <br />
191. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
192. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></b></div>
193. <br />
194. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in .5in 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
195. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-tab-count: 1;">            </span>1.<span style="mso-spacerun: yes;"> 
196. </span>Withholding and Documentation for Prima Facie FFIs</span></b><span style="color: black; font-family: "Arial","sans-serif";"><o:p></o:p></span></div>
197. <br />
198. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
199. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
200. <br />
201. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
202. <b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Arial","sans-serif";">Withholding
203. Agents other than Participating FFIs</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">.</span></b><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;">  </span>With respect to preexisting obligations, the
204. final regulations will provide that withholding agents, other than
205. participating FFIs, will be required to document payees that are prima facie
206. FFIs by June 30, 2014.<span style="mso-spacerun: yes;">  </span>Accordingly, the
207. rule set forth in Prop. Reg. §1.1471-2(a)(4)(ii) will be modified in the final
208. regulations to provide that a withholding agent will not be required to
209. withhold on payments made to a prima facie FFI with respect to a preexisting
210. obligation prior to July 1, 2014, unless the withholding agent has
211. documentation establishing the payee’s status as a nonparticipating FFI.<span style="mso-spacerun: yes;">  </span>Beginning on July 1, 2014, a withholding
212. agent will be required to treat a payee that is a prima facie FFI as a
213. nonparticipating FFI until the date the withholding agent obtains documentation
214. sufficient to establish a different chapter 4 status of the payee.<span style="mso-spacerun: yes;">  </span><o:p></o:p></span></div>
215. <br />
216. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
217. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
218. <br />
219. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
220. <b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Arial","sans-serif";">Participating
221. FFIs</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">.</span></b><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;">  </span>With respect to a preexisting obligation, the
222. final regulations will provide that a participating FFI will be required to
223. perform the requisite identification procedures and obtain the appropriate
224. documentation to determine whether a prima facie FFI payee is itself a
225. participating FFI, deemed-compliant FFI, or nonparticipating FFI within six
226. months after the effective date of its FFI agreement (that is, by June 30,
227. 2014, for any FFI that enters into an FFI agreement on or before December 31,
228. 2013).<span style="mso-spacerun: yes;">  </span>The rule set forth in Prop. Reg.
229. §1.1471-4(c)(3) will be modified accordingly.<span style="mso-spacerun: yes;"> 
230. </span>In addition, the final regulations will provide that the presumption
231. rules set forth in Prop. Reg. §1.1471-3(f) will begin to apply to a prima facie
232. FFI payee with respect to a preexisting obligation six months after the
233. effective date of the payor FFI’s FFI agreement.<span style="mso-spacerun: yes;">  </span><o:p></o:p></span></div>
234. <br />
235. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
236. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif"; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></b></div>
237. <br />
238. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in .5in 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
239. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif"; mso-bidi-font-family: "Times New Roman";"><span style="mso-tab-count: 1;">            </span>2.<span style="mso-spacerun: yes;">  </span></span></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">Withholding
240. and Documentation for </span></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif"; mso-bidi-font-family: "Times New Roman";">other Preexisting Entity Obligations<o:p></o:p></span></b></div>
241. <br />
242. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
243. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
244. <br />
245. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
246. <b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Arial","sans-serif";">Withholding
247. Agents other than Participating FFIs</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">. </span></b><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"> </span>With respect to preexisting obligations, the
248. final regulations will provide that withholding agents, other than
249. participating FFIs, will be required to document payees that are entities other
250. than prima facie FFIs by December 31, 2015.<span style="mso-spacerun: yes;"> 
251. </span>Accordingly, the rules set forth in Prop. Reg. §§1.1471-2(a)(4)(ii) and
252. 1.1472-1(b) will be modified to reflect this change.<span style="mso-spacerun: yes;">  </span>Beginning on January 1, 2016, a withholding
253. agent will be required to treat any undocumented payee that is treated as a
254. foreign entity but that is not a prima facie FFI as a nonparticipating FFI
255. until the date the withholding agent obtains documentation sufficient to
256. establish a different chapter 4 status of the payee.<o:p></o:p></span></div>
257. <br />
258. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
259. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
260. <br />
261. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
262. <b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Arial","sans-serif";">Participating
263. FFIs</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">.</span></b><span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;">  </span>The final regulations will modify the rule
264. set forth in Prop. Reg. §1.1471-4(c)(3) to provide that a participating FFI
265. will be required to perform the requisite identification procedures and obtain
266. the appropriate documentation to determine whether an entity, other than a
267. prima facie FFI, is itself a participating FFI by the later of December 31,
268. 2015, or the date that is two years after the effective date of its FFI
269. agreement.<span style="mso-spacerun: yes;">  </span>In addition, the final
270. regulations will provide that a participating FFI will not be required to apply
271. the presumption rules (currently set forth in Prop. Reg. §1.1471-3(f)) to such
272. accounts until the day after the date (described above) by which the
273. participating FFI is required to perform the identification procedures and
274. obtain the appropriate documentation.<o:p></o:p></span></div>
275. <br />
276. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 0in 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
277. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
278. <br />
279. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
280. <b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";"><span style="mso-tab-count: 1;">            </span>3.<span style="mso-spacerun: yes;">  </span>Withholding and Documentation Requirements of
281. Participating FFIs for Preexisting Individual Accounts</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif"; mso-bidi-font-family: Aharoni; mso-bidi-language: HE;"><o:p></o:p></span></b></div>
282. <br />
283. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
284. <span style="font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
285. <br />
286. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
287. <b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Arial","sans-serif";">Preexisting High-Value Accounts</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">.<span style="mso-spacerun: yes;">  </span></span></b><span style="font-family: "Arial","sans-serif";">A
288. participating FFI must <span style="color: black;">perform the requisite
289. identification procedures and obtain the appropriate documentation to identify
290. preexisting individual accounts that are high-value accounts </span>(as
291. described in Prop. Reg. §1.1471-4(c)(8)(i)) by the later of December 31, 2014,
292. or the date that is one year after the effective date of the FFI’s FFI
293. agreement.<span style="mso-spacerun: yes;">  </span>Accordingly, the final
294. regulations will modify the rule set forth in Prop. Reg. §1.1471-5(g)(3)(i)(B)
295. to provide that after the date described above, a participating FFI must treat
296. any preexisting account that is a high-value account<span style="mso-spacerun: yes;">  </span>as held by a recalcitrant account holder
297. unless the <span style="color: black;">participating FFI has performed the
298. requisite identification procedures and obtained the appropriate documentation.</span><span style="mso-spacerun: yes;">  </span><o:p></o:p></span></div>
299. <br />
300. <div class="MsoListParagraph" style="margin: 0in 0in 0pt 82pt; mso-add-space: auto; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
301. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
302. <br />
303. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
304. <b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Arial","sans-serif";">Preexisting Accounts
305. other than High Value Accounts</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">.<span style="mso-spacerun: yes;">  </span></span></b><span style="font-family: "Arial","sans-serif";">A
306. participating FFI must <span style="color: black;">perform the requisite
307. identification procedures and obtain the appropriate documentation to identify
308. preexisting individual accounts (other than high-value accounts) </span>prior
309. to the later of December 31, 2015, or the date that is two years after the
310. effective date of the FFI’s FFI agreement.<span style="mso-spacerun: yes;"> 
311. </span>Accordingly, the final regulations will modify the rule set forth in
312. Prop. Reg. §1.1471-5(g)(3)(i)(A) to provide that after the date described
313. above, a participating FFI must treat any preexisting individual account, other
314. than a high-value account, as held by a recalcitrant account holder unless the <span style="color: black;">participating FFI has performed the requisite
315. identification procedures and obtained the appropriate documentation.<o:p></o:p></span></span></div>
316. <br />
317. <div class="MsoListParagraph" style="margin: 0in 0in 0pt 46pt; mso-add-space: auto;">
318. <u><span style="font-family: "Arial","sans-serif";"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></div>
319. <br />
320. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
321. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">IV. DUE DATE
322. FOR FIRST REPORT OF A PARTICIPATING FFI WITH RESPECT TO U.S. ACCOUNTS<o:p></o:p></span></b></div>
323. <br />
324. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
325. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
326. <br />
327. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
328. <span style="color: black; font-family: "Arial","sans-serif";">The
329. final regulations will modify the rule set forth in Prop. Reg.
330. §1.1471-4(d)(7)(v)(B) to provide that a participating FFI will be required to
331. file the information reports with respect to the 2013 and 2014 calendar years
332. not later than </span><span style="font-family: "Arial","sans-serif";">March 31,
333. 2015.<o:p></o:p></span></div>
334. <br />
335. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
336. <span style="font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
337. <br />
338. <div class="MsoNormal" style="margin: 0in 0in 0pt;">
339. <b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">V.<span style="mso-spacerun: yes;"> 
340. </span><span style="color: black;">GROSS PROCEEDS WITHHOLDING <o:p></o:p></span></span></b></div>
341. <br />
342. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
343. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
344. <br />
345. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
346. <span style="color: black; font-family: "Arial","sans-serif";">The final regulations will modify the rule set forth in Prop. Reg.
347. §1.1473-1(a)(1)(ii) to provide that the term “withholdable payment” includes
348. gross proceeds from any sale or other disposition occurring after December 31,
349. 2016, of any property of a type that can produce interest or dividends that are
350. U.S. source FDAP income. <o:p></o:p></span></div>
351. <br />
352. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
353. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
354. <br />
355. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
356. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">VI.
357. CLARIFICATION OF THE SCOPE OF GRANDFATHERED OBLIGATIONS <o:p></o:p></span></b></div>
358. <br />
359. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
360. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
361. <br />
362. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
363. <span style="color: black; font-family: "Arial","sans-serif";">The final regulations will modify the grandfathered obligation
364. rules to cover the following additional categories of obligations.<span style="mso-spacerun: yes;">  </span>First, the rule set forth in Prop. Reg.
365. §1.1471-2(b)(2) will be amended to provide that the term “grandfathered
366. obligation” includes any obligation that produces or could produce a foreign
367. passthru payment and that cannot produce a withholdable payment, provided that
368. the obligation is outstanding as of the date that is six months after the date
369. on which final regulations defining the term “foreign passthru payment” are
370. filed with the Federal Register.<span style="mso-spacerun: yes;">  </span>Second,
371. the term “grandfathered obligation” will include any instrument that gives rise
372. to a withholdable payment solely because the instrument is treated as giving
373. rise to a dividend equivalent pursuant to section 871(m) and the regulations
374. thereunder, provided that the instrument is outstanding on the date that is six
375. months after the date on which instruments of its type first become subject to
376. such treatment.<span style="mso-spacerun: yes;">  </span>Finally, the term
377. “grandfathered obligation” will include any obligation to make a payment with
378. respect to, or to repay, collateral posted to secure obligations under a
379. notional principal contract that is a grandfathered obligation.<o:p></o:p></span></div>
380. <br />
381. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
382. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
383. <br />
384. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
385. <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif";">DRAFTING
386. INFORMATION <o:p></o:p></span></b></div>
387. <br />
388. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
389. <span style="color: black; font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
390. <br />
391. <div class="MsoNormal" style="margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;">
392. <span style="color: black; font-family: "Arial","sans-serif";">The principal author of this announcement is Tara Ferris of the
393. Office of Associate Chief Counsel (International).<span style="mso-spacerun: yes;">  </span>For further information regarding this
394. notice, contact John Sweeney at (202) 622-3840 (not a toll-free call).</span><span style="font-family: "Arial","sans-serif";"><o:p></o:p></span></div>
395. </content><link rel='replies' type='application/atom+xml' href='http://iptaxservicesnews.blogspot.com/feeds/6499788226213140061/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://iptaxservicesnews.blogspot.com/2012/10/fatca-irs-announcement-2012-42.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default/6499788226213140061'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default/6499788226213140061'/><link rel='alternate' type='text/html' href='http://iptaxservicesnews.blogspot.com/2012/10/fatca-irs-announcement-2012-42.html' title='FATCA - IRS Announcement 2012-42'/><author><name>Anonymous</name><uri>http://www.blogger.com/profile/18259452985380424408</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='https://img1.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-4818047239876695217.post-2258882475444391359</id><published>2012-10-04T17:53:00.004+08:00</published><updated>2012-10-05T15:41:42.511+08:00</updated><title type='text'>FATCA  Overview</title><content type='html'>&lt;br /&gt;
396. <div style="direction: ltr; language: en-US; margin-bottom: 0pt; margin-left: 0in; margin-top: 0pt; mso-line-break-override: none; punctuation-wrap: hanging; text-align: justify; text-justify: inter-ideograph; unicode-bidi: embed; word-break: normal;">
397. <span style="color: #7f7f7f; font-family: Calibri; font-size: 10pt; font-weight: bold; language: en-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: +mn-cs; mso-bidi-theme-font: minor-bidi; mso-color-index: 1; mso-fareast-font-family: +mn-ea; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-type: solid;"><span style="color: black; font-family: Times New Roman; font-size: small;">
398.  
399. </span></span><br />
400. <span style="color: #7f7f7f; font-family: Calibri; font-size: 10pt; font-weight: bold; language: en-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: +mn-cs; mso-bidi-theme-font: minor-bidi; mso-color-index: 1; mso-fareast-font-family: +mn-ea; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-type: solid;"></span><br />
401. <span style="color: #7f7f7f; font-family: Calibri; font-size: 10pt; font-weight: bold; language: en-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: +mn-cs; mso-bidi-theme-font: minor-bidi; mso-color-index: 1; mso-fareast-font-family: +mn-ea; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-type: solid;"></span><br />
402. <span style="color: #7f7f7f; font-family: Calibri; font-size: 10pt; font-weight: bold; language: en-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: +mn-cs; mso-bidi-theme-font: minor-bidi; mso-color-index: 1; mso-fareast-font-family: +mn-ea; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-type: solid;"><div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
403. <span style="color: #7f7f7f; font-size: 36pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;">FATCA</span><span style="color: #7f7f7f; font-size: 27pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;"> </span><span style="color: #7f7f7f; font-size: 36pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;">Overview</span><span style="font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
404. <span style="color: black; font-family: Times New Roman; font-size: small;">
405.  
406. </span><br />
407. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
408. What is the Foreign Account Tax Compliance Act (FATCA)?<o:p></o:p></div>
409. <span style="color: black; font-family: Times New Roman; font-size: small;">
410.  
411. </span><br />
412. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
413. <span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p> </o:p></span></div>
414. <span style="color: black; font-family: Times New Roman; font-size: small;">
415.  
416. </span><br />
417. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
418. <span style="color: black; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-themecolor: text1;">The FATCA is a new U.S. tax law requiring foreign financial
419. institutions (FFIs) to report directly to the IRS Information about financial
420. accounts held by U.S. taxpayers or held by foreign entities substantially owned
421. by U.S. tax payers. FATCA is intended to combat with tax evasion by U.S.
422. taxpayer through the use of offshore account. To achieve this objective, IRS
423. impose a 30% tax withholding on the U.S. sourced income to whom fails to comply
424. with FATCA reporting requirement. The implication of FATCA is profound because
425. it extends the tax reporting burden from individual U.S. tax payers to whole
426. chained FFIs such as banks, Prime broker, Hedge funds, Private Equity Fund,
427. fund of fund and other financial intermediaries. </span><span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p></o:p></span></div>
428. <span style="color: black; font-family: Times New Roman; font-size: small;">
429.  
430. </span><br />
431. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 12pt;">
432. <br />
433. Why FATCA is matter to Hedge
434. fund/Private Equity fund/FOF?<span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p></o:p></span></div>
435. <span style="color: black; font-family: Times New Roman; font-size: small;">
436.  
437. </span><br />
438. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
439. <span style="color: black; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-themecolor: text1;">By choosing not to comply with FATCA, you are limited the funds’
440. investment horizon; and the fund is subject to 30% withholding of any
441. US-sourced income. </span><span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p></o:p></span></div>
442. <span style="color: black; font-family: Times New Roman; font-size: small;">
443.  
444. </span><br />
445. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
446. <span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p> </o:p></span></div>
447. <span style="color: black; font-family: Times New Roman; font-size: small;">
448.  
449. </span><br />
450. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
451. <span style="color: black; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-themecolor: text1;">FATCA will impose an administrative obligation on the hedge fund/private
452. equity/FOF if the funds choose to comply with the new FATCA reporting
453. requirement by entering a “FATCA agreement” by June 30<sup><span style="mso-text-raise: 3.0pt; position: relative; top: -3pt;">th</span></sup>,
454. 2013. Under the FATCA agreement with IRS, the participating FFI is required to
455. identify US taxpayers or US owned entities and to report the detail to IRS. The
456. participating FFI must prepare to withhold 30 % of any U.S. sourced income to
457. the “recalcitrant” who fails to comply with the FATCA information request
458. requirement. </span><span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p></o:p></span></div>
459. <span style="color: black; font-family: Times New Roman; font-size: small;">
460.  
461. </span><br />
462. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
463. <span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p> </o:p></span></div>
464. <span style="color: black; font-family: Times New Roman; font-size: small;">
465.  
466. </span><br />
467. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
468. <span style="color: black; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-themecolor: text1;">Overall, the FATCA may influence the fund’s policy on permitted
469. investors, perhaps mandatory redeeming of the “recalcitrant” investors,
470. avoiding U.S. investor or avoiding US assets. Participating funds of funds
471. might choose only to invest in other FATCA-compliant funds in order to avoid
472. the risk of an investee fund being withheld-upon. Similarly, a non-participating
473. fund of funds may find itself precluded from admission into funds whose policy
474. is to deal only with compliant investors.</span><span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p></o:p></span></div>
475. <span style="color: black; font-family: Times New Roman; font-size: small;">
476.  
477. </span><br />
478. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
479. <span style="font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><o:p><span style="color: black;"> </span></o:p></span></div>
480. <span style="color: black; font-family: Times New Roman; font-size: small;">
481.  
482. </span><br />
483. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt;">
484. <span style="font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><o:p><span style="color: black;"> </span></o:p></span></div>
485. <span style="color: black; font-family: Times New Roman; font-size: small;">
486.  
487. </span><br />
488. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 12pt;">
489. <span style="color: #7f7f7f; font-size: 36pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;">FATCA</span><span style="color: #7f7f7f; font-size: 27pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;"> </span><span style="color: #7f7f7f; font-size: 36pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;">Timeline</span><br />
490. <span style="color: black;">
491. </span>When FATCA becomes effective?<span style="font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><br /><span style="color: black;">
492. </span><span style="color: black; mso-themecolor: text1;"><br />
493. </span></span><span style="color: black; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-themecolor: text1;">01/01/2013 – <span style="mso-tab-count: 1;">      </span>FFI can enter into FFI Agreement with IRS
494. by registering online<br />
495. <br />
496. 06/30/2013 –<span style="mso-tab-count: 1;">       </span>IRS encourages FFI to
497. complete the online registration before this day<br />
498. <br />
499. 07/01/2013 – <span style="mso-tab-count: 1;">      </span>New account opening
500. procedures must be in place to identify US accounts (New accounts are generally
501. permitted a 90-day grace period before being treated as recalcitrant)<span style="mso-tab-count: 1;">               </span><br />
502. <br />
503. 01/01/2014 – <span style="mso-tab-count: 1;">      </span>FATCA withholding
504. begins on US source Fixed, Determinable, Annual, Periodical (FDAP) income<br />
505. <br />
506. 07/01/2014 – <span style="mso-tab-count: 1;">      </span>Complete the due
507. diligence for any pre-existing account holders (FFI/High Value Account)<br />
508. <br />
509. 09/01/2014 –<span style="mso-tab-count: 1;">       </span>Begin limited reporting
510. for US accounts and aggregate reporting for recalcitrant accounts (calendar
511. year 2013)<br />
512. <br />
513. 01/01/2015 – <span style="mso-tab-count: 1;">      </span><span style="mso-spacerun: yes;"> </span>FATCA withholding begins on gross proceeds<br />
514. <br />
515. 03/15/2015 – <span style="mso-tab-count: 1;">      </span>Begin to file the Form
516. 1042/1042-S FATCA reporting (calendar year <span style="mso-tab-count: 1;">      </span>2014)
517. for US source FDAP income<br />
518. <br />
519. 07/01/2015 – <span style="mso-tab-count: 1;">      </span>Complete account
520. identification procedures and documentation for all types of the pre-existing
521. account holders<br />
522. <br />
523. 01/01/2017 – <span style="mso-tab-count: 1;">      </span><span style="mso-spacerun: yes;"> </span>FATCA withholding is expected to begin for
524. foreign pass-thru payments</span><span style="font-family: "Helvetica","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman";"><br /><span style="color: black;">
525. </span></span><span style="font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><br /><span style="color: black;">
526. <br />
527. </span></span><span style="color: #7f7f7f; font-size: 38pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: "lumm=50000 lumo=50000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 128;">About us</span><span style="font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
528. <span style="color: black; font-family: Times New Roman; font-size: small;">
529.  
530. </span><br />
531. <div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
532. <span style="color: black; font-size: 10pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast; mso-font-kerning: 12.0pt; mso-hansi-font-family: Calibri; mso-themecolor: text1;">IPTS is an international tax service firm of
533. CPA’s (Certified Public Accountants). Our strength is an alternative investment
534. vehicle area where we specializing in U.S. investment partnership taxation for
535. the U.S. domestic and offshore entities in hedge fund, fund of hedge funds,
536. private equity and REIT. IPTS offers a comprehensive tax compliance service
537. from K1 to PFIC as well as tax consulting service from structuring tax entities
538. to transfer pricing of the management company. Due to the recent media
539. attention and 2008 financial crisis, U.S. government has tightened the
540. alternative investment industry through the legislation, a series of proposed
541. reforms and legislations like the FATCA. These changes will significantly
542. increase the tax reporting responsibility of the alternative investment
543. entities. IPTS offers opportunities and services to help our clients and
544. prospectus to meet the existing complicated tax filing requirement and the
545. challenges down the road.</span><span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><o:p></o:p></span></div>
546. <span style="color: black; font-family: Times New Roman; font-size: small;">
547.  
548. </span><br />
549. <div class="MsoNormal" style="margin: 0in 0in 10pt;">
550. <span style="color: black; mso-themecolor: text1;"><o:p><span style="font-size: small;"> </span></o:p></span></div>
551. <span style="color: black; font-family: Times New Roman; font-size: small;">
552.  
553. </span></span><br /></div>
554. </content><link rel='replies' type='application/atom+xml' href='http://iptaxservicesnews.blogspot.com/feeds/2258882475444391359/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://iptaxservicesnews.blogspot.com/2012/10/fatca-overview.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default/2258882475444391359'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default/2258882475444391359'/><link rel='alternate' type='text/html' href='http://iptaxservicesnews.blogspot.com/2012/10/fatca-overview.html' title='FATCA  Overview'/><author><name>Anonymous</name><uri>http://www.blogger.com/profile/18259452985380424408</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='https://img1.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-4818047239876695217.post-658939220089245891</id><published>2010-04-19T14:00:00.000+08:00</published><updated>2012-08-02T20:52:06.315+08:00</updated><title type='text'>New Rule of the Hire ACT</title><content type='html'>&lt;div style=&quot;color: black; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;&quot;&gt;
555. <span style="font-family: Arial, Helvetica, sans-serif;">On March 18, 2010, President Obama signed the bill of the Hiring incentives to Restore Employment “HIRE” ACT which added the new chapter 4 to the internal revenue code. Effective after December 31 2012, new Chapter 4 tightens the reporting and withholding requirement of the third parties of certain U.S. Accounts held in foreign financial institutions (‘FFI”). FFIs include virtually all foreign investment vehicles regardless of the size, publicly traded and private owned which receive directly or indirectly US funding from U.S. individual, partnership, private held and taxable entities, excluding U.S. tax-exempt entities, trust and certain regulated and publicly held corporations.</span></div>
556. <div style="color: black; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
557. <span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
558. <div style="color: black; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
559. <span style="font-family: Arial, Helvetica, sans-serif;">Generally FFIs are acting as a qualified intermediaries (“QI”) between the U.S. account holders and the U.S. Treasury under the section 1441 and 1471, are subject to withhold a 30% tax on any “withholdable payment” made to FFIs. Under section 1473(1), Withholdable payment are very board including any payment of interest (including any original issue discount), dividends, rents, premiums, annuities, compensations and other fixed or determinable gain, profit and income from sources within the United States. The definition of withholdable payment also extend to any periodic, non periodic, early termination payment of notional principal contracts such a CDS, equity swap and interest rate swap sourced with the United States.</span></div>
560. <div style="color: black; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
561. <span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
562. <div style="color: black; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
563. &lt;span style=&quot;font-family: Arial, Helvetica, sans-serif;&quot;&gt;FFIs who are required to deduct and withhold any tax under chapter 4 fail to comply of the chapter 4, become liable for the tax. The chapter 4 posts a potential tax liability and significant reporting responsibility to the FFI. However, there may acceptable alternatives FFIs can take to minimize the potential tax liability and responsibility, please contact your tax advisor or consult with us at info@iptaxs.com for Hire act tax planning.&lt;/span&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://iptaxservicesnews.blogspot.com/feeds/658939220089245891/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://iptaxservicesnews.blogspot.com/2010/04/new-rule-of-hire-act.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default/658939220089245891'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/4818047239876695217/posts/default/658939220089245891'/><link rel='alternate' type='text/html' href='http://iptaxservicesnews.blogspot.com/2010/04/new-rule-of-hire-act.html' title='New Rule of the Hire ACT'/><author><name>Anonymous</name><uri>http://www.blogger.com/profile/18259452985380424408</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='https://img1.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry></feed>

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