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Treasury and IRS Issued Guidance on FATCA

Below are selected publications from the Internal Revenue Service (IRS) and Treasure department providing guidance regarding Foreign Account Tax Compliance Act (FATCA). Guidance issues are posted as soon as they are made public. Tell us about issues by contacting us at FATCA@deloitte.com.

April 2, 2014: FATCA Announcement 2014-17
The U.S. Treasury Department issued Announcement 2014-17 to indicate that it will treat more than a dozen countries that have agreed in substance on the terms of an IGA with the United States as having signed bilateral agreements until the end of the year.

March 29, 2014: IRS Released Final Form W-8BEN-E for Entities
The IRS announced the release of the final Form W-8BEN-E, “Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities).” The updated form will be used by foreign entities to certify their status under FATCA and chapter 3, as well as their entitlement to treaty benefits. No instructions were published with the form itself.

March 11, 2014: U.S. and the British Virgin Islands Conclude FATCA Negotiations
The British Virgin Islands Government announced that it has concluded negotiations with the United States on a Model I Intergovernmental Agreement (“IGA”) and that signing is imminent. Final legal and administrative procedures to facilitate the FATCA implementation as well as guidance notes are expected shortly.

March 10, 2014: IRS Publishes Final 2014 Form 1042-S
The IRS published the final version of the Form 1042-S. The prior draft version was originally published in April 2013. The updated final version of the form includes several changes necessary because of changes in the recently released temporary and final FATCA (Chapter 4) regulations.

March 6, 2014: IRS Publishes Final Form 8966, "FATCA Report"
The IRS published the final Form 8966, “FATCA Report.” Foreign Financial Institutions (FFIs) required to perform FATCA reporting will use the Form 8966 to report U.S. financial accounts, financial accounts held by passive non-financial foreign entities (NFFEs) with substantial U.S. owners and financial accounts held by owner-documented FFIs with specified U.S. owners.

March 4, 2014: Final Form W-8ECI for Income Effectively Connected with U.S. Trade or Business
The IRS released the final Form W-8ECI, “Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States.” The final Form W-8ECI is nearly identical to the draft form released in July, 2013.

March 4, 2014: Release of Updated Final Version of Form W-8BEN (with instructions) for Individuals
The IRS released a finalized version of Form W-8BEN for individuals. In addition to the changes included in the draft released in June 2012, the finalized version adds (i) a date of birth field and (ii) language in the “Certification” section requiring the signatory to agree to submit a new form within thirty days of any change that would make any certification on the form incorrect.

February 13, 2014: OECD releases model of competent authority agreement and common reporting standard model
The Organisation for Economic Co-operation and Development (OECD) released the text of the "Model Competent Authority Agreement (CAA) and Common Reporting Standard and Due diligence for Financial Account Information (CRS)."

January 13, 2014: IRS publishes corrected FFI Agreement in updated Revenue Procedure 2014-13
The IRS published an updated version of the FFI Agreement in Revenue Procedure 2014-13 containing certain minor corrections to the original December 27th release.

December 27, 2013: Final FFI Agreement in Revenue Procedure 2014-13
The IRS published Revenue Procedure 2014-13 (Rev. Proc. 2014-13) containing the final FFI Agreement.

December 19, 2013: IRS Publishes FATCA FFI List Resources and Support Webpage and FFI List FAQs
The IRS published the FATCA FFI List Resources and Support Webpage and FFI List FAQs. The FATCA FFI List Resources Webpage announces that a search tool will be available to the public beginning in June 2014 to assist withholding agents in locating FATCA compliant individual or groups of FIs and their branches.

December 19, 2013: FATCA International Data Exchange Webpage and the Intergovernmental FATCA XML Schema
The IRS published the FATCA International Data Exchange Webpage and the Intergovernmental FATCA XML Schema. The FATCA International Data Exchange Webpage announces that the IRS has finalized the format for exchanging FATCA data with IGA jurisdictions known as the IGA FATCA XML Schema (version 1.1).

December 16, 2013: Update on FATCA Financial Institution Registration (Announcement 2014-1)
The IRS restated that, as announced in Notice 2013-43, the FATCA Registration System has been accessible since August 19, 2013 and that all information entered into the system is saved. However, final submission cannot be completed until after December 31, 2013 even if already submitted.

December 16, 2013: Deloitte's Comparison of FATCA Regulations before and after the Technical Corrections
Effective September 10, 2013, the IRS issued technical corrections to the original FATCA regulations. Lean more about Deloitte’s point of view detailed in a comparison document with a side by side analysis regarding the FATCA technical corrections.

December 5, 2013: Treasury Inspector General for Tax Administration Releases FATCA Report
Treasury inspector general for tax administration concludes improvements necessary to strengthen systems development controls for the FATCA registration system.

November 28, 2013: More than 30 Countries Working on the OECD’s Common Reporting Standard
More than 30 countries released a joint statement announcing their commitment to early adoption of the Common Reporting Standard (CRS) that is being developed in the Organization for Economic Co-operation and Development (OECD). 

November 6, 2013: IRS Publishes Instructions for Draft 2014 Form 1042
On November 6, the IRS has published instructions for the draft 2014 Form 1042 that was released in April 2013 without instructions. These instructions provide withholding agents with information regarding the many new fields introduced on the draft Form 1042.

November 5, 2013 Cayman, U.K. Sign ‘FATCA’-type Agreement
The Cayman Islands and the U.K. signed a ‘FATCA’-type intergovernmental agreement (IGA), preparing the way for Cayman to automatically share financial information with the U.K. on U.K. taxpayers who hold Cayman Islands accounts.

November 4, 2013: U.S. Treasury released revised models of FATCA Intergovernmental Agreements
Treasury released revised versions of the Model 1A, Model 1B, and Model 2 IGAs as well as for their respective Annexes I and II.

November 1, 2013: IRS Releases Draft Instructions for Form 1042-S
The IRS has released draft instructions for the 2014 Form 1042-S, which incorporates the changes to the Form that were required in conjunction with FATCA.

October 29, 2013: U.S. Dept. of Treasury Released FFI Agreement and Related Notice 2013-69
Treasury takes next step in effort to curtail offshore tax evasion. The IRS has released the foreign financial institutions (FFI) agreement Notice 2013-69.

October 24, 2013: Barbados announces its intention to negotiate Model 1 IGA
The Barbados Prime Minister announced Barbados’ intention to sign a Model 1 IGA with the U.S. as well as his willingness to join the Organization for Economic Co-operation and Development (OECD) Multilateral Automatic Exchange of Information Convention.

October 24, 2013: Treasury Issues Request for Comments on Forms W-8
The U.S. Department of Treasury released a Notice requesting comments on the currently released draft Forms W-8 by December 23, 2013.

September 17, 2013: IRS Publishes New FAQs for FATCA Registration Website
The IRS has published additional guidance for the recently opened FATCA Registration Website. The IRS posted two separate FAQs; one for general FATCA Registration guidance including IGA issues and the other geared towards qualified intermediaries.

September 10, 2013: IRS Releases FATCA Technical Corrections
The IRS has released technical corrections to the FATCA Regulations; a 37 page document containing only specific edits to the final regulations (TD 9610), which were published in the Federal Register on January 28, 2013.

August 30, 2013: IRS Releases Final Form W-9
The final Form W-9 and instructions contain no substantive changes and are largely the same as the previously released draft.

August 28, 2013: Updated Draft of Form W-8IMY for Foreign Intermediaries
The IRS has released another draft of Form W-8IMY for foreign intermediaries, foreign flow-through entities, or certain U.S. branches for United States tax withholding. This is the first revision of the original draft Form W-8IMY following the release of the FATCA final regulations.

August 19, 2013: IRS Opens FATCA Registration System
As announced in IRS Notice 2013-43, the IRS has opened the FATCA Registration System. The IRS has also provided additional registration guidance including a FATCA registration overview, a detailed 75 page FATCA Registration Online User Guide, tips for logging into the FATCA Registration System, instructions for the Form 8957 paper registration form, and a document detailing the format of the Global Intermediary Identification Number (GIIN) used to identify FATCA compliant entities.

August 13, 2013: IRS Releases Draft Form 8966 – FATCA Report
Under the FATCA Regulations, participating foreign financial institutions (FFIs), and to a limited extent U.S. withholding agents, are required to report to the U.S. Internal Revenue Service (IRS) information on certain U.S. accounts and recalcitrant accounts on the Form 8966.

August 13, 2013: U.S. and the Cayman Islands Conclude FATCA Negotiations
The Cayman Islands Government announced that it has concluded negotiations with the United States on a Model I inter-governmental agreement (“IGA”), and the new tax information exchange agreement.

August 7, 2013: IRS Releases Instructions for the Requestor of Form W-9
The IRS has released draft instructions for the requestor of Form W-9. The new instructions highlight the changes in the previously released draft Form W-9

July 12, 2013: IRS Delays FATCA Deadlines and the Opening of the FFI Registration Portal
The IRS has released Notice 2013-43 pushing back the FFI Registration Portal opening and extending most of the FATCA deadlines established by the final regulations.

July 1, 2013: Updated Draft of Form W-8ECI for Income Effectively Connected with a U.S. Trade or Business
The IRS has released another draft of the Form W-8ECI for income effectively connected with a U.S. trade or business. Unlike the other recent Form W-8 releases, the Form W-8ECI has not undergone significant changes.

June 18, 2013: Details on the Format of the Global Intermediary Identification Number (GIIN)
Recent IRS comments at a conference hosted by the Economic Co-operation and Development (OECD) Business and Industry Advisory Committee (BIAC) have shed light on the format of a Foreign Financial Institution’s (“FFIs”) Global Intermediary Identification Number (“GIIN”).

June 7, 2013: Switzerland FATCA Memorandum of Understanding
Following in the steps of Norway and Germany, Switzerland has entered into a separate memorandum of understanding (“MOU’) to further clarify language in the Intergovernmental Agreement (“IGA”), signed on February 14, 2013, to improve international tax compliance with respect to FATCA. This is the first time an MOU has been entered into that has not been executed contemporaneously with the signing of the IGA.

May 31, 2013: The United Kingdom Releases Final Regulations and Guidance
The United Kingdom has released final regulations implementing the FATCA intergovernmental agreement (“IGA”) it signed with the United States on September 12, 2012. In addition to the regulations, the HM Revenue & Customs (“HMRC”) has released its final guidance interpreting the new U.K. Regulations.

May 23, 2013: Updated Draft of Form W-8EXP for Exempt Entities
The IRS has released another draft of the W-8EXP for exempt entities. Although an updated release was expected, an unexpected substantial change has been made to the form. The updated form now includes a new line 4 for the beneficial owner to select its FATCA status and includes several of the FATCA status types found on the Form W-8BEN-E (e.g., participating FFI, registered deemed-compliant FFI, certain IGA FFI designations, territory FFI, passive NFFE, and the FATCA exempt status types).

May 22, 2013: Updated Draft of Form W-8BEN-E for Entities
The IRS has released another draft of the Form W-8BEN-E for entities. As expected, the form has changed drastically since the draft published last year and has increased from six to eight pages. Two significant changes include the addition of sections designed specifically for disregarded entities and branches receiving payments and the expected change to a capacity check box to match the Form W-8ECI and W-8EXP drafts released last year.   

May 17, 2013: New Draft Form W-9
The IRS has released a new draft version of the Form W-9. The new form adds two new fields; one to indicate the type of entity that is exempt from back-up withholding and the other to indicate the type of entity that is exempt from FATCA withholding.

May 17, 2013: Updated Draft of Form W-8BEN for Individuals
The IRS has released another draft of the Form W-8BEN for individuals. In addition to the changes included in the original 2012 draft released last year, the updated draft adds (i) a date of birth field and (ii) language in the “Certification” section requiring the signatory to agree to submit a new form within thirty days of any change that would make any certification on the form incorrect.

May 9, 2013: U.S. Treasury Releases Updated FATCA Model Intergovernmental Agreements (IGAs)
On May 9, 2013 the U.S. Treasury released updated Model Intergovernmental Agreements (“IGAs”) to improve international tax compliance and implement FATCA. The most significant development with the new releases is that the U.S. Treasury will now enter into IGAs with jurisdictions that do not have a preexisting tax information exchange agreement (“TIEA”) or bilateral income tax treaty.

April 11, 2013: Draft 2014 IRS Form 1042
The IRS has published the new draft 2014 Form 1042. Similar to Form 1042-S published in early April, the draft Form 1042 includes changes to incorporate the new FATCA reporting requirements that begin in March 2015 with respect to the 2014 calendar year. Large scale changes to the draft Form 1042 include an increase from one to two pages, and in addition to the FATCA specific requirements, include additional questions regarding substitute payments.

April 9, 2013: Foreign Financial Institution List Schema and Extensible Markup Language (XML) Test Files
The IRS released the Foreign Financial Institution (FFI) List Schema and Extensible Markup Language (XML) Test Files to allow withholding agents and other interested parties to prepare systems and procedures to validate Global Intermediary Identification Numbers (GIINs) provided by account holders and payees.

April 9, 2013: Tax Information Exchange among the G5 Countries
Taking a page from the United States’ FATCA playbook, the United Kingdom, France, Germany, Italy, and Spain have announced an agreement to develop a multilateral tax information exchange methodology among the G5 countries.

April 5, 2013: IRS Released Draft Form 8957 - FATCA Registration Process
On April 5, 2013, the IRS released a draft of Form 8957, titled “Foreign Account Tax Compliance Act (FATCA) Registration”. Form 8957 will allow an alternative method for a Foreign Financial Institution (FFI) or sponsoring entity to register as a participating FFI, reporting Intergovernmental Agreement (IGA) financial institution, limited financial institution, or sponsoring entity in lieu of electronically registering through the FATCA Registration Portal.

April 4, 2013: IRS Released Drafts of Forms 1042 and 1042-S
The IRS released draft Forms 1042 and 1042-S incorporating the new reporting requirements imposed by FATCA and the reciprocal Intergovernmental Agreements (IGAs) that U.S. Treasury has been signing to implement FATCA in certain jurisdictions. While the Form 1042 remains identical to the prior versions, the Form 1042-S has undergone substantial changes.

January 17, 2013: U.S. Treasury Department and the IRS Released Final Regulations
On January 17, 2013, the U.S. Treasury Department and the IRS have released final regulations on the Foreign Account Tax Compliance Act ("FATCA"). Beginning in January 2013, FATCA requires U.S. and foreign financial institutions to annually identify and report their U.S. account holders.

November 29, 2012: IRS Revises ITIN System and the Impact on Certified Acceptance Agents
On November 29, 2012, the Internal Revenue Service released updated procedures strengthening the Individual Taxpayer Identification Number program (“ITIN”). The updated procedures take effect January 1, 2013 and build on interim procedures announced June 22, 2012 and October 2, 2012.

November 14, 2012: U.S. Treasury announces second model IGA for cooperation to facilitate the implementation of FATCA
On November 14, 2012, the U.S. Treasury announced the second model Intergovernmental Agreement for cooperation to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA) tax provisions.

November 8, 2012: U.S. Treasury announces countries in active IGA negotiations
On November 8, 2012, the U.S. Treasury announced that it is actively engaged with over 50 countries and jurisdictions to enter into Intergovernmental Agreements (IGAs) for compliance with the Foreign Account Tax Compliance Act (FATCA) tax provisions.

October 24, 2012: IRS Announcement 2012-42 
On October 24, 2012 the IRS released Announcement 2012-42 which extends the deadlines for certain FATCA requirements. The Announcement presents new timelines for due diligence, withholding and reporting requirements that are closely aligned with those in the Model IGA, and provides additional guidance on grandfathered obligations. The following are the key timeline changes announced and a graphic charting of the changes.

August 17, 2012: Acceptance of Electronic Forms W-8
In a memo released from the Internal Revenue Service (IRS) Office of Chief Counsel, Associate Chief Counsel Steven A. Musher concluded that under certain circumstances a PDF or fax of a Form W-8 is acceptable under the existing Chapter 3 regulations (Treas. Reg. § 1.1441-1(e)(4)(iv)).

August 16, 2012: IRS releases draft Form W–8ECI
The IRS released a draft version of the newly revised Form W-8ECI which has been modified for FATCA purposes. The new draft form has been published on the IRS website (www.irs.gov/FATCA) along with the previously released Form W-8BEN for individuals, the Form W-8BEN-E for entities, and the Form W-8IMY. Unlike the other recently released forms, the Form W-8ECI has not drastically changed and remains one page.

August 15, 2012: ISDA protocol to tax FATCA derivative transactions
The International Swaps and Derivatives Association, Inc. (ISDA) published the 2012 ISDA protocol that offers market participants an efficient way to amend the ISDA Master Agreement tax provisions to address the effects of FATCA.

August 14, 2012: IRS releases draft Form W–8IMY
The IRS released a draft version of highly anticipated Form W-8IMY which has been modified for FATCA purposes. The new draft form has been published on the IRS website (www.irs.gov/FATCA) along with the previously released Form W-8BEN for individuals, the Form W-8BEN-E for entities, and the Form W-8ECI.

July 26, 2012: Treasury issues first model intergovernmental agreements
In an effort to boost cooperation in countering offshore tax evasion and improve global tax compliance, the United States in conjunction with France, Germany, Italy, Spain and the United Kingdom has released a "Model Intergovernmental Agreement to Improve Tax Compliance and Implement FATCA".

June 22, 2012: IRS announces interim heightened ITIN application standards
The Internal Revenue Service (IRS) announced interim changes to its Individual Taxpayer Identification Number (“ITIN”) application program designed to boost integrity in the process while minimizing taxpayer impact.

June 21, 2012: U.S. Treasury Department announces joint statements with Switzerland and Japan for FATCA implementation
The U.S. Treasury Department has released two additional joint statements with Switzerland and Japan providing frameworks for intergovernmental agreements with the U.S. to facilitate FATCA compliance. The statements were intended to be equivalent; however there are several important differences that are further detailed in the Switzerland/Japan intergovernmental framework comparison tables.

June 6, 2012: IRS Announces details on the FATCA FFI registration process
Internal Revenue Service (IRS) gave participants of Executive Enterprise Institute's 24th Annual International Tax Withholding Conference a detailed look into the FATCA registration process for Foreign Financial Institutions (FFIs).

June 6, 2012: IRS releases draft Forms W–8BEN for Chapter 3 and for the Foreign Account Tax Compliance Act (FATCA)
The IRS released two modified Forms W-8BEN for individuals and entities. The “unofficial” drafts of forms will replace the current Form W-8BEN once FATCA goes into effect. The “unofficial” draft forms have been published on the IRS website (www.irs.gov/FATCA).

May 15, 2012: Transcript of public hearing on proposed regulations
The U.S. Treasury Department has released two additional joint statements with Switzerland and Japan providing frameworks for intergovernmental agreements with the U.S. to facilitate FATCA compliance. The statements were intended to be equivalent; however there are several important differences that are further detailed in the Switzerland/Japan intergovernmental framework comparison tables.

April 16, 2012: Final Regulations on Reporting of Deposit Interest Paid to Nonresident Aliens
On Tuesday, April 16, the IRS released final regulations (TD 9584) requiring certain U.S. financial institutions to report bank deposit interest paid to nonresident aliens in certain countries; expanding the current requirement to only report bank deposit interest paid to Canadian citizens. Along with the final regulations, the IRS released Revenue Procedure 2012-24 listing 78 countries with which the U.S. has bilateral agreements in place.

February 8, 2012: U.S. Treasury Department released proposed regulations on FATCA
The U.S. Treasury department issued proposed regulations for FATCA implementations. Learn more about a deeper look into the potential implications and essential points to consider.

November 2011: Form 8938 Statement of Specified Foreign Financial Assets
If you are a specified person who owns specified foreign financial assets and the value of those assets exceeds an applicable reporting threshold, for tax years beginning after March 18, 2010, you must file, Form 8938 with your annual tax return (including extension).

July 25, 2011 Tax Alert: IRS Releases Revised Notice 2011-53
The IRS released revised Notice 2011-53 that clarifies the application of the phased implementation of Chapter 4 FATCA withholding to include certain payments to Non-Financial Foreign Entities.

July 18, 2011 Tax Alert: FinCEN Announces Optional Electronic FBAR Filing
The U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) announced on July 18, 2011 that Form TD F 90-22.1, Report of “FBAR” can now be electronically filed from the FinCEN website.

July 14, 2011 Tax Alert: IRS Announces FATCA Transition Relief
On July 14, 2011, the IRS released Notice 2011-53 (to be published in Internal Revenue Bulletin 2011-32 on August 8, 2011) that provides long-awaited transitional relief for significant obligations under FATCA.

May 3, 2011 Tax Alert: IRS to send Penalty Notices for Late Filing of Non-Resident Tax Forms
IRS soon will start imposing penalties for late reporting of U.S. source income of foreign persons on Form 1042-S, as well as for erroneous filing of paper versions of the form.

April 8, 2011: IRS Provides Further Guidance on FATCA–Notice 2011-34
The Internal Revenue Service has released the Notice 2011-34, providing further guidance and requests comments on certain priority issues regarding the implementation of FATCA (Chapter 4 of the Internal Revenue Code).

March 15, 2011: IRS Issues Guidance on Interest-Free Rule for Overpayments Due to Chapter 3 and FATCA Withholding
On March 15, 2011, the IRS provided guidance to the field on the 180-day Interest-free Rule for overpayments resulting from Chapter 3 and 4 withholding (SBSE-20-0311-0572).

February 8, 2011: Offshore Voluntary Disclosure Initiative
The IRS is offering people with undisclosed income from offshore accounts an opportunity to participate in a new, voluntary disclosure initiative in order to get current on their tax returns. The 2011 Offshore Voluntary Disclosure Initiative (OVDI) will be available only through Aug. 31, 2011.

January 6, 2011: FATCA: IRS Issues Proposed Rules on Reporting Interest Paid to Foreign Individuals
On January 6, 2011 the U.S. Treasury Department issued proposed regulations that would require the reporting of U.S. bank deposit interest paid to all foreign individuals.

December 7, 2010: Electronic Deposit Requirements for Qualified Intermediaries (QIs)
On December 7, the IRS issued an important message—following up on November 2010 proposed regulations for electronic deposit requirements, about rules on the Qualified Intermediary News section of the IRS website. The IRS indicated that new electronic deposit requirements will apply to withholding qualified intermediaries (QIs) that deposit $2,500 or more per quarter.

October 18, 2010: Treasury Issues Final Stock Basis Reporting Guidance
On October 3, 2008, Congress expanded the scope of the broker reporting obligations on Form 1099-B to require brokers to report the adjusted cost basis of securities sold and whether any gain or loss with respect to the security is short-term or long-term. The legislation applies to certain “covered securities” and will be phased in gradually over a three year period beginning in 2011.

October 13, 2010: Treasury official comments on analysis of accounts under Notice 2010-60
On October 13, 2010, Michael Plowgian, an attorney-adviser in Treasury’s Office of International Tax Counsel, spoke to a group of bankers and their advisers in New York. Lee Sheppard, a reporter from Tax Analyst summarized Mr. Plowgian’s comments.

Foreign Account Tax Compliance: Initial guidance issued on Chapter 4 (code sections 1471-1474)
On August 27, 2010, Treasury and the IRS issued initial, and lengthy, guidance under new §§1471-1472 of the Internal Revenue Code (“chapter 4”).1 Chapter 4 is designed to prevent U.S. persons from evading U.S. tax by holding income-producing assets through accounts at foreign financial institutions (“FFIs”) or through other foreign entities (non-financial foreign entities, or “NFFEs”).

IRS Issues Notice 2010-60 which provides preliminary guidance regarding priority issues involving the implementation of FATCA
On August 27th, the Internal Revenue Service issued Notice 2010-60, “Notice and Request for Comments Regarding Implementation of Information Reporting and Withholding Under Chapter 4 of the Code.”

March 18, 2010: Legislative text new Chapter 4
Legislative FATCA text of the statute for new Chapter 4

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