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April 8, 2011: IRS Provides Further Guidance on FATCA–Notice 2011-34


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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). Notice 2011-34 expands the information reporting requirements imposed on foreign financial institutions (FFIs) and imposes withholding, documentation, and reporting requirements with respect to certain payments made to certain foreign entities.

Specifically, Notice 2011-34 provides updated guidance regarding:

  • The procedures to be followed by participating FFIs in identifying U.S. accounts among their preexisting individual accounts;
  • The definition of "passthru payment" for purposes of chapter 4 and the obligation of participating FFIs to withhold on "passthru payments";
  • Certain categories of FFIs that will be deemed compliant under section 1471(b)(2);
  • The obligation of participating FFIs to report with respect to U.S. accounts;
  • The treatment under section 1471 of Qualified Intermediaries; and
  • The application of section 1471 to expanded affiliated groups of FFIs under section 1471(e)

Comments on this guidance are due by June 7, 2011. This notice supplements and supersedes Notice 2010-60. (The notice has not yet been posted on the IRS's web site.)

Full article is available for download in the attached PDF. For more information please contact FATCA Leader or click here.

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