Blank Rome writes that with FATCA’s implementation deadline near, Treasury is publishing several anticipated guidance items:
With the July 1, 2014, implementation date of the Foreign Act Tax Compliance Act (FATCA) just two days away, the Treasury Department and the Internal Revenue Service have published long-awaited, and much anticipated, guidance in a number of important areas over the past week, as described below:
Instructions for Form W-8BEN-E, entitled “Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities),” have finally been released (available here).
Instructions for Form 8966, entitled “FATCA Report,” have been released (available here). From 8966 is used by foreign financial institutions to report information about their U.S. accounts to the IRS.
Instructions to Form 1042-S (available here). Form 1042-S, entitled “Foreign Person’s U.S. Source Income Subject to Withholding,” is used by withholding agents to report any U.S. source payments or withholding under FATCA.
Instructions for the Form W-8IMY, entitled “Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting,” were also published (available here).
An updated FFI Agreement has been released and posted to the FATCA website (available here). The revised FFI Agreement was published in Revenue Procedure 2014-38, which updates and supersedes the FFI Agreement originally released as Revenue Procedure 2014-13.