• IRS Posted Revised Draft of Form W-8BEN-E    
  (May 22, 2013)
  The IRS has posted a revised draft of Form W-8BEN-E, the form to be completed by non-U.S. entities for FATCA and other U.S. withholding tax purposes. The form is substantially...
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• IRS Published New Draft Forms W-8BEN and W-9    
  (May 20, 2013)
  The IRS has published new draft Forms W-8BEN and W-9. The draft forms are attached... Learn More.
• IRS Comments at Recent Conferences    
  (May 17, 2013)
  The Executive Enterprise Institute's 25th Annual Forum on International Tax Withholding and Information Reporting held recently in New York was an opportunity for the IRS to share the latest government developments regarding the Foreign Account Tax Compliance Act ("FATCA") and also...
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• New IGA Models    
  (May 10, 2013)
  Late yesterday the U.S. Treasury posted revised Model Intergovernmental Agreements and Annexes for FATCA. You can obtain copies from the Treasury website ...
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• Cost Basis Reporting    
  (April 25, 2013)
  IRS finalized regulations expanding cost basis reporting to debt obligations and options. These regulations substantially increase the degree of difficulty for brokers, custodians, issuers and others who may hold or transfer securities on behalf of others. Moreover, the first phase of these new regulations goes into effect...
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• IRS Publishes 2014 Draft Form 1042 Including FATCA and Dividend Equivalent Items    
  (April 10, 2013)
  The IRS published late yesterday a draft Form 1042, "Annual Withholding Tax Return for U.S. Source Income of Foreign Persons," to cover FATCA...
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• IRS Releases Draft FATCA Registration Form 8957    
  (April 08, 2013)
  IRS released the attached draft Form 8957, “Foreign Account Tax Compliance Act (FATCA) Registration” for foreign...
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• IRS Publishes Draft Form 1042-S for FATCA    
  (April 03, 2013)
  The IRS has published a draft Form 1042–S for 2014 that incorporates the information the IRS will be requesting for FATCA. Although the form does not include a full set of instructions,...
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• Signed Swiss IGA    
  (Feburary 14, 2013)
  Today the U.S. Treasury and the Swiss Federal Department of Finance ("FDF") announced that they have signed a FATCA intergovernmental agreement ("Swiss IGA"). The Swiss IGA...
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• IRS Comments at European Banking Federation ("EBF") FATCA Conference on Feb. 1, 2013    
  (Feburary 08, 2013)
  The IRS appeared by video link at the EBF’s FATCA Conference in Rome and engaged in an extensive Q&A session with...
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• Final FATCA Regulations Issued    
  (January 21, 2013)
  The U.S. Treasury and the IRS published the final FATCA regulations ("Regulations") on 1/17/13. While the Regulations contain many useful clarifications and modifications, the Regulations largely follow the rules laid out in the proposed regulations (good news considering the Regulations...
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• Final FATCA Regulations Released    
  (January 17, 2013)
  IRS published final regulations under FATCA. The regulations consist of 544 pages of explanatory preamble and operative rules. Numerous additional items still to come, such as the FFI agreement,...
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• United Kingdom Issues Draft FATCA Guidance   
  (January 03, 2013)
  The United Kingdom was the first country to sign a FATCA intergovernmental agreement ("IGA") with the United States, and it is now the first country to publish its interpretation of how the IGA should work. The draft regulations and 81 pages of draft guidance notes ...   
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• Ireland Signs IGA   
  (December 21, 2012)
  Today the government of Ireland announced that it had signed a FATCA intergovernmental agreement with the United States...   
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• Draft UK FATCA Regulations & Guidance Published by HMRC   
  (December 18, 2012)
  Today HMRC published draft regulations and guidance related to the United Kingdom’s intergovernmental agreement (“IGA”) with the United States...   
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• Updates from EEI International Withholding Tax Conference Held November 15-16   
  (November 26, 2012)
  The Executive Enterprise Institute’s 27th Annual Tax Withholding and Information Reporting Conference held recently in New York was an opportunity for...   
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• U.S. Government Releases Model 2 IGA   
  (November 19, 2012)
  Treasury has released Model 2 of the FATCA intergovernmental agreement (“IGA”). Treasury previously published reciprocal and non-reciprocal versions of Model 1; Model 2 completes the set...   
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• U.S. Treasury Identifies Likely IGA Countries   
  (November 9, 2012)
  The U.S. Treasury has announced the list of countries with which it is discussing Intergovernmental Agreements...   
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• IRS Announcement 2012-42 Postpones FATCA Dates, Clarifies Grandfathering   
  (October 25, 2012)
  The IRS announced on 24 October that most of the deadlines under FATCA have been postponed by six months. Announcement 2012-42...   
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• FATCA Dates Postponed Under Announcement 2012-42   
  (October 24, 2012)
  The IRS announced today that the new account provisions of FATCA will be delayed until January 1, 2014. Other dates have also been delayed...   
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• US–UK Intergovernmental Agreement   
  (September 18, 2012)
  On September 14, the United States and the United Kingdom announced that they had signed the first...   
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• United Kingdom signs FATCA IGA with U.S.   
  (September 14, 2012)
  Today the United States and the United Kingdom announced the signing of the first FATCA intergovernmental agreement. We have attached the document for...   
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• Draft Form W-8IMY Raises Many Questions; New Form W-8ECI Also Released   
  (August 16, 2012)
  The IRS has released draft versions of Forms W-8IMY and W-8ECI. Although the drafts are roughly what we expected...   
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• "Model 1" FATCA Intergovernmental Agreement ("IGA") May Show Direction of Final Regulations 
  (July 27, 2012)
  One of the basic problems with FATCA has been that it imposes obligations on foreign financial institutions ("FFIs") that may contravene...   
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• IRS Releases FATCA Joint Statements with Japan and Switzerland   
  (June 22, 2012)
  On June 21, 2012, the United States issued joint statements with Japan and Switzerland regarding a new intergovernmental agreement...   
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• Further Updates from EEI International Withholding Tax Conference Held June 5-6   
  (June 8, 2012)
  The Executive Enterprise Institute’s 24th Annual International Tax Withholding Conference held this past Tuesday and Wednesday in New York was an opportunity for the IRS to share the latest government developments regarding...   
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• IRS Provides Overview of Foreign Financial Institution (“FFI”) Agreement Administration Processes   
  (June 8, 2012)
  IRS representatives provided a long-awaited overview of FFI Agreement registration procedures during the Executive Enterprise Institute’s 24th Annual International Tax Withholding Conference held June 5-6. While...   
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• IRS Releases Draft Forms W–8BEN for the Foreign Account Tax Compliance Act (“FATCA”)   
  (June 7, 2012)
  The IRS yesterday released two unofficial drafts of forms to replace the current Form W–8BEN once FATCA goes into effect. Both forms would be used to certify that the recipient...   
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• IRS Hearing on U.S. Foreign Account Tax Compliance Act (“FATCA”) Reveals Major Themes   
  (May 16, 2012)
  The IRS hearing yesterday on the proposed FATCA regulations included 20 speakers over three-and-a-half hours. IRS and Treasury Department representatives asked no questions, so those hoping the government would tip its hand regarding the direction of the final regulations and foreign financial institution (“FFI”) Agreement went away disappointed...   
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• Final Regulations on U.S. Bank Deposit Interest (“USBDI”) Reporting Strengthens U.S. Foreign Account Tax Compliance Act (“FATCA”) Position   
  (May 7, 2012)
  The U.S. is hoping to turn FATCA into a multilateral tax reporting regime, and has already announced that five partner agreements are being negotiated; an additional country, Ireland, has also stated that it is negotiating with the U.S., and upwards of 40 other countries are rumored to be in talks...   
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• Cost Basis on Bonds and Options Delayed One Year   
  (May 3, 2012)
  Occasionally, even the IRS shows some mercy. Brokers have been phasing in cost basis reporting for stocks over the last year-and-a-half...   
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• Synopsis and Comments on the Proposed FATCA Regulations   
  (February 13, 2012)
  The U.S. Treasury and IRS published the proposed Chapter 4 FATCA regulations (“Regulations”) and the preamble (“Preamble”) to them on February 8, 2012 -- a daunting 388 pages of detailed rules...   
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• "FATCA Partnerships" – Are They the Cure for FATCA?   
  (February 10, 2012)
  The United States announced on February 8, 2012, that it is pursuing “FATCA Partnerships” with France, Germany, Italy, Spain and the United Kingdom. The purpose of the agreements is to help “foreign financial institutions” (“FFIs”) in these jurisdictions (“Partner FFIs”) to avoid local “legal impediments to compliance...   
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• Dividend Equivalent Payments Subject to U.S. Withholding   
  (January 24, 2012)
  The U.S. Treasury and IRS have taken the next step in their crackdown on transactions that avoid the U.S. withholding tax on U.S. source dividends. Recently issued temporary and proposed regulations define when a payment that references a U.S. source dividend...   
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• FATCA Transition Relief: Notice 2011-53   
  (July 15, 2011)
  The IRS has responded to industry and foreign government concerns regarding the January 1, 2013, effective date of the chapter 4 provisions of FATCA...   
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• Immediate Action Required for Participating FFIs with Respect to Responsible Officer Certifications
  (May 6, 2011)
  Although FATCA is not effective until January 1, 2013, foreign financial institutions (FFIs) that intend to enter into FFI Agreements with the IRS (“participating FFIs”)...   
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• IRS Releases Notice 2011-34 – Second FATCA Notice    
  (April 11, 2011)
  On April 8, 2011, Treasury and the IRS issued a second FATCA notice, Notice 2011-34 (the "Notice") supplementing Notice 2010-60 and providing new guidance in several...   
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• IRS Comments on FATCA Notice 2010-60   
  (September 23, 2010)
  Several senior IRS executives addressed the Tax Executives Institute in New York City on September 22, 2010, as part of a panel chaired by John Staples, and commented on FATCA Notice 2010-60 (the “Notice”)...   
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• First Round of FATCA Guidance Published by IRS    
  (August 30, 2010)
  On Friday, August 27, the IRS published Notice 2010-60 (“Notice”), the first round of guidance under the Foreign Account Tax Compliance Act (“FATCA”) provisions...   
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• Notice 2010-46: New Securities Lending/Repo Rules: Notice 2010-46 Replaces Notice 97-66   
  (May 24, 2010)
  What is the purpose of Notice 2010-46? The Notice implements section 871(l)(6) of the Foreign Account Tax Compliance (“FATCA”) provisions of the HIRE...  
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• U.S. Withholding and Information Reporting on Dividend Equivalents Begins September 14, 2010  
  (April 16, 2010)
  ALERT: Clients should be aware that new section 871(l) enacted as part of FATCA requires withholding on dividend equivalents beginning on or after September 14, 2010. Prompt action is required. This alert describes dividend equivalents and...  
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• FATCA is Now Law  
  (March 18, 2010)
  Today, the President signed into law a major revamp of the U.S. withholding tax system that imposes a new 30% withholding tax on certain U.S. source payments made to foreign financial institutions (“FFIs”) and non-financial foreign entities (“NFFEs”) that refuse to identify certain U.S. persons invested with them offshore, even if... 
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• Do You Have a 2010 Strategy to Deal with Cost Basis Reporting and FATCA?  
  (February 8, 2010)
  Proposed regulations mandating cost basis reporting (“CBR”) and potential passage of the Foreign Account Tax Compliance Act (“FATCA”) constitute the biggest operational and systemic challenges that U.S. and non-U.S. financial institutions have had to face since... 
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• Likely Consequences to Financial Institutions from the IRS Voluntary Disclosure Program for U.S. Holders of Undisclosed Offshore Accounts  
  (January 28, 2010)
  Over 14,000 U.S. taxpayers trying to escape criminal prosecution have voluntarily disclosed their offshore accounts to the IRS in the last few months. More such... 
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• U.S. Withholding Tax Legislation Introduced on October 27, 2009
  (October 30, 2009)
  Key Congressional tax writers introduced the “Foreign Account Tax Compliance Act of 2009” (“Act”) on October 27, 2009, with the U.S. Treasury expressing its support...
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• Drastic Changes to Qualified Intermediary (“QI”) Program Proposed by Obama
  (May 7, 2009)
  The Obama Administration has proposed to Congress sweeping changes in the QI program and the way nonqualified intermediaries (“NQIs”) are treated.  If these proposals are adopted...
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More client letters.