FATCA FFI Agreement technical corrections released by IRS
Posted by William Byrnes on January 14, 2014
Revenue Procedure 2014-13 (2014-3 I.R.B. 419), published January 13, 2014, contains corrections to the FFI agreement released on December 26, 2013.
Below are the links to the Revenue Procedure 2014-13 (2014-3 I.R.B. 419), published January 13, 2014, that contain corrections to the FATCA FFI Agreement released on December 26, 2013. The FFI Agreement is contained within the Revenue Procedure publication and accessible below.
The corrections can be found in sections 3.03(B)(1), 4.02(C), 5.01, 6.07, 9.02(B), 9.02(D) and 10.03 of section 5 (FFI Agreement) of Revenue Procedure 2014-13. The January 1, 2014, effective date of Revenue Procedure 2014-13 is unchanged.
Rev. Proc. 2014–13
FFI Agreement for Participating FFI and Reporting Model 2 FFI
Table of Contents
- SECTION 1. PURPOSE
- SECTION 2. BACKGROUND
- SECTION 3. FATCA REGISTRATION FOR PARTICIPATING FFI OR REPORTING MODEL 2 FFI STATUS
- SECTION 4. UPDATES FROM DRAFT FFI AGREEMENT
- SECTION 5. FFI AGREEMENT
- SECTION 1. PURPOSE AND SCOPE.
- SECTION 2. DEFINITIONS
- SECTION 3. DUE DILIGENCE REQUIREMENTS FOR DOCUMENTATION AND IDENTIFICATION OF ACCOUNT HOLDERS AND NONPARTICIPATING FFI PAYEES
- SECTION 4. WITHHOLDING REQUIREMENTS.
- SECTION 5. DEPOSIT REQUIREMENTS
- SECTION 6. INFORMATION REPORTING AND TAX RETURN OBLIGATIONS
- SECTION 7. LEGAL PROHIBITIONS ON REPORTING U.S. ACCOUNTS AND ON WITHHOLDING.
- SECTION 8. COMPLIANCE PROCEDURES
- SECTION 9. PARTICIPATING FFI WITHHOLDING CERTIFICATE
- SECTION 10. ADJUSTMENTS FOR OVERWITHHOLDING AND UNDERWITHHOLDING AND REFUNDS
- SECTION 11. FFI GROUP
- SECTION 12. EXPIRATION, MODIFICATION, TERMINATION, DEFAULT, AND RENEWAL OF THIS AGREEMENT
- SECTION 13. MISCELLANEOUS PROVISIONS
- SECTION 6. EFFECTIVE DATE
- SECTION 7. PAPERWORK REDUCTION ACT
- SECTION 8. DRAFTING INFORMATION
FATCA Compliance Program and Manual
Fifty contributing authors from the professional and financial industry provide 600 pages of expert analysis within the LexisNexis® Guide to FATCA Compliance (2nd Edition): many perspectives crafted into one, coherent voice by primary author William Byrnes.
The LexisNexis® Guide to FATCA Compliance (2nd Edition) comprises 34 Chapters grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of FATCA’s application for certain trading partners of the U.S. (Chapters 17–34), including intergovernmental agreements as well as the OECD’s TRACE initiative for global automatic information exchange protocols and systems. The 34 chapters include many practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA. Chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, insights as to the application of FATCA and the IGAs within new BRIC and European country chapters.