William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

IRS Revises FATCA Form 8966 Instructions and IDES for Tax Information Sharing Guide

Posted by William Byrnes on December 18, 2014

1. IRS Posts Update to the Instructions for Form 8966 For 2014

9dc30-6a00d8341bfae553ef01bb07b43355970d-piThe IRS has posted an Update to the Instructions for Form 8966 for 2014 to the FATCA web page:

This update supplements the Instructions for Form 8966 to correct and clarify certain references to the reporting requirements of participating FFIs for the 2014 year, including to reflect a correcting amendment to section 1.1471-4(d)(7)(iv)(B) of the temporary chapter 4 regulations (TD 9657).


2. New! IDES User Guide (Draft Version)

A draft version of the International Data Exchange Services (“IDES”) User Guide is now available. The current draft discusses data preparation procedures and reporting for FIs and for foreign governments to transmit the tax information necessary to comply with FATCA.

In the upcoming weeks, IDES will post frequent updates and a final version of the IDES User Guide will be available in early January 2015.


Lexis Guide to FATCA Compliance – 2015 Edition Out Soon

1,200 pages of analysis of the compliance challenges, over 54 chapters by 70 FATCA contributing experts from over 30 countries.  Besides in-depth, practical analysis, the 2015 edition includes examples, charts, time lines, links to source documents, and compliance analysis pursuant to the IGA and local regulations for many U.S. trading partners and financial centers.   The Lexis Guide to FATCA Compliance, designed from interviews with over 100 financial institutions and professional firms, is a primary reference source for financial institutions and service providers, advisors and government departments.  See Lexis’ order site and request a copy of the forthcoming 2015 edition – http://www.lexisnexis.com/store/catalog/booktemplate/productdetail.jsp?pageName=relatedProducts&prodId=prod19190327

free download of 2014 Edition chapter at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2457671

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