Wealth & Risk Management Blog

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

FATCA Deadlines Postponed Again – Notice 2015-66 Released

Posted by William Byrnes on September 21, 2015


This notice announces that the Department of the Treasury (Treasury) FATCA_rolland the Internal Revenue Service (IRS) intend to amend the regulations under chapter 4 (sections 1471-1474) to extend the period of time that certain transitional rules will apply. Specifically, the amendments will extend:

(1) the date for when withholding on gross proceeds and foreign passthru payments will begin;

(2) the use of limited branches and limited foreign financial institutions (limited FFIs); and

(3) the deadline for a sponsoring entity to register its sponsored entities and redocument such entities with withholding agents.

In addition, in order to reduce compliance burdens on withholding agents that hold collateral as a secured party, this notice announces that Treasury and the IRS intend to amend the regulations under chapter 4 to modify the rules for grandfathered obligations with respect to collateral.

Finally, this notice also provides information on the exchange of information by Model 1 IGA jurisdictions with respect to 2014.

Full analysis and impact of each deadline extension at International Financial Law Prof Blog

One Response to “FATCA Deadlines Postponed Again – Notice 2015-66 Released”

  1. […] FATCA Deadlines Postponed Again – Notice 2015-66 Released […]

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