Tax Talk -- Volume 7, No. 2 -- July 2014

by Morrison & Foerster LLP
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In This Issue:

- As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count

- IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements

- Mortgage CCA Raises More Questions than It Answers

- IRS Concludes Change from Treating Securities as Options Is an Accounting Method Change Requiring Adjustment

- Proposed Regulations Clarify the Definition of “Real Property” under the REIT Rules

- IRS Addresses Information Reporting Requirements for Bank’s Fee Credit Programs

- Bitcoin Not Reportable on 2013 FBARs

- IRS Makes Modifications to Voluntary Disclosure Program

- IRS Applies Section 956 Anti-Abuse Rule

- MoFo in the News

- Excerpt from As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count:

FATCA went live on July 1, 2014. Just days before the deadline, the IRS and U.S. Treasury Department released the remaining Form W-8 withholding certifications, including instructions. In addition, the number of countries entering into IGAs increased and, as of July 1, 2014, the government had signed 34 Model 1 IGAs and 5 Model 2 IGAs. The government has also agreed in substance to 52 Model 1 IGAs and 8 Model 2 IGAs (these are IGAs that have not yet been signed, but are treated as “in effect” until December 31, 2014, the date they must be signed in order to remain in effect without interruption). This brings the total number of IGAs to just under 100. The IRS has also released a revised Qualified Intermediary agreement, which will be used for agreements with an effective date on or after June 30, 2014. This revised QI agreement now incorporates certain changes necessitated by FATCA, as well as updates to reflect recently released coordination regulations. Finally, in a gesture that appears to tacitly acknowledge the headache implementing FATCA is causing for financial institutions worldwide, the IRS and U.S. Treasury Department announced that 2014 and 2015 would be treated as a “transition period,” during which the IRS will approach enforcement with an alleged degree of leniency, provided foreign financial institutions demonstrate a modicum of good-faith compliance. For more information on this development, please see our client alert, “IRS Issues Notice Signaling 2014 and 2015 as FATCA ‘Transition Period’.”

Please see full issue below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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