IRS Corrects FATCA Regulations

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The IRS today issued a set of corrections to its final regulations under the US Foreign Account Tax Compliance Act (FATCA).

The regulations include several corrections, clarifications, changed citations and cross references. For example, the definition of a Foreign Financial Institution (FFI) withholding statement was modified "to add an applicable cross reference to the reporting on the statement that is required under chapter 61 (in addition to the reporting required under chapters 3 and 4); to delete an incorrect reference to a pool of payees exempt from chapter 4 withholding; and to add the modified requirements of an FFI withholding statement provided by a Qualified Intermediary that should have been referenced in this paragraph," the regulations explain. Numerous other changes are included.

The text of the corrected regulations is posted here.

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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