Soon, the IRS will launch a new Qualified Intermediary (QI), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) system allowing these entities to manage their information online. The QI, WP and WT related questions will be available in the new system. Additional information on the updates to the FATCA Online Registration System is available…
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Foreign Owned Domestic Disregarded Entities Must Report Under New Regs.
On April 15, 2016 we posted US Pressured For Beneficial Ownership Rules where we discussed that in a speech by Treasury deputy assistant secretary Jennifer Fowler to a financial crime conference earlier in April noted that the Treasury is in the process of introducing a new rule forcing financial institutions to perform customer due diligence checks on new…
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Trump's Anti-Union Drumbeat Could Be Trouble for the IRS
We previously posted President-Elect Donald Trump Is Less Than Ideal for Tax Advisers? where we discussed that Donald Trump has proposed tax reforms that would: Significantly reduce marginal tax rates for both individuals and businesses, Increase standard deduction amounts to nearly four times current levels, Limit or repeal some tax expenditures, Repeal the…
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IRS Revises List of Qualifying Countries for Automatic Exchange of Information
In a Rev Proc 2016-56,2016-51 IRB, the IRS has updated two lists of countries with which the U.S. has in effect an agreement that requires payors to report certain deposit interest paid to nonresident alien individuals who are residents of the other country under Reg. § 1.6049-8(a) and Reg. § 1.6049-4(b)(5). One list is of…
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