|Implementation of FATCA Requirements|
|Reporting of U.S. Accounts
|New Accounts, Documented U.S. Accounts,||Transition Date Under 2011-53|
|and Private Banking Accounts|
Limited Reporting for First Year: This limited reporting also applies to FFIs that elect to report as a U.S. FFI under §1471(c)(2)
• Name, address, and U.S. TIN of each U.S. person who is an account holder or, if the account is owned by a U.S.-owned foreign entity, name, address, and U.S. TIN of each substantial U.S. owner;
• The account balance as of December 31, 2013, or, for closed accounts, the balance immediately before closure; and
• The account number.
May elect to report under Notice 2011-34.
Must report any recalcitrant account holders.
|Form W-9 received by June 30, 2014, must be reported to IRS by September 30, 2014|
|Reporting in accordance with Notice 2011-34 as implemented in future regulations.|
|Types of Withholdable Payments||Transition Date Under Notice 2011-53|
|U.S.-Source FDAP Payments (e.g., interest, dividends, royalties, rent, etc.).||Payments made on or after January 1, 2014|
|Gross Proceeds (i.e., gross proceeds from the sale of assets that produce or may produce U.S.-source FDAP income).||Payments made on or after January 1, 2015|
|Passthru Payments. Note that a U.S.-source FDAP payment that also would be a passthru payment is subject to the January 1, 2014, effective date.||Payments made on or after January 1, 2015|
|Expiring QI, WFP, and WFT Agreements||Transition Date Under Notice 2011-53|
|Original expiration date of December 31, 2012||Automatic extension until December 31, 2013|
Read more at: Tax Times blog