FATCA e-alert Issue 2014-11 | KPMG | LU

FATCA e-alert Issue 2014-11

FATCA e-alert Issue 2014-11

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Correcting amendments to temporary regulations released

On 21 April, the Treasury Department and IRS released for publication in the Federal Register corrections concerning the information reporting, withholding, and FATCA temporary regulations released earlier this year.

The correcting amendments to the temporary regulations (T.D. 9658) are as follows:

  • The temporary regulations contained errors in the instructions (i.e., the instructions stated that Reg. section 1.6045-1T was “amended” when, in fact, it was “added.”)
  • The instructions did not include certain paragraphs that were to be included in the temporary regulations, by cross-reference to final regulations. This release adds these paragraphs to the temporary regulations.

Read two February 2014 reports concerning the regulation packages, prepared by KPMG LLP: KPMG reports - Analysis of information reporting, withholding regulations and FATCA temporary regulations.

 

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Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

 

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