Update to instructions for Form 1042-S
On 3 November 2014, the IRS issued a release concerning recent FATCA-related updates to the instructions for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding.
Updated instructions for Form W-8BEN-E, other instructions and supplemental guidance
Furthermore, the IRS announced the update of information for users of the instructions for Form W-8BEN-E (Rev. June 2014).
Monday’s IRS release notes the following updates to the instructions for Form W-8BEN-E and other instructions and guidance:
FFI list search and download tool system is updated
The IRS also released an updated version of a “user guide” concerning the foreign financial institution (FFI) list “search and download tool” system.
The search and download tool was previously released by the IRS in May 2014. According to a separate IRS release, the updates to the search and download tool system, as of 1 November 2014 include:
The FATCA FFI List Search and Download Tool [PDF 4.91 MB] has three main functions:
The IRS guide states that the search tool may be used when seeking to narrow down results by GIIN, financial institution name, and/or by country of FFI or branch.
The guide recommends downloading the entire FFI list if searching for multiple FIs and/or branches. Once downloaded, a search may then be conducted within the downloaded FFI list file.
For further information, please do not hesitate to contact us.
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