FATCA e-alert issue 2014-35 | KPMG | LU

FATCA e-alert issue 2014-35

FATCA e-alert issue 2014-35

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IRS updated instructions for Forms 1042-S, W-8BEN-E and user guide for FFI list search and download tool system

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:

  • Updated information for users of the instructions for Form W-8BEN-E (Rev. June 2014)
  • Update to the instructions for the requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY (Rev. July 2014)
  • Supplemental guidance for TY 2014 1099 filers

 

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:

  • Updates to FI name field
  • An expanded length of FI name field—from 40 characters to 150 characters
  • An addition of allowed special characters—the FI name field can now accept brackets [ ], curly brackets { } and parentheses ( )

The FATCA FFI List Search and Download Tool [PDF 4.91 MB] has three main functions:

  • Download of the entire FFI list
  • Search the FFI list
  • Download a partial FFI list (the search results)

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.

 

 

  

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

 

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