Notice 2016-08 revises timing of FATCA reporting | KPMG | GLOBAL
Share with your friends

Notice 2016-08: IRS to revise timing of certain FATCA reporting

IRS Notice 2016-08 revises timing of FATCA reporting

The IRS today released an advance version of Notice 2016-08 announcing an intention to amend provisions of the regulations under chapter 3 (sections 1441-1464) and chapter 4 (sections 1471-1474). An IRS transmittal message explains that Notice 2016-08:


Related content

  • Provides that a participating foreign financial institution (FFI) or a reporting Model 2 FFI will submit its preexisting account certification to the IRS by the same date it is required to submit its first periodic certification of compliance (thereby providing a deferral of the submission date for the preexisting account certification)
  • Specifies the time period and date for submitting a registered deemed compliant FFI’s periodic certification of compliance and provide guidance to local FFIs and restricted funds concerning their obligation to report preexisting accounts
  • Modifies calendar year 2015 transitional reporting rules concerning gross proceeds paid to, or with respect to, a nonparticipating FFI’s account
  • Permits withholding agents to rely upon electronically furnished Forms W-8 and W-9 collected by intermediaries and flow-through entities

According to Notice 2016-08 [PDF 46 KB], these changes will “ease burdens on FFIs” and also respond to comments concerning certain aspects of the regulations. The IRS notice provides that taxpayers may rely on today’s guidance prior to the issuance of amended regulations.

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal