Notice 2016-08: Changes to timing of certain FATCA reporting, republished

Revised IRS Notice 2016-08 on FATCA reporting

The IRS today issued a release, reporting that changes were made to the final version of Notice 2016-08 as originally publicly released in January 2016 and announcing that the IRS and Treasury intended to amend provisions of the regulations under chapter 3 (sections 1441-1464) and chapter 4 (sections 1471-1474).

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Notice 2016-08 provides guidance concerning:

  • The timing by foreign financial institutions (FFIs) to submit preexisting account certifications and periodic certifications
  • The reporting of accounts of nonparticipating FFIs by certain FFIs
  • Reliance by withholding agents on electronically furnished Forms W-8 and W-9

According to today’s IRS transmittal message, the final version of Notice 2016-08—as published in the Internal Revenue Bulletin (February 8, 2016)—includes two changes to the version of the notice that was made publicly available on January 19, 2016.

  • The first change clarifies that the time permitted under Notice 2016-08 for a participating FFI or reporting Model 2 FFI to provide its preexisting account certification includes the FFI’s certification that it did not have practices and procedures to assist account holders in the avoidance of chapter 4. 
  • The second change removes an incorrect reference to a registered deemed-compliant FFI in Reg. section 1.1471-4(d)(2)(ii)(F) (as modified in a correcting amendment to this paragraph) with respect to the reporting of an account of a nonparticipating FFI that does not affect which FFIs are subject to this reporting or the exception to reporting provided in Notice 2016-08. 

Read the final version of Notice 2016-08 [PDF 46 KB]

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