• IRS releases final regulations for TTINs

    Truncated SSNs and other TINs can now be used for certain tax information.

    To help with identity theft prevention, the IRS has released final regulations regarding the use of truncated taxpayer identification numbers (TTINs). Instead of using a full Social Security number (SSN), individual taxpayer identification number (ITIN), employer identification number (EIN) or IRS adoption taxpayer identification number (ATIN), only the last four digits are required for payee statements or certain other documents.

    Read More

  • OECD publishes tax information sharing standard

    The Organization for Economic Cooperation and Development (OECD) published the full version of the Standard for Automatic Exchange of Financial Account Information in Tax Matters on July 21. It was developed by the OECD as requested by the G20.

    Read More

  • Canadian regulatory officials work to make FATCA compliance easier

    Like many other jurisdictions, Canada, which signed a Model I intergovernmental agreement (IGA) to comply with the Foreign Account Tax Compliance Act (FATCA) in February, had local privacy laws that directly conflicted with the U.S. regulations and needed to amend those rules.

    Read More

  • IRS releases Form 8966 instructions

    Form 8966 will have to be filed electronically by financial institutions or entities with more than 250 forms.

    The IRS recently published instructions for the final Form 8966, Foreign Account Tax Compliance Act (FATCA) Report. The document will not apply to Model 1 intergovernmental agreements (IGAs) because financial institutions under these terms report on their U.S. clients to their local tax authorities rather than directly to the IRS.

    Read More

  • IRS publishes final Form W-8BEN-E instructions

    Industry experts are glad to see the publication of the final Form W-8BEN-E instructions but believe that more guidance is needed.

    At the end of June, the IRS published the final instructions for Form W-8BEN-E, Certification of Foreign Status of Beneficial Owner for United States Tax Withholding (Entities). According to Lexology, the form will be the most common one used by foreign financial institutions (FFIs) for reporting their status under both chapters 3 and 4 of the Internal Revenue Code (IRC) as related to the Foreign Account Tax Compliance Act (FATCA).

    Read More