The IRS has announced changes to certain timelines for withholding agents and foreign financial institutions (FFIs) to complete due diligence and other requirements under the Foreign Account Tax Compliance Act, and has provided additional guidance concerning gross proceeds withholding and the status of certain instruments as grandfathered obligations under sections 1471-1474 of the Internal Revenue Code.
‘The proposed deadlines for new account opening procedures would have required them to be in place by 1 January 2013,’ Smith & Williamson said in a tax briefing. ‘This deadline has been extended to 1 January 2014.’
The IRS has announced changes to certain timelines for withholding agents and foreign financial institutions (FFIs) to complete due diligence and other requirements under the Foreign Account Tax Compliance Act, and has provided additional guidance concerning gross proceeds withholding and the status of certain instruments as grandfathered obligations under sections 1471-1474 of the Internal Revenue Code.
‘The proposed deadlines for new account opening procedures would have required them to be in place by 1 January 2013,’ Smith & Williamson said in a tax briefing. ‘This deadline has been extended to 1 January 2014.’
