FATCA

Annual Form 8966 reporting

• Annual tax return reporting (Form 1042)
• Annual information reporting (Forms 1042-s)
• Reporting of foreign reportable amounts to NPFFIs ends.

• FATCA withholding begins on certain gross proceeds payments to non-compliant accounts
• FATCA withholding begins on foreign passthru (sic) payment (or 6 months after publication of regulations defining term, whichever is later)
• For qualified collective investment vehicles, date, by which policies aim to redeem or immobilize bearer interests

FDAP Payments by non-intermediaries on offshore obligations included on definition of witholdable payments

Annual 8966 reporting

Due date for Responsible Officer due diligence certification

• Deadline for FFIs to complete remediation on pre-existing accounts, other than Prima Facie FFIs and high-value accounts.
• Final date for FFIs to qualify for Limited Branch & Limited FFI Status

• Annual tax return reporting (Form 1042)
• Annual information reporting (Form 1042-s)
• Reporting foreign reportable amounts to NPFFIs begins

• Tax return reporting begins (Form 1042)
• Information return reporting begins (Forms 1042-s)

Deadline for FFIs to complete remediation on pre-existing entity and high value accounts held by Prima Facie FFIs*

*Provided PFFIs FFI agreement is approved by IRS and effective on 31/12/13

IRS publishes FFI List

Deadline to register with IRS to insure inclusion on FFI List

FFI Agreement becomes effective

IRS Portal Opens

IRS Announcement 2012-42 released, providing some FATCA implementation deadline relief

Draft Model I IGA released

Draft IRS forms released