Transcript

FATCAbet Crackers In My Soup

FATCAbet Crackers In My Soup IRS - Internal Revenue Service The IRS is first inviting foreign financial institutions to enter into an agreement disclosing specific information on its U.S. accounts. If a foreign bank, broker or fund fails to enter into this agreement, they will then be subject to a 30% withholding tax on U.S.-sourced income IRS is first inviting foreign financial institutions to enter into an agreement disclosing specific information on its U.S. accounts. If a foreign bank, broker or fund fails to enter into this agreement, they will then be subject to a 30% withholding tax on U.S.-sourced income. NPFFI - Non-Participating, Foreign Financial Institution Institutions unwilling to comply with the either the requirements set by the IRS or their intermediary government, will be subject to 30% withholding against all proceeds stemming from U.S. institutions. This will essentially make any investment in U.S. markets unprofitable when entered through a NPFFI. NPFS IRS US. WA USFI USWA - U.S. Withholding Agent A US or foreign individual, corporation, partnership, trust, association, or any other entity that has control, receipt, custody, disposal, or payment of any withholdable paymer USFI - U.S. Financial Institution Any bank, broker, dealer, investment fund, investment adviser, or trust company based in the United States ATP - Authorized Third Party In-house individual or U.S.-licensed tax professional with the power of attorney from the RO will be identified in the registration system as the FFI's Authorized Third Party (ATP) GOVT* RO - FATCA Responsibility Officer Individual Governments Individual governments are negotiating Intermediary Government Agreements (IGAS) with the IRS to allow for amended FATCA regulations. Only select governments are persuing this option. PFF Each participating foreign financial institution must identify one FATCA Responsibility Officer who will be identified in the IRS's online registration system. This individual has authority to act for the foreign financial institution with regards to FATCA and is responsible for signing the agreement or certification on behalf the institution. QI - Qualified Intermediary Institutions that sign qualified intermediary agreements with the IRS assuming certain documentation and withholding responsibilities in exchange for simplified information reporting for its foreign account holders. POC - Points of Contacts The RO may select Points of Contact (POCS) to help complete all aspects of the registration process except signing. Up to five POCS may be selected There must be at least one in-house POC (it may be the RO). PFFI - Participating Foreign Financial Institution PPFIS must collect sufficient data to satisfy the IRS that they have identified and are properly withholding against U.S.-involved accounts. Convey. This Infographic is accurate as of July 2012 and is for educational purposes only. Convey provides tax Information reporting services and software to businesses to make IRS compliance clear and uncomplicated. U.S. federal tax advice contalned in this document is not intended or written to beused, andcannot beused, for the purpose of (0 avolding penaltles under the Internal Revenue Code or (a) promoting, marketing or recommending to another party any transactionor matter that is contalned in this document. O Copyright 2012, Convey Compliance Systems, Inc. All rights reserved. ఇు

FATCAbet Crackers In My Soup

shared by Convey on Jul 25
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“…FATCA-bet crackers in my soup Letters and rabbits loop da’loop Gosh, oh gee! But I have fun Swallowing financial groups one by one In every bowl of soup I see Foreign Financial Entities w...

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