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Voyage of the Great Ship 'FATCA'

VOYAGE OF THE GREAT SHIP'FATCA' Reclaiming the treasures of the West In 2012, the IRS released FATCA regulations in the form of a 388-page document with final regulations and form updates expected by year's end. The document defined significant changes for U.S. Withholding Agents (USWA) and Foreign Financial Institutions (FFI) over the next five years. Withholding begins on payments to specified accounts; Deadline to complete review of pre-existing accounts. USWAS Complete account due Gross proceeds withholding 1042-S reporting expands. phased in. diligence; FATCA-compliant onboarding processes operational. Here's what lies in store. FATI Gross proceeds withholding 1042-S reporting expands; phased in; Second report to IRS; Additional documentation deadline; Second responsible officer certification of due diligence. FATCA-compliant onboarding processes operational. Withholding begins on payments to specified accounts; First Withholding factored in for foreign passthru payments; Gross proceeds reporting added. FFIS Limited FFI exemption expires; Income reporting is phased in to annual reporting. responsible officer certification of due diligence; Deadline for high-value account due diligence; First report to IRS. Increasingly Complex Reporting Systems Convey. "Ahoy, mateyal This Infographic is acurate as of July 2012 and is for educational purposes only. Convey provides tax information reporting services and software to businesses to make IRS compliance dlear and uncomplicated. U.S. federaltax advice contalned in this document is not intended or wnitten to beused, and cannot beused for the purpose of (0 avolding penalties under the Internal Revenue Code or 00 promoting, marketing or recommending to another party any transaction or matter that is contalned in this document. oCopyright 2012, Convey Compltance Systems, Inc. All rights reserved. 2013 2014 2015 2016 2017 Increasingly Strict Reporting Requirements VOYAGE OF THE GREAT SHIP'FATCA' Reclaiming the treasures of the West In 2012, the IRS released FATCA regulations in the form of a 388-page document with final regulations and form updates expected by year's end. The document defined significant changes for U.S. Withholding Agents (USWA) and Foreign Financial Institutions (FFI) over the next five years. Withholding begins on payments to specified accounts; Deadline to complete review of pre-existing accounts. USWAS Complete account due Gross proceeds withholding 1042-S reporting expands. phased in. diligence; FATCA-compliant onboarding processes operational. Here's what lies in store. FATI Gross proceeds withholding 1042-S reporting expands; phased in; Second report to IRS; Additional documentation deadline; Second responsible officer certification of due diligence. FATCA-compliant onboarding processes operational. Withholding begins on payments to specified accounts; First Withholding factored in for foreign passthru payments; Gross proceeds reporting added. FFIS Limited FFI exemption expires; Income reporting is phased in to annual reporting. responsible officer certification of due diligence; Deadline for high-value account due diligence; First report to IRS. Increasingly Complex Reporting Systems Convey. "Ahoy, mateyal This Infographic is acurate as of July 2012 and is for educational purposes only. Convey provides tax information reporting services and software to businesses to make IRS compliance dlear and uncomplicated. U.S. federaltax advice contalned in this document is not intended or wnitten to beused, and cannot beused for the purpose of (0 avolding penalties under the Internal Revenue Code or 00 promoting, marketing or recommending to another party any transaction or matter that is contalned in this document. oCopyright 2012, Convey Compltance Systems, Inc. All rights reserved. 2013 2014 2015 2016 2017 Increasingly Strict Reporting Requirements

Voyage of the Great Ship 'FATCA'

shared by Convey on Jul 19
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In 2012, the IRS released FATCA regulations in the form of a 388-page document with final regulations and form updates expected by year's end. The document defined significant changes for U.S. Withhol...

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