KPMG reports - Analysis of information reporting, withholding regulations and FATCA temporary regulations 

February 24:  The Treasury Department and IRS on February 20, 2014, issued a package of regulations intending to harmonize the information reporting and withholding rules under chapters 3 and 61 of the Code to the regulations under the Foreign Account Tax Compliance Act (FATCA).

Also included in the regulatory release is a set of temporary regulations that contains more than 50 “discrete amendments and clarifications” to the final regulations under FATCA (released in January 2013).

Read KPMG’s initial analysis of these regulatory packages:

  • Regulations on tax withholding for certain U.S. source income paid to foreign persons; information reporting and backup withholding on payments to certain U.S. persons; portfolio interest treatment - KPMG analysis [PDF 675 KB]

  • FATCA - Regulations on information reporting by foreign financial institutions; withholding on payments to foreign financial institutions and other foreign entities - KPMG analysis [PDF 2 MB]

These regulations have not yet been released for publication in the Federal Register. Text of the regulations is available on the Treasury website.

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