Several of those key provisions are:
- Extension of the transition period for the scope of information reporting and withholding on pass-through payments
- Modification of due diligence procedures for the identification of accounts
- Transitional rules for affiliates with legal prohibition on compliance
- Refinement of the definition of financial accounts
- An expanded scope of 'grandfathered obligations'.
KPMG firms' Tax professionals have prepared an analysis that examines these provisions.