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Oct. 7 — The IRS offered two-pronged guidance on the effective dates of agreements for entities that apply on or after April 1 to be withholding foreign partnerships or withholding foreign trusts under the Foreign Account Compliance Act.
In general, the Internal Revenue Service said Oct. 7, entities that apply on or after April 1 and are approved will have agreements with an effective date of Jan. 1 of the next calendar year.
The IRS also offered guidance to entities that apply on or after April 1 but don't receive any reportable amounts between Jan. 1 of the year of application and the date the agency approves their agreements. Those pacts will be effective the date the partnerships or trusts are issued employer identification numbers, the IRS said, as long as they get a Global Intermediary Identification Number within 90 days of the approval.
FATCA requires foreign financial institutions to report U.S.-owned accounts to the IRS or face, in some cases, a 30 percent withholding tax on their U.S. source income.
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