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FATCA FFI Registrations as of July 2014

* by Prof. William H. Byrnes IV and Haydon Perryman FATCA [the Foreign Account Tax Compliance Act] requires that foreign financial institutions [FFIs] make regular certifications to the IRS, as well as annually disclose taxpayer and account information for U.S. persons, unless an intergovernmental...

Completing FATCA Forms

Modifications have recently been made to the forms that foreign individuals and entities complete in conjunction with FATCA. The 2014 Form W-8BEN is for use solely by foreign individuals , while Form W-8BEN-E is for use by entities . Payment recipients with non-beneficial owner status are required to...

FATCA Expanded Affiliated Groups (EAGs) by Country -- FFIs

By Prof. William H. Byrnes IV and Haydon Perryman * Foreign financial institutions (FFIs), along with their branches and affiliates, are defined as an "expanded affiliated group." There are 3,778 Lead Entities of EAGs among the approximately 88,000 FFI registrations from 250 countries.....

Fee for Renouncing United States Citizenship Increases Significantly

"On August 29, 2014, the U.S. Department of State (“DOS”) published an interim final rule in the Federal Register, which raised the fee for processing renunciations of United States citizenship from US$450 to US$2,350, a 522.22% increase. This new fee became effective on September 6...

FATCA Taxpayer Account Information Exchange Begins

The IRS has announced that the exchange of financial account information under FATCA has begun, meeting the September 30 date set by the Service. (See the FATCA timeline on the IRS website for important dates at http://www.irs.gov/Businesses/Corporations/Summary-of-FATCA-Timelines ). As noted in the...