IRS Updates Three Documents Significant In 2015 Reporting Requirements for FATCA

The Internal Revenue Service released updated versions of two forms and a publication significant to fulfilling foreign withholding and reporting requirements under the Foreign Account Tax Compliance Act.

Late Jan. 5, the agency issued the 2015 version of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, with information about responsibilities faced by withholding agents under FATCA. The law requires foreign financial institutions (FFIs) to report U.S.-owned accounts to the IRS or face, in some cases, a 30 percent withholding tax.

The updated version of Publication 515 incorporates new requirements and definitions for both U.S. withholding agents ...