QI & FATCA News
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IRS FATCA News & Information, Issue Number 2014-48, extends the validity of documentation under the Joint Account Provision of Section 4A.01 of the former QI Agreement (and Rev. Proc. 2003-64) until June 30, 2015.
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On June 26, 2014, the IRS released Revenue Procedure 2014-39, which contains the new QI agreement. The new QI agreement takes effect from June 30, 2014 and generally synchronizes the obligations of QIs under chapter 3 (QI) and chapter 4 (FATCA).
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The IRS has published general instructions for the latest version of the W-8 form series, including W-8BEN, W-8BEN-E and W-8IMY.
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On September 23, 2014, the IRS published revisions to the QI agreement contained in Rev. Proc. 2014-39. Changes include extension of documentation validity for PAI agreements and accounts documented under Rev. Proc. 2003-64 (joint account provision) on June 30, 2014 until December 31, 2014, and extending the exemption from 1099 reporting (and backup withholding) to Model 1 IGA FFIs.
