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ARTICLE · 22 JANUARY 2016

FATCA Certifications Delayed And Other Welcomed Guidance Issued

Mayer Brown
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On January 19, 2016, the US Internal Revenue Service issued Notice 2016-08, which announced the intention to amend the Treasury regulations promulgated under chapter 4 of the Internal Revenue Code.

United StatesTax
Jonathan Sambur
Jonathan Sambur
Mark Leeds
Mark Leeds
Jared Goldberger
Jared Goldberger
Isaac L. Maron
Isaac L. Maron
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Keywords: FATCA Certifications, IRS, Notice 2016-08,

On January 19, 2016, the US Internal Revenue Service ("IRS") issued Notice 2016-08 (the "Notice"), which announced the intention to amend the Treasury regulations promulgated under chapter 4 of the Internal Revenue Code ("FATCA").

Most notably, the Notice delays the provision of the FATCA preexisting account certification relating to participating foreign financial institutions ("participating FFIs") and foreign financial institutions located in Model 2 IGA jurisdictions ("Model 2 FFIs"), which would otherwise have been due August 29, 2016. It also eliminates gross proceeds reporting with respect to payments made by participating FFIs, Model 2 FFIs and registered deemed-compliant foreign financial institutions ("registered deemed-compliant FFIs") to nonparticipating foreign financial institutions ("NPFFIs") during the 2015 calendar year. Lastly, the Notice modifies certain rules to permit the reliance on

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