U.S.A.: FATCA: Notice 2014-59 amending applicability dates of certain provisions under Chapters 3 and 61
On 10 October 2014, the U.S. Treasury Department and the U.S. Internal Revenue Service (IRS) issued Notice 2014-59 announcing their intention to amend certain provisions of the Temporary Regulations (TD9658) published on 6 March 2014 under sections 1441, 1442, and 6049 of the Internal Revenue Code (IRC), in order to provide modified applicability dates with respect to:
- The standard of knowledge applicable to a withholding certificate or documentary evidence to document a payee that is an entity under 1.1441-7(b); and
- The rules under 1.6049-5(c) providing the circumstances under which a withholding agent or payor may rely on documentary evidence provided by a payee instead of a withholding certificate to document the foreign status of the payee for purpose of IRC Chapters 3 and 61.
Notice 2014-59 applies to withholding agents, foreign financial institutions (FFIs), and payors that have withholding or information reporting requirements under IRC Chapters 3, 4 and 61 and IRC Section 3406 with respect to accounts opened before 1 January 2015, and provides relief generally consistent with Notice 2014-33.
Until these amendments are published in the Regulations, the provisions stated in Notice 2014-59 can be relied upon.
We continue to monitor the implementation of FATCA and will provide more information as it becomes available.
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