http://www.withholdingtaxcongress.com Withholding Tax Congresses on US Sourced Income will enhance your understanding of the FATCA provisions and provide detailed information on how affected institutions should prepare to comply with the new regime. Thu, 16 Feb 2012 15:43:10 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 http://www.withholdingtaxcongress.com/question-for-the-irs/ http://www.withholdingtaxcongress.com/question-for-the-irs/#comments Thu, 16 Feb 2012 15:40:46 +0000 osney_admin http://www.withholdingtaxcongress.com/?p=2217 Here are some of the questions submitted by delegates & speakers at the event for the IRS. The IRS will decide which questions are suitable and will answer them live at the (conference).

1. Do we expect other countries to follow the US down this path of reporting and withholding – if so, how should a financial institution be considering that during FATCA implementation?
2. How does FATCA help restore employment in the US?
3. Is payment services named a payment under FATCA?
4. The new regulation (issued in February, 2012) states that in case if FFI has subsidiaries/affiliates in a jurisdiction that prohibits the reporting , such subsidiary shall have a 2 year transition period. What if the country approach to the reporting obligations of such subsidiary won’t be changed after 2 years?
5. In the new regulation there are two reporting requirements and period : reporting on income in 2016 and reporting on gross proceeds in 2017. Does this mean that  FFI should somehow recheck customer’s  income and gross proceeds or is it enough just to require signed letters from customers stating that their income, gross proceeds are the following?
6. Are there any expectations related to the identification of beneficial owners of the entities above 10% interest? This requirement contradicts  EU’s 3rd directive, FATF’s recommendations,  which are stating that the identification of BOs are necessary above 25%.
7. In case of individual accounts FFI has to calculate aggregated balance of a customer’s accounts, which can be the sum of all balances as in FFI so in affiliated companies. In several countries the information on the customers balances and etc. are strictly confidential to third parties including mother companies, which means that in case of Holding FFI it will have some difficulties in regard with calculations of aggregated balances of each customers. What can be your recommendation?
8. How does the new Proposed Regulations (Reg-121647-10) affect the FATCA compliance requirement timeline?
9. In case if FFI has any questions/ needs recommendations to/from IRS  related to FATCA implementation, are there any contact persons in IRS, who will assist FFI in the mentioned project?
10. As the FATCA related issues are considered as tax issues is there any expectation that tax evasion will be included in the predicate offence in the international legislation? Will AML Compliance officer be the responsible person in the FATCA’s project for IRS, or will such person be compliance officer?
11. Due to the FATCA requirements, are any changes expected in EU’s directives or FATF ‘s recommendations?
    With the links between FATCA and QI and QSL and QI that is now known, will the outcome be a single agreement with the IRS covering all of these three regulations?
12. How can you justify the Pass-Though payments system in its current form with its impact on non-US sourced sterling:sterling payments? (note: as we understand it, all payments [inc. non-US sourced] UK to UK payment will be liable to a pass-through withholding).
13. What clarification should we expect on Trusts and Corporate accounts?
14. Has the increase in W9 and W8-BEN form applications been factored into the planning for this legislation and what is the effect on a US account holder if he is deemed ‘recalcitrant’ due to the US not being able to process a W9/W8-BEN form within FATCA’s own timelines?

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