Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities; Correction
Federal Register, Volume 79 Issue 222 (Tuesday, November 18, 2014)
Federal Register Volume 79, Number 222 (Tuesday, November 18, 2014)
Rules and Regulations
Page 68619
From the Federal Register Online via the Government Printing Office www.gpo.gov
FR Doc No: 2014-27248
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
TD 9657
RIN 1545-BL73
Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
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SUMMARY: This document contains a correction to final and temporary regulations (TD 9657), which were published in the Federal Register on Thursday, March 6, 2014 (79 FR 12812). The regulations relate to information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities.
DATES: Effective Date: This correction is effective on November 18, 2014.
Applicability Date: This correction is applicable beginning March 6, 2014.
FOR FURTHER INFORMATION CONTACT: Kamela Nelan, (202) 317-6942 (not a toll-free call).
SUPPLEMENTARY INFORMATION:
Background
This document contains an amendment to the Income Tax Regulations (26 CFR part 1) under section 1471 through 1474 of the Internal Revenue Code that were published in final and temporary regulations in TD 9657. Sections 1471 through 1474 were added to the Code, as Chapter 4 of Subtitle A, by the Hiring Incentives to Restore Employment Act of 2010 (Pub. L. 111-147, 124 Stat. 71). The temporary regulation that is the subject of this correcting amendment is Sec. 1.1471-4T. This correcting amendment affects FFIs that have entered into an agreement with the IRS to obtain status as a participating FFI and to, among other things, report certain information with respect to U.S. accounts that they maintain.
Need for Correction
As published, the temporary regulations contain an error that is misleading with respect to the reporting requirements of participating FFIs (as defined in Sec. 1.1471-1(b)(91)) maintaining U.S. accounts during the 2014 calendar year. This correcting amendment modifies the last date in the first sentence in Sec. 1.1471-4T(d)(7)(iv)(B) to correct the relevant provision to meet its intended purpose.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.1471-4 is also issued under 26 U.S.C. 1471
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Par. 2. Section 1.1471-4T is amended by revising the first sentence of paragraph (d)(7)(iv)(B).
The revision reads as follows:
Sec. 1.1471-4T FFI agreement (temporary).
* * * * *
(d) * * *
(7) * * *
(iv) * * *
(B) Special determination date and timing for reporting with respect to the 2014 calendar year. With respect to the 2014 calendar year, a participating FFI must report under paragraph (d)(3) or (5) of this section on all accounts that are identified and documented under paragraph (c) of this section as U.S. accounts or accounts held by owner-documented FFIs as of December 31, 2014, (or as of the date an account is closed if the account is closed prior to December 31, 2014) if such account was outstanding on or after the effective date of the participating FFI's FFI agreement. * * *
* * * * *
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
FR Doc. 2014-27248 Filed 11-17-14; 8:45 am
BILLING CODE 4830-01-P
