View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

TREAS/IRS RIN: 1545-BL96 Publication ID: Fall 2016 
Title: Regulations Relating to Verification Requirements of Sponsoring Entities for Chapter 4 Withholding Purposes 

This proposed regulation provides additions to final regulations issued under chapter 4 of subtitle A (sections 1471 through 1474) of the Internal Revenue Code of 1986, commonly known as the Foreign Account Tax Compliance Act, or FATCA. In Treasury Decision 9610 (78 FR 5874), the Treasury Department (Treasury) and the IRS issued final regulations under chapter 4 regarding reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on payments to FFIs and other foreign persons. The final regulations issued in TD 9610 affect persons making certain U.S.-related payments to FFIs and other foreign entities and payments by FFIs to other persons. The IRS and Treasury are issuing this Notice of Proposed Rulemaking to add new verification requirements for FFIs that are "sponsoring entities" that perform chapter 4 obligations on behalf of other "sponsored" FFIs or Non-Financial Foreign Entities (NFFEs).

Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.1471-4    26 CFR 1.1471-5    26 CFR 1.1472-1   
Legal Authority: 26 U.S.C. 1471    26 U.S.C. 1472   
Legal Deadline:  None
Action Date FR Cite
NPRM  12/00/2016 
Additional Information: REG-103477-14 Drafting attorney: Kamela K. Nelan (202) 317-6942 Reviewing attorney: John Sweeney (202) 317-6942 Treasury attorney: Jason Yen (202) 622-1776 CC:INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Federal 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Kamela K. Nelan
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-6942