FATCA Transitional Rules Extended
24 September 2015
Mayer Brown Legal Update
Notice 2015-66 announces the intention to amend the FATCA regulations to extend the period of time that certain transitional rules will apply. Specifically, Notice 2015-66 announces that the IRS will amend the FATCA regulations to provide additional time for withholding agents and FFIs to modify their systems to address the phase-out of certain transitional rules, including those impacting withholding on gross proceeds and passthru payments, registration of sponsored entities and reporting by financial institutions in Model 1 IGA jurisdictions.