Abstract

http://ssrn.com/abstract=2242401
 


 



FATCA: Managing this Risk (Part VIII — Model Intergovernmental Agreements Including the U.K./U.S. Agreement and Foreign Passthrough Payments)


Dean Marsan


Dean Marsan, Attorney-at-Law

January 1, 2013

Taxes -- The Tax Magazine, Vol. 91 No.1, pp 33-59, 2013

Abstract:     
This article concludes what has now become an eight-part series that appeared in the July, August and September 2010; May, July and September 2011; and May 2012 editions of CCH’s "Taxes — The Tax Magazine". Part VI, which appeared in the September 2011 edition, began a four-point analysis to determine if a Participating FFI (PFFI) or a withholding agent has a withholding tax liability for passthrough payments under Code Sec. 1471(b)(1)(D) or Code Sec. 1471(b)(3) and addressed the first-prong of this analysis, "Has the PFFI made a payment to a 'recalcitrant account holder' or 'non-participating FFI?'" Part VII, which appeared in the May 2012, edition addressed the second and third prong of the analysis, "Is the payment either a ‘withholdable payment’ or a ‘foreign passthrough payment?’" and "Does the PFFI have responsibility to withhold?" This article will discuss the model intergovernmental agreement, which was released on July 26, 2012, and will complete the analysis by answering the fourth prong, "Is there no exception applicable to the particular circumstances in question which might cut off the withholding from the passthrough payment?" The article will also provide a passthrough payment rule set based upon the earlier IRS guidance and the proposed regulations which were released on February 8, 2012.

Number of Pages in PDF File: 27

Keywords: passthru payment, intergovernmental agreement, FATCA, withholding, FFI, foreign financial institution

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Date posted: October 31, 2013  

Suggested Citation

Marsan, Dean, FATCA: Managing this Risk (Part VIII — Model Intergovernmental Agreements Including the U.K./U.S. Agreement and Foreign Passthrough Payments) (January 1, 2013). Taxes -- The Tax Magazine, Vol. 91 No.1, pp 33-59, 2013. Available at SSRN: http://ssrn.com/abstract=2242401

Contact Information

Dean Marsan (Contact Author)
Dean Marsan, Attorney-at-Law ( email )
NY
United States
917.669.9422 (Phone)
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