Trusts and FATCA Reporting

June 09, 2015

The Foreign Account Tax Compliance Act (“FATCA”) generally requires that non-U.S. persons who receive U.S. source payments complete IRS form W-8 to certify their non-U.S. tax status. Non-U.S. financial institutions must also register with the IRS and agree to comply with certain due diligence, reporting and withholding requirements. In addition, intergovernmental agreements (“IGAs”) between the U.S. and numerous foreign countries impose alternative due diligence and reporting requirements on financial institutions resident in those countries. This update discusses how these rules apply to trusts.

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