This document contains proposed regulations under sections 1471-1474 of the Internal Revenue Code regarding information reporting by foreign financial institutions with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities. It provides background on chapter 4 of the Code, which generally requires FFIs to report information on U.S. accounts to the IRS and requires withholding on payments to non-compliant FFIs. It also announces a public hearing to receive comments on the proposed regulations.
This document contains proposed regulations under sections 1471-1474 of the Internal Revenue Code regarding information reporting by foreign financial institutions with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities. It provides background on chapter 4 of the Code, which generally requires FFIs to report information on U.S. accounts to the IRS and requires withholding on payments to non-compliant FFIs. It also announces a public hearing to receive comments on the proposed regulations.