IRS corrects Final Regulation under Chapter 4

On 4 April 2019, the U.S. Internal Revenue Service (“IRS”) published regulation 84 FR 13121, which is a correction of Final Regulations (84 FR 10976) under Chapter 4. As previously reported (Link-Blog), on 25 March 2019, the U.S. Internal Revenue Service (“IRS”) published Final Regulations (84 FR 10976) under Chapter 4 that provide compliance requirements and verification procedures for sponsoring entities of foreign financial institutions (“FFIs”) and certain non-financial foreign entities (“NFFEs”), trustees of certain trustee-documented trusts, registered deemed-compliant FFIs, and financial institutions that implement consolidated compliance programs (compliance FIs).

On 4 April 2019, the IRS corrected several dates in the Final Regulations under Chapter 4 that provide compliance requirements and verification procedures for sponsoring entities of foreign financial institutions and nonfinancial foreign entities (Link).

These regulations, affecting certain financial institutions and NFFEs, are effective from 25 March 2019.

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