Financial Services Ireland

Customer Tax Transparency

Customer Tax Transparency developments – November 2018

Important developments have taken place in the Customer Tax Transparency area recently. We have seen continued focus by the Internal Revenue Service (IRS) and the Organisation for Economic Cooperation and Development (OECD) on the enforcement and implementation of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

Our newsletter aims to update you on the global trends and regulatory changes that impact your business. Awareness of these developments can help you to build a successful operational model.

With that in mind, we would like to share the latest issue of our Customer Tax Transparency newsletter, which you can download via the link below. It provides you with a summary of October’s headlines along with more in-depth analysis of the impact of those developments.

The main areas of focus of this newsletter include:

Sponsored entities Responsible Officer Certifications to the IRS
The OECD Citizenship By Investment/Residence By Investment risk for the CRS
Updated W-9 Form now available
Updates on the Qualified Intermediary (‘QI’) Frequently Asked Questions (‘FAQs’)
IRS publication of the draft instructions to forms: 1099R, 5498, 1099-DIV and 1099B
IRS selected Campaign for FATCA Filing Accuracy to address risk of non-compliance

Amanda Murphy

Associate Partner, Business Tax Advisory

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Customer Tax Transparency developments - November 2018

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