News - PQ Solutions

08.07.2016 2'

Notice 2016 - 42

12.02.2016 2'

Amendment to the Regulations under Chapter 4

In Notice 2016-8, the IRS announced that the Treasury Department and the Internal Revenue Service intend to amend the regulations under chapter 4 in order to modify the date for submitting to the IRS the preexisting account certifications required for Reporting Model 2 FFIs.

26.01.2016 2'

Deadline Extension for US Accounts Without Declaration of Consent

On January 20, 2015, the SBA published the circular no. 7878 (password required) on aggregated reporting of the non-consenting US accounts for the calendar year 2015.

18.12.2015 1'

Similar Agreed Form

On December 16, 2015, the Swiss Bankers Association (SBA) published two specimen versions of the “Similar Agreed Form” (password required) in order to inquire the FATCA status of business accounts and documentation of controlling persons of a passive NFFE.

03.12.2015 2'

FATCA Registration & Similar Agreed Form

On November 23, 2015 the Internal Revenue Service (IRS) announced an upgrade of the FATCA online registration system.

25.11.2015 2'

Form R Accounts

The Swiss Bankers Association assessed the situation regarding Form R accounts of lawyers and solicitors/law firms and notary’s offices, which have been opened before July 1, 2014.

27.03.2015 1'

Non-Consenting U.S. Accounts

On March 24, 2015 the IRS announced that, with respect to calendar year 2014, Model 2 FFIs that have to report Non-Consenting U.S. Accounts will not be treated as being in significant non-compliance under their applicable Model 2 IGAs as long as they are making good faith efforts to comply with their reporting obligations and reporting is completed within 90 days after the applicable filing deadline, including any extensions already granted.

27.02.2015 1'

Nil report to the IRS for FATCA

The IRS specified which entities are required to submit a Nil report to the IRS for FATCA reporting purposes. Accordingly only Direct Reporting Non-Financial Foreign Entities (NFFE) have to submit a Nil report to the IRS. For all other entities, the submission of a Nil report is optional.

06.02.2015 7'

QI Reporting

The introduction of FATCA brings significant changes to the reporting of existing QIs. The coordination between the chapter 3 and chapter 61 (QI) as well as the chapter 4 (FATCA) reporting and withholding requirements is regulated in the new QI agreement, which was published mid-last year. We would like to spotlight the most important changes and remind all QIs of important deadlines for 2015.

16.01.2015 1'

SIF: extension of deadline

The Swiss State Secretariat for International Financial Matters (SIF) was able to negotiate the extension of deadline for aggregated reporting of the non-consenting account holders till March 31, 2015 (deadline before: January 31, 2015).

14.01.2015 1'

IDES (Enrollment site for International Data Exchange Service)

The Enrollment site for International Data Exchange Service (IDES) is now open for users.