IRS Updates FAQ 23 on the FATCA

Kirsty Pitkin

August 25, 2023|1 Minute

The IRS updated FAQ 23 (Q23) on FATCA, under the section General Compliance, extending penalty relief for the 2022, 2023, and 2024 calendar years in situations where a withholding agent withholds and reports on Forms 1042 and 1042-S by September 15 of the applicable year.

The penalty relief will apply with respect to dividend equivalent payments made with respect to a derivative referencing a partnership.

Kirsty Pitkin

Kirsty is the CEO of TConsult Ltd.

Kirsty is passionate about communicating in simple, accessible language that everyone can understand. She specialises in translating complex tax technical documents into a form that allows financial institutions to make more informed compliance decisions.