[Federal Register Volume 79, Number 222 (Tuesday, November 18, 2014)]
[Rules and Regulations]
[Page 68619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-27248]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9657]
RIN 1545-BL73


Regulations Relating to Information Reporting by Foreign 
Financial Institutions and Withholding on Certain Payments to Foreign 
Financial Institutions and Other Foreign Entities; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final and temporary 
regulations (TD 9657), which were published in the Federal Register on 
Thursday, March 6, 2014 (79 FR 12812). The regulations relate to 
information reporting by foreign financial institutions (FFIs) with 
respect to U.S. accounts and withholding on certain payments to FFIs 
and other foreign entities.

DATES: Effective Date: This correction is effective on November 18, 
2014.
    Applicability Date: This correction is applicable beginning March 
6, 2014.

FOR FURTHER INFORMATION CONTACT: Kamela Nelan, (202) 317-6942 (not a 
toll-free call).

SUPPLEMENTARY INFORMATION: 

Background

    This document contains an amendment to the Income Tax Regulations 
(26 CFR part 1) under section 1471 through 1474 of the Internal Revenue 
Code that were published in final and temporary regulations in TD 9657. 
Sections 1471 through 1474 were added to the Code, as Chapter 4 of 
Subtitle A, by the Hiring Incentives to Restore Employment Act of 2010 
(Pub. L. 111-147, 124 Stat. 71). The temporary regulation that is the 
subject of this correcting amendment is Sec.  1.1471-4T. This 
correcting amendment affects FFIs that have entered into an agreement 
with the IRS to obtain status as a participating FFI and to, among 
other things, report certain information with respect to U.S. accounts 
that they maintain.

Need for Correction

    As published, the temporary regulations contain an error that is 
misleading with respect to the reporting requirements of participating 
FFIs (as defined in Sec.  1.1471-1(b)(91)) maintaining U.S. accounts 
during the 2014 calendar year. This correcting amendment modifies the 
last date in the first sentence in Sec.  1.1471-4T(d)(7)(iv)(B) to 
correct the relevant provision to meet its intended purpose.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority:  26 U.S.C. 7805 * * *

    Section 1.1471-4 is also issued under 26 U.S.C. 1471

0
Par. 2. Section 1.1471-4T is amended by revising the first sentence of 
paragraph (d)(7)(iv)(B).
    The revision reads as follows:


Sec.  1.1471-4T  FFI agreement (temporary).

* * * * *
    (d) * * *
    (7) * * *
    (iv) * * *
    (B) Special determination date and timing for reporting with 
respect to the 2014 calendar year. With respect to the 2014 calendar 
year, a participating FFI must report under paragraph (d)(3) or (5) of 
this section on all accounts that are identified and documented under 
paragraph (c) of this section as U.S. accounts or accounts held by 
owner-documented FFIs as of December 31, 2014, (or as of the date an 
account is closed if the account is closed prior to December 31, 2014) 
if such account was outstanding on or after the effective date of the 
participating FFI's FFI agreement. * * *
* * * * *

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2014-27248 Filed 11-17-14; 8:45 am]
BILLING CODE 4830-01-P