Publication date: 12 November 2015
Dear Madam/Sir,
Elimination of automatic extension to file certain forms
I am writing to you as Chief Executive of the European Banking Federation (EBF) which is the voice of European banks, uniting 32 national banking associations in Europe that together represent some 4,500 banks – large and small, wholesale and retail, local and international – employing about 2.5 million people. Launched in 1960, the EBF is committed to creating a single market for financial services in the European Union and to supporting policies that foster economic growth.
On 13 August 2015 the IRS published final and temporary regulations that remove the automatic extension of time to file certain information returns, including Forms 1042-S and 1042. These changes are due to come into effect in time for the 2017 filing season1 . While we fully understand the IRS’ rationale behind the changes, and appreciate the importance of combating identity theft and refund fraud, we have concerns that this measure, if adopted in its current form, would put a significant strain on non-US banks and their ability to file Forms 1042 correctly as part of their FATCA and QI compliance requirements.
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]]>Publication date: 02 March 2016
Dear Mr Sweeney,
Subject: Practical issues in complying with FATCA and the QI Agreement
I am writing to you as Chief Executive of the European Banking Federation (EBF), the voice of European banks, to draw your attention to a number of practical issues in delivering the requirements of FATCA and the Qualified Intermediary (QI) Agreement. I would like to make some suggestions for your consideration as to how these issues can be resolved to the benefit of both Financial Institutions and the Internal Revenue Service (IRS).
To read the full letter, click on “FULL DOCUMENT”
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Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>Publication date: 26 August 2016
Dear Mr Sweeney, dear Ms Perkins,
I am writing to you as Chief Executive of the European Banking Federation (EBF), which is the voice of European banks.
Our members highlight below some technical and practical issues in delivering the requirements of the proposed QI Agreement and would like to make some suggestions for your consideration as to how these issues can be resolved to the benefit of both Financial Institutions and the IRS.
Click on the “FULL DOCUMENT button” to read the full letter
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post EBF letter to IRS regarding technical issues in complying with the proposed QI Agreement (IRS Notice 2016-42) appeared first on EBF.
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