Acronyms
Just the FATCAs
Forms
Definitions
100
FATCA
What is the Foreign Account Tax Compliance Act?
100
FATCA's Purpose
What is to reduce offshore tax evasion?
100
W8
What is a "Certification of Foreign Status of Beneficial Owner for U.S. Tax Withholding"?
100
Recalcitrant
What is a client that fails to provide necessary information to determine FATCA status in a timely manner?
200
FFI
What is Foreign Financial Institution?
200
FFIs register with the IRS to acquire this
What is a GIIN?
200
W9
What is a "Request for a Taxpayer ID Number and Certification"?
200
Non-Participating
What is an FFI that does not enter into an agreement with the IRS?
300
GIIN
What is Global Intermediary Idenitfication Number?
300
FATCA Withholding Tax
What is 30%?
300
W8-BEN
What is the form that foreign individuals use to determine their IRS tax status?
300
SVB must comply with FATCA as both a ______ and a _____.
What is a Financial Institution and a U.S. Withholding Agent?
400
USWA
What is a US Withholding Agent?
400
December 31, 2014
What is the date by which pre-existing Prima Facie FFI clients need to be remediated?
400
W8-BEN-E
What is the form that foreign entities use to determine their IRS tax status?
400
This type of Entity is subject to FATCA regulations.
What is a foreign entity that makes and/or receives payments of U.S. source FDAP income?
500
FDAP
What is Fixed, Determinable, Annual and Periodic?
500
> 10%
What is the beneficial ownership threshold that must be tracked for Passive NFFE’s under FATCA regulations?
500
30 days
How long do clients have to notify us of a change of circumstance and submit a new W8?
500
This type of INDIVIDUAL is subject to FATCA regulations.
What is a foreign account holder?
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