Ireland: FATCA Reporting Deadline Extended
The Irish Government announced that the FATCA reporting deadline has been extended to 31 July 2015 (from 30 June 2015) for reporting Irish financial institutions to file a FATCA return with respect to 2014.
FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs) who do not agree to identify and report information on U.S. account holders. Governments have the option of permitting their FFIs to enter into agreements directly with the IRS to comply with FATCA under U.S. Treasury Regulations or to implement FATCA by entering into one of two alternative Model IGAs with the United States.
More specifically, Ireland and the United States signed a Model 1 Agreement. Under this agreement, FFIs in Ireland will report the information required under FATCA about U.S. accounts to the Irish Government, which in turn will report the information to the IRS. This agreement is reciprocal, meaning that the United States will also provide similar tax information to the Irish Government regarding individuals and entities from Ireland with accounts in the United States.
