Daily Tax Update - June 6, 2012: IRS Releases Draft FATCA Forms

IRS RELEASES DRAFT FATCA FORMS:  Today, the IRS released draft forms to be used by individuals and entities certifying the status of beneficial account owners.  The Form W-8BEN, "Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individual)," and Form W-8BEN-E, "Certificate of Status of Beneficial Owner for United States Tax Withholding (Entities)," were revised to reflect the Foreign Account Tax Compliance Act (FATCA) provisions.


Notice 2012-41 extends the relief set forth in Notice 2010-30 for civilian spouses described in the prior paragraph to taxable years beginning after November 11, 2010 (generally, these will be calendar year 2011 and subsequent calendar years, referred to hereinafter as 2011 and subsequent taxable years), and provides that such civilian spouses should follow the applicable procedures described in Notice 2010-30.

Notice 2012-42 publishes the inflation adjustment factor for the carbon dioxide (CO2) sequestration credit under ยง 45Q for calendar year 2012.

As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another party any plan or arrangement addressed herein.

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