I saw a memo from the IRS/Treasury saying the FATCA changes have been pushed back until 2014 and 2017.

However, at the bottom of the notice it says "portions of the rule that impact Form 1042-S filings will still become effective on Jan. 1, 2013.

Does this mean we still have to meet the 1-1-13 deadline for filing Form 1042-S for payments of deposit interest in the amount of $10 or more that we make to nonresident aliens?

I am confused if this part of the rule is also postponed.

Thank you for the help.

The new reporting (except for Canadien residents) is required for the 2013 calendar year, but that won't happen until 2014.

river girl: where did you see this memo? Do you, or anyone, have a link to it?

An email I received from a Compliance Consulting firm says that reporting won't begin until 2015 for 2014 calendar year. I'm confused

Announcement 2012-42
http://www.irs.gov/pub/irs-drop/A-12-42.pdf

I don't see any connection in that document to the new requirement for reporting on form 1042S mentioned by Randy Carey.

Me either.........

River Girl, please provide a link or citation to the "memo" you cite.

I read the same probably from the same source, basically this is what it says: , the IRS has published a revision saying that the new rules will not take effect until January 1, 2014. That means that in January 2014 you begin collecting the information, and in January 2015, you will have to prepare information returns on interest that you pay to aliens who do not have a social security number and are not subject to U.S. tax laws.

That same language is quoted in this thread. It did not come from the IRS. It is not correct.

I hoped I could add a question onto this - Our Deposit Operations inquired if they could simply file a 1042-S on all Non Resident Aliens (NRAs), as opposed to only the NRAs from the countries currently on the IRS list. This was basically to simplify the process, and prevent keeping up with an updated list of countries. I couldn't really find an answer to that, and I didn't know if anyone else was doing this.

Yes you can and I would imagine that is how most banks will do it.