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Dianne Mehany Comments on Ireland-U.S. Deal Affecting Sponsoring-Entity Issue within FATCA Reporting

March 29, 2019, Bloomberg Law, Daily Tax Report

Investors in certain funds in Ireland would be spared a 30 percent withholding tax and onerous reporting requirements, under a reworked offshore account-reporting agreement with the U.S.

. . .

Passing the reporting requirement to investors would mean the funds risk losing hundreds or thousands of investors who don't want to deal with the hassle going forward. Practitioners say funds should encourage their investors to meet the deadline, because the risk of being found noncompliant is substantial.

“The risk to the larger foreign financial institutions is losing customers by passing them the compliance burden, which is very complicated,” said Dianne Mehany, a member at Caplin & Drysdale in Washington.

For the full article, please visit Bloomberg Law’s website (subscription required).

Excerpt taken from the article “Ireland-U.S. Deal May Spare Investors Global Tax Reporting Pain” by Siri Bulusu for Bloomberg Law’s Daily Tax Report.

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