The IRS has concluded competent authority arrangements (“CAAs”) for the exchange of country-by-country (“CbC”) reports with Australia and the United Kingdom. The CAA with Australia was signed in Australia on July 14 and by the United States on August 1. The CAA with the United Kingdom was signed on August 16. The new arrangements bring
August 2017
IRS Extends Deadline for FFI Agreement Renewal
By S. Michael Chittenden on
Following the July 31, 2017, deadline for renewing an FFI agreement, the IRS announced in a new FAQ that a participating FFI (including a reporting model 2 FFI) that renews its FFI agreement by October 24, 2017, will continue to be treated as a participating FFI. Rev. Proc. 2017-16, which includes the current FFI…