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For this purpose, the agent's actual knowledge or reason to know shall be imputed to the withholding agent. withholding agent may treat the acts of the foreign agent as its own for purposes of determining whether it has complied with the provisions of chapter 4.

Except as otherwise provided in the QI, WP, or WT agreement, an agent of a withholding agent is subject to the same withholding and reporting obligations that apply to any withholding agent under the provisions of chapter 4 and does not benefit from the special procedures or exceptions that apply to a QI, WP, or WT. The withholding agent's liability under paragraph (a)(2) of this section will exist even if the agent is also a withholding agent and is itself separately liable for failure to comply with the provisions of chapter 4.

This income tax return shall be filed on the same income tax return used to report amounts subject to reporting for chapter 3 purposes as described in § 1.1461-1(b). Except as otherwise provided on Form 1042-S or its instructions, only payments for which the income or payment code, exemption code, withholding rate, and recipient code are the same may be reported on a single form filed with the IRS. withholding agent is an exempt beneficial owner, an FFI, an NFFE, or a territory entity, it must complete Form 1042-S treating such entity as the recipient of the payment. source FDAP income made to a participating FFI or registered deemed-compliant FFI that is an NQI, NWP, or NWT or QI that elects to be withheld upon under section 1471(b)(3) and from whom the withholding agent receives an FFI withholding statement allocating the payment (or portion of the payment) to a chapter 4 withholding rate pool, a U. withholding agent must complete a separate Form 1042-S issued to the participating FFI, registered deemed-compliant FFI, or QI (as applicable) as the recipient with respect to each such pool identified on an FFI withholding statement, described in § 1.1471-3(c)(3)(iii)(B)(). If a withholding agent makes a payment of a chapter 4 reportable amount to a nonparticipating FFI that it is required to treat as an intermediary with regard to a payment or as a flow-through entity under rules described in § 1.1471-3(c)(3)(iii), and except as otherwise provided in paragraph (d)(1)(ii)(A)() of this section (relating to an exempt beneficial owner), the withholding agent must report the recipient of the payment as an unknown recipient and report the nonparticipating FFI as provided in paragraph (d)(4)(ii)(A) of this section for an entity not treated as a recipient. A participating FFI or registered deemed-compliant FFI (including a QI, WP, or WT), and a U. Except as otherwise provided in § 1.1471-4(d)(2)(ii)(F), with respect to payees that are nonparticipating FFIs, the FFI may report in pools consisting of one or more nonparticipating FFIs that fall within a particular income code and within a particular status code described in the instructions to Form 1042-S. Except as otherwise provided in § 1.1471-4(d)(2)(ii)(F), a participating FFI or deemed-compliant FFI that is an NQI, NWP, or NWT, and a U. In such case, the FFI or branch must report on Form 1042-S to the extent required under paragraph (d)(4)(iii)(A) of this section. A territory financial institution must, however, report payments made to recipients for whom it has failed to provide the appropriate documentation to another withholding agent or to the extent it knows, or has reason to know, that less than the required amount has been withheld. A nonparticipating FFI that is a flow-through entity or that acts as an intermediary with respect to a payment may file Forms 10-S only to report and allocate tax withheld to the account holders, partners, owners, or beneficiaries of the nonparticipating FFI.

The return must show the aggregate amount of payments that are chapter 4 reportable amounts and must report the tax withheld for the preceding calendar year by the withholding agent, in addition to any information required by the form and its accompanying instructions. person shall file a separate Form 1042 in accordance with paragraph (c)(1) of this section and the instructions on the form to report chapter 4 reportable amounts. See paragraph (d)(4)(ii) of this section for reporting of payments made to a person that is not a recipient and that is otherwise required to be reported on Form 1042-S. Except as otherwise provided in this paragraph (d)(4)(i)(B), a U. withholding agent that makes a payment of a chapter 4 reportable amount to a participating FFI or deemed-compliant FFI that is an NQI, NWP, or NWT must complete a Form 1042-S treating such FFI as the recipient. If, however, a participating FFI, deemed-compliant FFI, or QI (as applicable) has made an election under § 1.1471-4(b)(3)(iii), for the portion of the payment that the FFI allocates to each recalcitrant account holder that is subject to backup withholding under section 3406, the withholding agent must report on Form 1099 the amount of the payment and tax withheld in accordance with the form's requirements and accompanying instructions. Except as otherwise provided in paragraph (d)(4)(iii)(B) (relating to NQIs, NWPs, NWTs, and FFIs electing under section 1471(b)(3)) and § 1.1471-4(d)(2)(ii)(F) (relating to transitional payee-specific reporting for payments to nonparticipating FFIs), a participating FFI or deemed-compliant FFI (including a QI, WP, or WT), and a U. Alternatively, a participating FFI or registered deemed-compliant FFI (including a QI, WP, or WT) and a U. See, however, § 1.1471-4(d)(6) for the requirement to report certain aggregate information regarding accounts held by recalcitrant account holders on Form 8966, “FATCA Report,” regardless of whether withholdable payments are made to such accounts. A territory financial institution that is treated as a U. person or is otherwise required under this paragraph (d)(4)(iv) to report amounts paid to recipients on Forms 1042-S must report in the same manner as a U. Any person that is a withholding agent that is not described in any of paragraphs (d)(4)(i) through (v) of this section shall file Forms 1042-S in the same manner as a U. withholding agent and in accordance with the instructions to the form.

See section 6501 and the regulations thereunder for the applicable period of limitations. Except as otherwise provided in paragraphs (d)(4)(ii)(B) (certain unknown recipients) and (d)(4)(i)(B) and (d)(4)(iii)(A) of this section (describing payees includable in reporting pools of a participating FFI or registered deemed-compliant FFI), a separate Form 1042-S must be filed with the IRS for each recipient of an amount subject to reporting under paragraph (d)(2)(i) of this section and for each separate type of payment made to a single recipient in accordance with paragraph (d)(4)(i) of this section. income tax returns; The name, address of any FFI, flow-through entity that is an NFFE, or U. branch or territory financial institution that is not treated as a U. person when an account holder or owner of such entity (including an unknown recipient or owner) is treated as the recipient of the payment; Except as otherwise provided in this paragraph (d)(4) or on the Form 1042-S and its accompanying instructions, a withholding agent that is a U. See paragraph (d)(4)(ii)(A) of this section for reporting rules applicable if participating FFIs or deemed-compliant FFIs provide specific payee information for reporting to the recipient of the payment for Form 1042-S reporting purposes. A withholding agent is indemnified against the claims and demands of any person for the amount of any tax it deducts and withholds in accordance with the provisions of chapter 4 and the regulations thereunder. Adjustments to the total amount of tax withheld described in § 1.1474-2 shall be stated on the return as prescribed by the form and its accompanying instructions. person must exclude from Form 1042 payments made and taxes withheld by such U. The Form 1042-S shall be prepared in such manner as the form and its accompanying instructions prescribe. person as a payee for purposes of determining whether withholding is required under §§ 1.1471-2 and 1.1472-1. See paragraph (d)(4)(iii) of this section for the residual reporting responsibilities of an NQI, NWP, or NWT that is an FFI. A withholding agent that withholds based on a reasonable belief that such withholding is required under chapter 4 and the regulations thereunder is treated for purposes of section 1474 and this paragraph (f) as having withheld tax in accordance with the provisions of chapter 4 and the regulations thereunder. 2373]§ 467 - Certain payments for the use of property or services§ 468A - Special rules for nuclear decommissioning costs§ 468B - Special rules for designated settlement funds§ 469 - Passive activity losses and credits limited§ 471 - General rule for inventories§ 472 - Last-in, first-out inventories§ 475 - Mark to market accounting method for dealers in securities§ 481 - Adjustments required by changes in method of accounting§ 482 - Allocation of income and deductions among taxpayers§ 483 - Interest on certain deferred payments§ 493§ 504 - Status after organization ceases to qualify for exemption under section 501(c)(3) because of substantial lobbying or because of political activities§ 514 - Unrelated debt-financed income§ 527 - Political organizations§ 585 - Reserves for losses on loans of banks§ 597 - Treatment of transactions in which Federal financial assistance provided§ 642 - Special rules for credits and deductions§ 643 - Definitions applicable to subparts A, B, C, and D§ 645 - Certain revocable trusts treated as part of estate§ 663 - Special rules applicable to sections 661 and 662§ 664 - Charitable remainder trusts§ 672 - Definitions and rules§ 679 - Foreign trusts having one or more United States beneficiaries§ 701 - Partners, not partnership, subject to tax§ 702 - Income and credits of partner§ 703 - Partnership computations§ 704 - Partner’s distributive share§ 705 - Determination of basis of partner’s interest§ 706 - Taxable years of partner and partnership§ 707 - Transactions between partner and partnership§ 708 - Continuation of partnership§ 709 - Treatment of organization and syndication fees§ 721 - Nonrecognition of gain or loss on contribution§ 722 - Basis of contributing partner’s interest§ 723 - Basis of property contributed to partnership§ 724 - Character of gain or loss on contributed unrealized receivables, inventory items, and capital loss property§ 731 - Extent of recognition of gain or loss on distribution§ 732 - Basis of distributed property other than money§ 733 - Basis of distributee partner’s interest§ 734 - Adjustment to basis of undistributed partnership property where section 754 election or substantial basis reduction§ 735 - Character of gain or loss on disposition of distributed property§ 736 - Payments to a retiring partner or a deceased partner’s successor in interest§ 737 - Recognition of precontribution gain in case of certain distributions to contributing partner§ 741 - Recognition and character of gain or loss on sale or exchange§ 742 - Basis of transferee partner’s interest§ 743 - Special rules where section 754 election or substantial built-in loss§ 751 - Unrealized receivables and inventory items§ 752 - Treatment of certain liabilities§ 753 - Partner receiving income in respect of decedent§ 754 - Manner of electing optional adjustment to basis of partnership property§ 755 - Rules for allocation of basis§ 761 - Terms defined§ 809 - Repealed. A participating FFI or registered deemed-compliant FFI shall file Form 1042 in accordance with paragraph (c)(1) of this section to report chapter 4 reportable amounts for which the participating FFI or registered deemed-compliant FFI is required to file Form 1042-S, as described in paragraph (d)(4)(iii) of this section. One copy of the Form 1042-S shall be filed with the IRS on or before March 15 of the calendar year following the year in which the amount subject to reporting was paid, with a transmittal form as provided in the instructions to the form. A chapter 4 reportable amount does, however, include an amount paid to a participating FFI or registered deemed-compliant FFI to the extent allocable to its reporting pool of payees that are U. persons as described in paragraph (d)(4)(i)(B) of this section. This paragraph (f) does not relieve a withholding agent from tax liability under chapter 3 or chapter 4 or the regulations under those chapters. See paragraph (d)(4)(iii) of this section for the additional reporting requirements of participating FFIs and deemed-compliant FFIs. A participating FFI or a registered deemed-compliant FFI that is an NQI, NWP, or NWT, and a U. In the case of an entity to which the preceding sentence does not apply that is a flow-through entity or is acting as an intermediary receiving a withholdable payment allocable to a passive NFFE with one or more substantial U. owners, the entity is not required to report with respect to the passive NFFE under this paragraph (i)(2) if it provides to the withholding agent from which it receives the payment documentation sufficient for the withholding agent to report information with respect to the passive NFFE under this paragraph (i)(2), provided that the intermediary or flow-through entity does not know or have reason to know that the withholding agent does not report with respect to the passive NFFE under this paragraph (i)(2). A participating FFI or a registered deemed-compliant FFI that is an NQI, NWP, NWT, and a U. The report must contain the following information - For the period from July 1, 2014 through December 31, 2014, the total of all withholdable payments made to the NFFE and, with respect to payments made after the 2014 calendar year, the total of all withholdable payments made to the NFFE during the calendar year; and The IRS shall grant an automatic 90-day extension of time in which to file Form 8966 as required under paragraph (i)(1) or (i)(2) of this section. 2657]§ 108 - Income from discharge of indebtedness§ 110 - Qualified lessee construction allowances for short-term leases§ 129 - Dependent care assistance programs§ 132 - Certain fringe benefits§ 148 - Arbitrage§ 149 - Bonds must be registered to be tax exempt; other requirements§ 150 - Definitions and special rules§ 152 - Dependent defined§ 162 - Trade or business expenses§ 163 - Interest§ 165 - Losses§ 166 - Bad debts§ 168 - Accelerated cost recovery system§ 170 - Charitable, etc., contributions and gifts§ 171 - Amortizable bond premium§ 179 - Election to expense certain depreciable business assets§ 179A - Repealed.

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