Table of Contents

• Highlights of This Issue
  • INCOME TAX
    • Notice 2010-58
    • Notice 2010-60
  • EXEMPT ORGANIZATIONS
    • Announcement 2010-55
• Preface
  • The IRS Mission
  • Introduction
• Part III. Administrative, Procedural, and Miscellaneous
  • Notice 2010-58
    • BACKGROUND
      • In general
      • American Recovery and Reinvestment Act of 2009
      • Worker, Homeowner, and Business Assistance Act of 2009
    • QUESTIONS AND ANSWERS
      • ARRA and WHBAA Elections
      • Alternative Tax Net Operating Loss Deduction
      • 50 Percent Limitation
      • Other Issues
    • DRAFTING INFORMATION
  • Notice 2010-60
    • PURPOSE
      • Section I. Grandfathered Obligations
      • Section II. FFIs and NFFEs
      • A. Section 1471(d)(5): Definition of “Financial Institution”
      • 1. Financial Institutions Under Section 1471(d)(5)(A)
      • 2. Financial Institutions Under Section 1471(d)(5)(B)
      • 3. Financial Institutions Under Section 1471(d)(5)(C)
      • B. Entities Excluded from Definition of Financial Institution and/or Otherwise Exempt from Some or All of the Obligations Imposed by Chapter 4
      • 1. Entities That Will Be Exempt From Withholding Under Sections 1471 and 1472
      • 2. Insurance Companies
      • 3. Entities with Certain Identified Owners
      • 4. Financial Institutions Organized in U.S. Territories
      • C. Classes of Persons Posing a Low Risk of Tax Evasion Under Section 1471(f)(4) — Retirement Plans
      • D. Treatment of Certain Other Classes of Entities
      • 1. U.S. Branches of FFIs
      • 2. Controlled Foreign Corporations
      • E. Comments Requested
      • Section III. Collection of Information and Identification of Persons by Financial Institutions Under Sections 1471 and 1472
      • A. Overview
      • 1. Statutory Framework
      • 2. Responsibilities of Participating FFIs and USFIs
      • B. Participating FFIs
      • 1. Reliance on Existing Documentation and Issuance of FFI EINs
      • 2. Individual Financial Accounts — Identification by Participating FFIs for Purposes of Section 1471
      • a. Preexisting Individual Accounts
      • b. New Individual Accounts
      • 3. Financial Accounts Held by Entities — Identification by Participating FFIs
      • a. Preexisting Entity Accounts
      • b. New Entity Accounts
      • 4. Coordination With Section 1472
      • C. USFIs
      • 1. Identification of Foreign Entities that Hold Preexisting Financial Accounts
      • 2. Identification of New Foreign Entity Accounts
      • Section IV. Reporting on U.S. Accounts
      • A. In General
      • B. Account Balance or Value
      • C. Gross Receipts and Withdrawals
      • D. Section 1471(c)(2) Election
      • E. Elimination of Duplicative Reporting
      • F. Reporting with Regard to Recalcitrant Accounts
      • Section V. Request for Specific Comments
      • A. Verification Requirements Applicable to Participating FFIs
      • B. Treatment of Passthru Payments
      • C. Election to be Withheld Upon
      • D. Sanctions With Respect to Recalcitrant Account Holders
      • E. FFIs Subject to Restrictions Prohibiting U.S. Account Holders
      • F. Electronic Filing Requirements for Financial Institutions
      • G. Application of Chapter 4 by U.S. Withholding Agents Other than USFIs
      • H. Potential Modifications to Chapter 4 Requirements Based on Availability of Information From Other Sources
    • REQUESTS FOR PUBLIC COMMENT
    • DRAFTING INFORMATION
• Part IV. Items of General Interest
  • Announcement 2010-55
• Definition of Terms and Abbreviations
  • Definition of Terms
  • Abbreviations
• Numerical Finding List
  • Numerical Finding List
• Effect of Current Actions on Previously Published Items
  • Finding List of Current Actions on Previously Published Items
• How to get the Internal Revenue Bulletin
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