Sec. 104. Reporting United States beneficial owners of foreign owned financial accounts
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Subpart B of part III of subchapter A of chapter 61 is amended by inserting after section 6045B the following new sections: If— any withholding agent under sections 1441 and 1442 has the control, receipt, custody, disposal, or payment of any amount constituting gross income from sources within the United States of any foreign entity, including a trust, corporation, limited liability company, partnership, or foundation (other than an entity with shares regularly traded on an established securities market), and such withholding agent determines for purposes of titles 14, 18, or 31 of the United States Code that a United States person has any beneficial interest in the foreign entity or in the account in such entity's name (hereafter in this section referred to as United States beneficial owner ), then the withholding agent shall make a return according to the forms or regulations prescribed by the Secretary.
For purposes of subsection
(a)the information required to be included on the return shall include— the name, address, and, if known, the taxpayer identification number of the United States beneficial owner, the known facts pertaining to the relationship of such United States beneficial owner to the foreign entity and the account, the gross amount of income from sources within the United States (including gross proceeds from brokerage transactions), and such other information as the Secretary may by forms or regulations provide. A withholding agent required to make a return under subsection
(a)shall furnish to each United States beneficial owner whose name is required to be set forth in such return a statement showing— the name, address, and telephone number of the information contact of the person required to make such return, and the information required to be shown on such return with respect to such United States beneficial owner. The written statement required under the preceding sentence shall be furnished to the United States beneficial owner on or before January 31 of the year following the calendar year for which the return under subsection
(a)was required to be made. In the event the person filing such return does not have a current address for the United States beneficial owner, such written statement may be mailed to the address of the foreign entity. Any financial institution directly or indirectly opening a bank, brokerage, or other financial account for or on behalf of an offshore entity, including a trust, corporation, limited liability company, partnership, or foundation (other than an entity with shares regularly traded on an established securities market), in a non-FATCA institution (as defined in section 7701(a)(51)) at the direction of, on behalf of, or for the benefit of a United States person shall make a return according to the forms or regulations prescribed by the Secretary. For purposes of subsection
(a)the information required to be included on the return shall include— the name, address, and taxpayer identification number of such United States person, the name and address of the financial institution at which a financial account is opened, the type of account, the account number, the name under which the account was opened, and the amount of the initial deposit, if the account is held in the name of an entity, the name and address of such entity, the type of entity, and the name and address of any company formation agent or other professional employed to form or acquire the entity, and such other information as the Secretary may by forms or regulations provide. A financial institution required to make a return under subsection
(a)shall furnish to each United States person whose name is required to be set forth in such return a statement showing— the name, address, and telephone number of the information contact of the person required to make such return, and the information required to be shown on such return with respect to such United States person. The written statement required under the preceding sentence shall be furnished to such United States person on or before January 31 of the year following the calendar year for which the return under subsection
(a)was required to be made. The Secretary may by regulations exempt any class of United States persons or any class of accounts or entities from the requirements of this section if the Secretary determines that applying this section to such persons, accounts, or entities is not necessary to carry out the purposes of this section. . Section 6724(d)(1)(B) is amended by striking or at the end of clause (xxiv), by striking and at the end of clause (xxv), and by adding after clause
(xxv)the following new clauses: section 6045C(a) (relating to returns regarding United States beneficial owners of financial accounts located in the United States and held in the name of a foreign entity), or section 6045D(a) (relating to returns by financial institutions regarding establishment of accounts at non-FATCA institutions), and . Section 6724(d)(2) is amended by striking or at the end of subparagraph (GG), by striking the period at the end of subparagraph (HH), and by inserting after subparagraph
(HH)the following new subparagraphs: section 6045C(c) (relating to returns regarding United States beneficial owners of financial accounts located in the United States and held in the name of a foreign entity), section 6045D(c) (relating to returns by financial institutions regarding establishment of accounts at non-FATCA institutions). . The table of sections for subpart B of part III of subchapter A of chapter 61 is amended by inserting after the item relating to section 6045B the following new items: Sec. 6045C. Returns regarding United States beneficial owners of financial accounts located in the United States and held in the name of a foreign entity. Sec. 6045D. Returns by financial institutions regarding establishment of accounts at non-FATCA institutions. . Section 5239(b)(1) of the Revised Statutes of the United States ( 12 U.S.C. 93(b)(1) ) is amended by inserting or any of the provisions of after section 6045D of the Internal Revenue Code of 1986, any regulation issued pursuant to, . Section 21(d)(3)(A) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u(d)(3)(A) ) is amended by inserting any of the provisions of section 6045D of the Internal Revenue Code of 1986, after the rules or regulations thereunder, . Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall adopt regulations, forms, or other guidance necessary to implement this section. Section 6045C of the Internal Revenue Code of 1986 (as added by this section) and the amendment made by subsection (d)(1) shall take effect with respect to amounts paid into foreign owned accounts located in the United States after December 31 of the year of the date of the enactment of this Act. Section 6045D of such Code (as so added) and the amendment made by subsection (d)(2) shall take effect with respect to accounts opened after December 31 of the year of the date of the enactment of this Act.
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Sec. 104
Reporting United States beneficial owners of foreign owned financial accounts
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