The US Treasury Department and the Internal Revenue Service on Wednesday announced a temporary voluntary compliance initiative with respect to tax, withholding, and reporting obligations that apply to withholding agents in connection with payments to foreign persons.
In Revenue Procedure 2004-59, the Treasury sets forth procedures for eligible withholding agents to disclose compliance shortcomings in these areas to the IRS, to pay any applicable tax, interest, and penalties, and to develop appropriate remedial procedures to ensure compliance in the future.
The IRS will then review the withholding agent's proposed remedial procedures and, if they are acceptable, will provide the withholding agent with an acknowledgment letter. Applications for the program will be accepted until December 31, 2005.
A comprehensive report on the US Treasury's 'Qualified Intermediary' withholding tax regime is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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