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If you are an FFI making an election described in

Regulations section 1.1471-1(b). A Reporting FI under a

Regulations section 1.1471-4(d)(5)(i)(A) or (B), or

Model 2 Intergovernmental Agreement (IGA) should also

are a U.S. payer reporting as described in

refer to definitions that may apply under that IGA or apply

CAUTION

Regulations section 1.1471-4(d)(2)(iii)(A), you are

pursuant to any applicable domestic law pertaining to its

required to report the payee’s account number on each

FATCA obligations. Solely for purposes of filing Forms

Form 1099 you file (regardless of the fact that the account

1099, the following definitions are provided to help guide

number otherwise may be optional for purposes of

filers through the process.

reporting on the applicable Form 1099).

Account. An account means a financial account

described in Regulations section 1.1471-5(b), including a

If you are a sponsoring entity that is reporting a U.S.

cash value insurance contract and annuity contract.

account on behalf of a sponsored FFI described above,

Account holder. An account holder is the person who

report on the appropriate Form(s) 1099 the following

holds a financial account, as determined under

information in the payer boxes (if filing on paper) or in the

Regulations section 1.1471-5(a)(3).

appropriate fields of the payer record (if filing

Foreign financial institution (FFI). An FFI generally

electronically).

means a foreign entity that is a financial institution.

For the name, enter the sponsored FFI’s name on the

Owner-documented FFI. An owner-documented FFI

first line and the sponsoring entity’s name on the second

is an FFI described in Regulations section 1.1471-5(f)(3).

line.

Participating FFI (PFFI). A PFFI is an FFI that has

For the address, enter the sponsoring entity’s address.

agreed to comply with the requirements of an FFI

For the federal (or taxpayer) identification number,

agreement with respect to all branches of the FFI, other

enter the sponsored FFI’s EIN.

than a branch that is a reporting Model 1 FFI or a U.S.

In addition, if you are filing electronically, enter numeric

branch. The term PFFI also includes an FFI described in a

code “1” in the “Transfer Agent Indicator” field. See Pub.

Model 2 IGA that has agreed to comply with the

1220 for electronic filing of forms. If you are filing on

requirements of an FFI agreement with respect to a

paper, enter your Global Intermediary Identification

branch, and a

Qualified Intermediary (QI)

branch of a U.S.

Number (GIIN) in the lower right-hand portion of the title

financial institution, unless such branch is a reporting

area on the top of Form 1096, Annual Summary and

Model 1 FFI.

Transmittal of U.S. Information Returns. For transmittal of

Recalcitrant account holder. A recalcitrant account

paper forms, see Form 1096 and its accompanying

holder is an account holder (other than an account holder

instructions.

that is an FFI) of a PFFI or registered deemed-compliant

If you are an FFI described above that is electing to

FFI that has failed to provide the FFI maintaining its

report an account to which you did not make any

account with the information required under Regulations

payments for the calendar year that are required to be

section 1.1471-5(g).

reported on a Form 1099, you must report the account on

Registered deemed-compliant FFI (RDC FFI). A

Form 1099-MISC. In addition, if you made any payments

registered deemed-compliant FFI is an FFI described in

for the calendar year that would be required to be reported

Regulations section 1.1471-5(f)(1), and includes a

on a Form 1099 if not for an applicable dollar amount

Reporting Model 1 FFI, a QI branch of a U.S. financial

threshold, you also must report the account on Form

institution that is a Reporting Model 1 FFI, and a

1099-MISC. See the Instructions for Form 1099-MISC.

nonreporting

Foreign Intermediary (FI)

treated as a

registered deemed-compliant FFI under a Model 2 IGA.

Payments required to be reported. If you make an

election described in Regulations section 1.1471-4 (d)(5)

Reporting Model 1 FFI. A Reporting Model 1 FFI is an

(i)(A) or (B), you are required to report any payments

FI, including a foreign branch of a U.S. financial institution,

made to the account as required for purposes of the

treated as a reporting financial institution under a Model 1

election, that is, payments that would be reportable under

IGA.

sections 6041, 6042, 6045, and 6049 if you were a U.S.

Reporting Model 2 FFI. A Reporting Model 2 FFI is

payer.

an FI or branch of an FI treated as a reporting financial

institution under a Model 2 IGA.

Reporting under chapter 4 does not affect an FFI’s

Specified U.S. person. A specified U.S. person is any

otherwise applicable obligations to report

U.S. person described in Regulations section 1.1473-1(c).

payments as a payer under chapter 61.

CAUTION

Sponsored FFI. A Sponsored FFI is an FFI that is an

investment entity, a controlled foreign corporation, or a

Forms 1099 used. The payments required to be

closely held investment vehicle that has a Sponsoring

reported under this election for calendar year 2018 must

Entity that performs certain due diligence, withholding,

be reported, as applicable, on Form 1099-B, Proceeds

and reporting obligations on behalf of the Sponsored FFI.

From Broker or Barter Exchange Transactions; Form

1099-DIV, Dividends and Distributions; 1099-INT, Interest

Sponsoring Entity. A Sponsoring Entity is an entity

Income; 1099-MISC, Miscellaneous Income; 1099-OID,

that has registered with the IRS to perform the due

Original Issue Discount; or 1099-R, Distributions From

diligence, withholding, and reporting obligations of one or

Pensions, Annuities, Retirement or Profit-Sharing Plans,

more Sponsored FFIs or Sponsored Direct Reporting

IRAs, Insurance Contracts, etc. See also the separate

NFFEs.

specific instructions for each form.

U.S. account. A U.S. account is any account held by

one or more specified U.S. persons. A U.S. account also

Definitions. For detailed information about definitions

includes any account held by a passive NFFE that has

that apply for purposes of chapter 4 generally, see

-5-

Gen. Instr. for Certain Info. Returns (2018)

Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, And W-2g - General Instructions For Certain Information Returns - 2018 Page 5

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