Switzerland Delays Model 1 IGA On June 27, 2024, the U.S. and Switzerland signed a new FATCA agreement changing Switzerland from a Model 2 Intergovernmental Agreement (IGA) jurisdiction to Model 1 IGA jurisdiction starting in 2027. However, on January 26, 2026, Switzerland’s State Secretariat for International Finance SIF announced that the earliest entry into force of the U.S.-Switzerland Model 1 IGA is scheduled for January 1, 2028. Model 2 IGA The U.S.-Switzerland Model 2

On June 27, 2024, the U.S. and Switzerland signed a new FATCA agreement changing Switzerland from a Model 2 IGA jurisdiction to Model 1 IGA jurisdiction starting in 2027. Model 2 IGA The U.S.-Switzerland Model 2 Intergovernmental Agreement (IGA) entered into force on June 30, 2014. Pursuant to the U.S.-Switzerland Model 2 IGA, Swiss Participating Foreign Financial Institutions (PFFIs) submit annual FATCA reporting directly to the U.S. Internal Revenue Service (IRS) after obta

This week the IRS announced several IRS Large Business and International division tax compliance campaigns. Two of these campaigns impact FATCA compliance. To help you decipher the IRS description of the two campaigns, I have broken down some of the terminology used in the IRS announcement. Form 1120-F Chapter 3 and Chapter 4 Withholding Campaign The IRS described this campaign as: “designed to verify withholding at source for 1120-Fs claiming refunds. To make a claim for r