The US Treasury Department and the US Internal Revenue Service (IRS) have issued a document (2020-04113) to correct the final regulations (TD 9890) on certain due diligence and reporting rules applicable to persons making certain US source payments to foreign persons, and guidance on certain aspects of reporting by foreign financial institutions on US accounts.
The correcting document was published in the Federal Register on 6 March 2020.
The correcting document is effective on 6 March 2020 and is applicable to taxable years that begin on or after 6 December 2019.
The final regulations were published in the Federal Register on 2 January 2020