The U.S. Treasury Department on February 22 issued final regulations (T.D. 9752) implementing reporting rules for U.S. entities holding foreign financial assets, almost two years after they were left off a set of final regulations covering individuals.
The regulations provide guidance to U.S. entities that may be required to report information to the IRS under section 6038D regarding their foreign financial assets. The updates include matching the passive income definition under section 6038D with those under the section 1472 withholding regulations and eliminating the principal purpose test for determining reporting obligations.
– See more at: http://www.lexisnexis.com/legalnewsroom/tax-law/b/newsheadlines/archive/2016/02/23/u-s-treasury-finalizes-domestic-entity-reporting-regs.aspx?sthash.cp2Ot42F.mjjo#sthash.cp2Ot42F.RVc7bmbK.dpuf