FROM THE OFFICE OF PUBLIC AFFAIRS
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October 22, 2004
JS-2051
Treasury and IRS Issue Guidance on Information Reporting of Dividends from Foreign Corporations
Today, the Treasury Department and the IRS issued guidance on 2004 information reporting of dividends from foreign corporations that are paid to individuals and that may be eligible for reduced rates of tax. Notice 2004-71 provides guidance for persons required to prepare form 1099-DIV and other information reporting with respect to dividends from foreign corporations and for individuals receiving such forms.
Form 1099-DIV includes a separate box identifying the amount of dividends eligible for reduced rates of tax. A dividend paid by a foreign corporation is eligible for the reduced rates if it satisfies the special rules applicable to foreign dividends. Last year, the Treasury Department and the IRS provided simplified procedures for 2003 information reporting of foreign dividends on Form 1099-DIV. Today's notice extends those simplified procedures to apply to 2004 information reporting.
The Treasury Department and the IRS intend shortly to issue detailed guidance regarding information reporting procedures to be applied for future years. This guidance will be issued in proposed form in order to provide interested parties an opportunity to comment.
REPORTS