The IRS issued Rev. Proc. 2014-47 today, providing revised texts for a withholding foreign partnership (WP) agreement or a withholding foreign trust (WT) agreement with the IRS under FATCA. It also provides guidance on the procedures for entering into or renewing WP and WT agreements. The revenue procedure provides that a WP or WT that desires to apply for a new, or renew an existing, WP or WT agreement must apply through the IRS FATCA registration website, and have its application approved by the IRS, on or before August 31, 2014, in order for the agreement to be effective June 30, 2014. WPs that are retirement funds or non-financial foreign entities that are not sponsored entities must follow separate procedures to renew a WP agreement.