SECTION 10. ADJUSTMENTS FOR

OVERWITHHOLDING AND UNDERWITHHOLDING AND REFUNDS

.01 Adjustments for Overwithhold- ing by Withholding Agent. A participating FFI may request a withholding agent to make an adjustment for amounts paid to the participating FFI on which the withholding agent has overwithheld (as defined in § 1.1474–2(a)(2)) under chapter 4 by applying either the reimbursement procedure or the set-off procedure described

Bulletin No. 2014–3 433 January 13, 2014

1042 was filed) to report and pay the underwithheld tax. A participating FFI must pay the underwithheld tax, the interest due on the underwithheld tax, and any applicable penalties at the time of filing such amended (or original) Form 1042. If a participating FFI fails to file a return (if required under section 6.06 of this agreement or this section 10.06), the IRS will make such return under section 6020 and assess such tax under the procedures set forth in the Code.