Daily Tax Update - August 19, 2013: IRS Announces Online FATCA Registration System

IRS Announces Online FATCA Registration System The IRS announced a new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act (FATCA).

According to the IRS, “Financial institutions that must register with the IRS to meet their FATCA obligations can now begin the process of registering by creating an account and providing required information. Financial institutions will also be able to provide required information for their branches of operation and other members of their expanded affiliate groups in which the financial institution is the lead organization.”

The IRS said that the new registration system enables financial institutions to: “establish online accounts; customize home pages to manage accounts; designate points of contact to handle registrations; oversee member and/or branch information; and receive automatic notifications of status changes.”  The IRS added, “The IRS will electronically post the first IRS Foreign Financial Institution (FFI) List in June 2014, and will update the list monthly.  To ensure inclusion in the June 2014 IRS FFI List, financial institutions will need to finalize their registrations by April 25, 2014.”

Additional information can be accessed here.