IRS Releases Draft FATCA Registration Form
April 2013In April, the IRS released for review and comment a draft of Form 8957 (Foreign Account Tax Compliance Act (FATCA) Registration). The form is available at: http://www.irs.gov/file_source/pub/irs-utl/13f8957.pdf/ .
The draft form was released without instructions, and the IRS issued a statement when the draft form was released warning foreign financial institutions that this version of the form should not be completed and filed. The IRS also stated that “FATCA registration can be accomplished most efficiently and effectively through an electronic online process.” Online registration will be available in July 2013, and a final paper form will also be available later in July.
The IRS also clearly stated its preference for online registration when the form was released: "Financial institutions . . . are strongly encouraged to use the online registration process. Paper registration forms will not be processed until October 2013 and financial institutions [using the paper form] may experience a delay in receiving notice of registration acceptance and obtaining the [Global Intermediate Area Identification Number] needed to demonstrate FATCA compliance.”KEYWORD: FATCA
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