Law Office of Charles W. Cope, PLLC | More FATCA Guidance Issued in August 2013
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  • More FATCA Guidance Issued in August 2013
    August 2013

    The IRS and U.S. Treasury moved forward with implementing FATCA in August.  With respect to registration by foreign financial institutions with the IRS, the IRS provided three types of guidance: (i) on August 19 the IRS opened its FATCA registration portal which allows foreign financial institutions to begin registering with the IRS online, (ii) on August 20, the IRS issued Form 8957 (Foreign Account Tax Compliance Act (FATCA) Registration), which is a paper form for registering with the IRS, and (iii) during August the IRS also published a 75-page FATCA User Guide[1] to provide assistance to those registering.  The IRS also released a draft Form 8896 (FATCA Report), without instructions.  Finally, the Treasury published on its website slightly revised model intergovernmental agreements during the month of August.
    [1] Pub. 5118.