United States: IRS releases FAQs on FATCAOctober 2, 2013
The US Internal Revenue Service (IRS) has released two sets of frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA).
The FAQs are mainly focused on the FATCA requirement for financial institutions to register with the IRS via the online registration system, which was opened on 19 August 2013.
The first set of FAQs discusses the following:
- An overview of the FATCA registration system
- Registration system resource materials (trainings and assistance)
- General system questions
- FATCA account creation and access
- Registration status and account notifications
- Expanded affiliated groups (EAGs)
- Registration updates
- An overview of the global intermediary identification number (GIIN)
- The GIIN format
The second set of FAQs provides the following guidance:
- How to register to become a new qualified intermediary (QI), withholding foreign partnership (WP), or withholding foreign trust (WT)
- How to renew existing QI, WP, and WT agreements
- Jurisdictions treated as having a Model 1 or Model 2 intergovernmental agreement (IGA) in effect
- How to register as a foreign financial institution (FFI) in Model 1 jurisdictions
- How to register as an FFI in Model 2 jurisdictions
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