IRS Offers Guidance on Online FATCA Registrations
On December 27, the Internal Revenue Service updated its FAQs on FATCA providing guidance on how to submit the final online registration which has been available since January 1, 2014. The status of financial institutions, which have already entered their registration information, was updated to “Registration Incomplete” on December 31 and new FAQ #29 explains that these financial institutions should log into their FATCA accounts and resubmit their registration information.
Since January 1, 2014, registering financial institutions (FIs) can log into their homepage by selecting “Registration—Edit/Complete/Submit” under the Available Account Options and will then will be asked if they want to change their status to “Initiated.” When a registering FI gets to Part 4 of the registration, it should complete the information and then click the Submit button. FAQ #29 explains that “Your registration status will then be updated to Registration Submitted. You can go back at any time to update information.”
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