Archive for August, 2013

IRS FATCA Online Manual

As part of the online registration process, the IRS has released a user manual. http://www.irs.gov/pub/irs-pdf/p5118.pdf The document is 75 pages and includes step by step instructions, including screen shots, on all areas of the registration process.  There is also a glossary on page 65 that some may find useful in learning all the new acronyms and […]

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FATCA Registration Portal Now Open

The IRS has modified their FATCA page by including a link to the registration portal. You can find the registration portal here:  https://sa1.www4.irs.gov/fatca-rup/login/userLogin.do There will be likely plenty of commentary over the coming days and weeks not just about the portal but FATCA in general.  This is one of the first significant steps towards full […]

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Draft IRS Form 8966 – Annual FACTA Reporting

The IRS has released a draft dated August 13, 2013, of Form 8966.  As we’ve seen with most of the other draft form releases, no accompanying form instructions have been released.  The available fields are fairly plain and uninteresting.  The form is divided into 5 parts.  Because the form reports information on a single underlying account […]

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Another IGA Nears: Bahamas

After consulting and discussion the roadmap on how to implement FATCA since September 2012, the Bahamas announced that the government has agreed to enter into a Model 1 IGA with the United States.  Minister of Financial Services, Hon. Ryan Pinder, stated that a Model 1 agreement will provide the greatest control for the Bahamas government and […]

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Cayman and US Conclude FATCA Negotiations

As we get closer to year-end, more and more countries are starting to get into the final stages of establishing Intergovernmental Agreements (IGAs).  On Tuesday, the Cayman Islands announced that negotiations have concluded with the United States and have yielded a Model 1 IGA and a new Tax Information Exchange Agreement (TIEA).  This should result in the automatic exchange of information under FATCA. Due […]

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What’s in a GIIN?

Like Social Security or Employer Identification Numbers, Global Intermediary Identification Numbers (“GIINs”) are assigned to foreign financial institutions and sponsoring entities for purposes of identifying their registration with the IRS under FATCA.  To provide consistency, each assigned GIIN will contain 19 characters, which includes three decimal points (“.”). The general GIIN format is as follows: […]

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