Category: FFI Registration

First FFI List Released

The IRS has released the first FFI list for all FFIs that have had their registration finalized.  This list will be continue to be published and updated on a monthly basis on an on-going basis. You can search this list using our search feature at http://fatcasmart.com/confirmations.php. All pages and information contained therein are subject to […]

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New IRS Annoucement on FATCA Portal

The IRS released Annoucement 2014-1 that relates to users of the FATCA registration portal.  It reminds FIs that the portal was made available August 19, 2013 and that all information entered into the system has been saved.  Additionally, access to the site will be restricted on December 21 and 31 as the site will undergo end-of-year […]

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IRS Releases FFI Agreement Text

The IRS has recently released the draft text and other supporting language that Participating Foreign Financial Institutions (“PFFIs”) and Reporting Model 2 Foreign Financial Institutions must agree to in order to avoid being subject to the painful 30% withholding required under FATCA. Prior discussions have indicated that the agreement would largely contain the requirements already available […]

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New IRS FATCA FAQs

In a continued effort to educate the public about the quickly approaching FATCA rules and the registration process, the IRS has released two FAQs to answer some of the most basic and (apparently) the most frequently asked questions. FAQ #1:  This FAQ consists of 30 questions and answers regarding the freshly opened FATCA registration portal […]

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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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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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GIIN Management Tools

Thank you for visiting FATCAsmart’s blog. We invite you to view our FATCAsmart GIIN tools and subscription service. These services provide customized levels of complete GIIN management for any US or Foreign Financial Institutions that are required to track and verify GIIN’s of their account holders. Please visit FATCAsmart and learn how we can assist […]

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Updated FATCA Timeline

As was announced yesterday, the IRS released Notice 2013-43 (Revised Timeline and Other Guidance Regarding the Implementation of FATCA) to adjust the timeline for certain FATCA requirements.  While this Notice will be welcomed by many, it reflects the difficulty that the Treasury Department and IRS is having in releasing timely guidance and setting up necessary […]

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