IRS Issues Draft of FATCA Registration Form

The IRS issued a draft of Form 8957, a new form that will be used by foreign financial institutions and other financial entities to register with the IRS under FATCA. The IRS emphasized that the draft Form should not be used currently by foreign financial institutions to attempt to register under FATCA, and that an electronic online registration procedure would be launched in July 2013 where financial institutions and entities can most efficiently and effectively register for FATCA. Institutions registering on line will receive a prompt online notice of registration acceptance and a Global Intermediary Information Number ("GIIN") that will be needed to evidence compliance with FATCA. Although the online format will differ from Form 8957, the IRS indicated that the same information would be collected. Draft instructions for Form 8957 have not yet been published.

Although paper filing of Form 8957 will be available once the Form is finalized, the IRS emphasized that paper filings will not be reviewed until at least October of 2013 and will likely result in significant delay in obtaining GIINs. Accordingly, the IRS strongly encouraged online registration.Questions on FATCA may be directed to Mark Howe, Dan Mulcahy or your usual Cadwalader tax contact.

View Form in full here (Cabinet link).For a compilation of recent news items on FATCA, link to Current Topics - FATCA.