IRS Updates Frequently Asked Questions on FATCA Registration

The IRS on December 27th reminded foreign financial institutions ("FFIs") that have previously set up a FATCA account and registered for FATCA on the FATCA online registration system that they need to register again after January 1, 2014, to finalize their registration. The status of each such FFI will change to "Registration Incomplete" on December 31. The IRS modified its frequently asked questions ("FAQ") on FATCA registration by adding a new Question 29 explaining how FFIs can finalize their registration beginning on January 1 by logging into their already established FATCA account and resubmitting their registration by selecting "Registration-Edit/Complete/Submit" under Available Account Options on their home pages. The updated FAQ is linked below.

See: Updated FAQ; FATCA Registration System Overview.Related news: IRS Issues "Corrections" to FATCA Regulations and Publishes FAQ (September 18, 2013). See generally: Cabinet FATCA Materials.For more information please contact Daniel Mulcahy or Mark Howe.