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More Than 170,000 Banks In More Than 200 Countries Are Reporting US Taxpayer's Foreign Accounts!

Foreign banks received a new version of the IRS's Guide to registering online to Report U.S. Owned Bank Accounts under Foreign Account Tax Compliance Act (FATCA). The guide has been reformatted to make it shorter and easier to read. The Internal Revenue Service announced in IR-2015-131 that it has upgraded FATCA's Online Registration System to:

  1. Enable sponsoring entities to register their sponsored entities to obtain a global intermediary identification number.
  2. Aid users to update their information, download registration tables and change their financial institution type. and
  3. Include an updated jurisdiction list. 

The Foreign Account Tax Compliance Act (FATCA) Online Registration System is a secure, web-based system that financial institutions and other entities can use to register for FATCA purposes.

The system allows the IRS to identify Foreign Financial Institutions and certain other entities with FATCA obligations. These entities generally report on foreign financial accounts held by U.S. taxpayers under the terms of FATCA or pursuant to the provisions of specific intergovernmental agreements (IGAs).  

More than 170,000 Financial Institutions
worldwide have registered with the IRS.
 
 
These Financial Institutions are located in
> 200 Jurisdictions.
 

In most cases, those foreign financial institutions that do not comply with FATCA or participate through an IGA are subject to 30 percent withholding on certain U.S. source payments.  

The update to the system occurred on November 16, 2015. The improvements to the system and additional features to manage user accounts include the following:

  • New questions have been added, such as asking foreign financial institutions to indicate their tax identification number in their country or jurisdiction, if they have one. Other questions relate to identifying the common parent entity of the expanded affiliated group.
  • Certain financial institutions can now change their “Financial Institution Type.”
  • Member financial institutions can now transfer to another expanded affiliated group without having to cancel their current agreement and re-register.  

The FATCA Online Registration System User Guide and FAQs have been updated for these enhancements. Additional information on this system is available at www.irs.gov/fatca. 

Do You Have Undeclared Income
From One of These 170,000 Banks
 Who Are Handing Over Your Name to the IRS?
 
 
Want to Know if the OVDP Program is Right for You?

Contact the Tax Lawyers at 
Marini& Associates, P.A.  

 
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243


Read more at: Tax Times blog

 
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