Updated IRS publication on FATCA registration | KPMG | GLOBAL

United States: FATCA online registration user guide (revised June 2017)

Updated IRS publication on FATCA registration

The IRS has released an updated version of the Foreign Account Tax Compliance Act (FATCA) Online Registration User Guide—Publication 5118 (Rev. 6-2017).

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Read the updated version of Publication 5118 [PDF 19.6 MB]The updated version of the user guide reflects changes to the FATCA online registration system, including:

  • The FATCA online registration system now allows financial institutions (FIs) to renew their foreign financial institution (FFI) agreement with the IRS. Certain financial institutions (FIs) must complete the renewal by July 31, 2017. All registered entities are to use the system to determine whether they need to renew their agreement. 
  • The FATCA online registration system adds account home-page information regarding the renewal of FFI agreement information including updates to account information, such as the renewal due date and submitted date.
  • The IRS has discontinued the limited status for new or renewing FI applicants. Existing branches will no longer be marked as being in limited status.
  • Additional updates include: (1) a warning banner added to the login steps; and (2) the number of attempts allowed to login to the registration system is reduced from five to three attempts.
  • There is new information on renewing FFI agreements.

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