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FATCA – Current Alerts and Other News

posted Jun 10, 2014, 10:55 PM by Zaher Fallahi

ALERT:  IRS FATCA Foreign Financial Institution (FFI) List Posted on

The IRS has published a Foreign Financial Institution (FFI) list on The list contains the names of financial institutions and other entities that have completed Foreign Account Tax Compliance Act (FATCA) registration with the IRS and obtained a global intermediary identification number (GIIN).

The FFI List Search and Download Tool contains a link to a Search and Download Tool that allows the FFI List to be searched and downloaded to ensure ease of use. A User Guide for the list search-and-download tools is posted online to explain the convenient features provided.

A cumulative updated FFI list will be posted monthly that will contain the names of all financial institutions and other entities that have completed FATCA registration with the IRS and obtained a GIIN up to 5 business days before the end of the previous month. The first updated list will be posted by the IRS on July 1.

ALERT: Notice 2014-33 provides:  “Further Guidance on the Implementation of FATCA and Related Withholding Provisions.”

This notice announces that calendar years 2014 and 2015 will be regarded as a transition period for purposes of Internal Revenue Service (IRS) enforcement and administration with respect to the implementation of FATCA by withholding agents, foreign financial institutions (FFIs), and other entities with chapter 4 responsibilities, and with respect to certain related due diligence and withholding provisions under chapters 3 and 61, and section 3406, that were revised in regulations issued earlier this year as referenced in section II of this notice. This notice also announces the intention of the Department of the Treasury (Treasury) and the IRS to further amend the regulations under sections 1441, 1442, 1471, and 1472, as applicable,…

The transition period and other guidance described in this notice is intended to facilitate an orderly transition for withholding agent and FFI compliance with FATCA’s requirements, and responds to comments regarding certain aspects of the regulations under chapters 3 and 4.

ALERT: Several additional FATCA Frequently Asked Questions (FAQs) and Answers have been posted to the FATCA Website. Here is the link to the latest set of FAQs: Latest FAQs.

ALERT: Update on Jurisdictions Treated as Having an IGA in Effect and on FATCA Financial Institution Registration See Announcement 2014-17.

ALERT: FATCA – Regulations and Other Guidance coordinating chapters 3, 4, 61, and section 3406 of the Internal Revenue Code and revising the final FATCA regulations were issued recently.

ALERT: The following FATCA Forms and Instructions for 2014 are now available on the IRS.GOV Forms and Publications Website:

Form 1042 - Learn More and Instructions

Form 1042-S

Form 8966

Form W-8BEN - Learn more and Instructions

Form W-8BEN-E

Form W-8ECI and Instructions

Form W-8EXP

Form W-8IMY

Publication 515 has not yet been revised to incorporate recent regulatory changes addressing withholding agents' international withholding and reporting obligations. Persons seeking information about the scope of these changes, which address both non-resident withholding and reporting and the Foreign Account Tax Compliance Act (FATCA) should refer directly to these regulations, the text of which is available here: FATCA – Regulations and Other Guidance. The IRS intends to update Publication 515 at a later date.

For assistance with tax preparation, tax planning, IRS representation, disclosing undeclared foreign bank accounts (offshore voluntary disclosure program, OVDP), report of foreign bank & financial accounts (FBAR, Foreign Account Tax Compliance Act (FATCA), contact  Zaher Fallahi, Tax Attorney, CPA at (310) 719-1040 (Los Angeles), ( 714) 546-4272 (Orange County) or e-mail : [email protected]