December 19, 2013: IRS Publishes FATCA FFI List Resources and Support Webpage and FFI List FAQs
Foreign Account Tax Compliance Act (FATCA)
On December 19, 2013, the IRS published the FATCA FFI List Resources and Support Webpage and FFI List FAQs. The FATCA FFI List Resources Webpageannounces that a search tool will be available to the public beginning in June 2014 to assist withholding agents in locating FATCA compliant individual or groups of FIs and their branches. The tool will also support a partial and full download of data and can be exported in CSV, XML, or PDF formats. The site will provide tips on searching using the tool. Additionally, a complete list of all FATCA compliant FIs and branches will be available.
Withholding agents planning on importing the data into a database should visit the FFI List Schema and Test Files page for test files. The IRS indicates that the site will be refreshed with new Global Intermediary Identification Numbers (“GIINs”) on the 1st of each month (previously it was the 2nd of each month) and will only include FIs and branches approved 5 business days prior to the first of the month.
In conjunction with the new website, the IRS published an FFI List FAQs with additional information on the search tool and the FFI List.
Full article is available for download. Click on the links above to access the new IRS FATCA FFI Resources and Support webpage and the FFI list FAQs. For more information please contact a Deloitte FATCA leader or click here.
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