The IRS has released a draft FATCA registration-process form - Form 8957, "Foreign Account Tax Compliance Act (FATCA) Registration Process" - proposed for use by financial institutions to register electronically under the FATCA regime beginning in July 2013.
Draft Form 8957 is being released solely for review and comment purposes. The IRS cautions that this draft form is not to be submitted by financial institutions in an attempt to register for FATCA.
Electronic registration is expected to open in July 2013.
The IRS will make a final paper registration form available in July 2013, although it has "strongly encouraged" financial institutions to use the online registration process after it becomes available in July 2013.
For more information, contact your KPMG adviser.
Information is current to April 23, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500