Draft Form 8957 [PDF 146 KB] 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 expected to open in July 2013
According to an April 2013 posting by the IRS—
- FATCA registration will be made by means of an electronic online process, so there will be no need to print, complete, and mail paper form.
- The FATCA online registration portal will be available in July 2013.
- The questions that will be presented in the online process will look similar to the questions shown on the draft form, but will be presented differently to make electronic completion of the registration process as simple as possible.
- Financial institutions registering through the online process will receive notice of registration acceptance and obtain the Global Intermediary Identification Number (GIIN) which will be needed to demonstrate FATCA compliance on an expedited basis.
The IRS also reported that it will accept registrations made on paper forms.
As cautioned above, financial institutions are not to use the draft form to submit a paper registration. Rather, a final paper registration form that can be used for registration will be made available by the IRS in July 2013.
The IRS has “strongly encouraged” financial institutions to use the online registration process after it becomes available in July 2013.
Paper registration forms will not be processed until October 2013, and the IRS noted that financial institutions may experience a delay in receiving notice of registration acceptance and obtaining the GIIN needed to demonstrate FATCA compliance.
For more information about the FATCA registration process, contact a tax professional with KPMG LLP:
General information: Laurie Hatten-Boyd
Banking: Mark Price, Mark Naretti, Carl Cooper, Mindy Schmidt
Funds: Emma Preston, David Richardson, Deanna Flores
Insurance companies: Craig Pichette, Fred Campbell-Mohn, Jean Baxley