FATCA – New IRS Website
FATCA was enacted as part of the Hire Incentives to Restore Employment (HIRE) Act in 2010. The purpose of FATCA is to increase compliance with the reporting of foreign financial accounts.
The main focuses of FATCA are reporting of foreign financial accounts by U.S. taxpayers and foreign financial institutions about accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest.
The IRS created a new website (https://apps.irs.gov/app/fatcaFfiList/flu.jsf) that lists all of the financial institutions that have registered with the IRS and received a Global Intermediary Identification Number (GIIN). The website is searchable and enables payers to determine if withholding is required on payments made to foreign financial institutions.
The listing is updated on the first of each month and is searchable by country, financial institution name and GIIN.
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