FATCA publications

FATCA Online Registration System: Sponsoring entity financial institutions can register and obtain GIINs for sponsored entities

The Internal Revenue Service (IRS) on August 20, 2015, updated its website with information about a new feature that will allow sponsoring entity financial institutions to add sponsored entities to the Foreign Account Tax Compliance Act (FATCA) Online Registration System and obtain a global intermediary identification number (GIIN) for each sponsored entity.

FATCA reporting of US source insurance premiums not required in certain circumstances

Recently released instructions to the 2014 Form 1042-S clarify FATCA reporting requirements for US premiums. According to the instructions, US premiums subject to the Federal Excise Tax are not reportable so long as FATCA withholding is not applied or required to be applied. However, a failure to properly document the payee’s status introduces both withholding and reporting risk to the payor who fails to obtain the appropriate documentation from payees.

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Frank Serravalli
Financial Markets Practice Leader
Tel: +1 (646) 742 7510

John Gibson
Tel: +1 (202) 414 4691

Dominick Dell'Imperio
Tel: +1 (646) 471 2386

Candace Ewell
Tel: +1 (202) 312 7694

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