Issue Number: 2015-39
Inside This Issue
- IRS Releases FATCA Upgrade YouTube Videos and Tools
1. IRS Releases FATCA Upgrade YouTube Videos and Tools
The Internal Revenue Service (IRS) recently launched upgrades to the Foreign Financial Institution (FFI) List Search and Download Tool. Additionally, the IRS released six YouTube videos explaining upgrades to the Foreign Account Tax Compliance Act (FATCA) Online Registration System.
Upgrades to the FATCA Foreign Financial Institution List Search and Download Tool include: enabling users to locate sponsored entities and sponsored subsidiary branches, enabling users to search for branches by financial institution name and an updated country/jurisdiction list.
The Foreign Financial Institution List is publicly published monthly containing the financial institutions that are registered, approved, and issued a Global Intermediary Identification Number (GIIN) in accordance with FATCA regulations. Financial institutions and other withholding agents use this list to determine whether another financial institution they are poised to make a payment to is participating or whether withholding is required. Financial institutions have used the Search and Download Tool more than 3.5 million times.
Users began benefitting from all the new features when the latest FFI List published on Dec. 1, 2015. These features include:
• Sponsored entities and sponsored subsidiary branches will be on the published FFI List.
• FI branches will now be searchable by the financial institution's name.
• Updated FFI List schema and test files, which includes sponsored entities and sponsored subsidiary branches
Users of the FFI List Search and Download Tool should be aware that two or more valid GIINs for the same financial institution may be on the FFI List simultaneously for a short period of time because of new FATCA Registration System features for changing financial institution type and transferring to an expanded affiliated group.
The FATCA FFI List Search and Download Tool User Guide and FAQs have been updated for these enhancements. Additional information on this system is available on the FATCA webpage.
The release of the new videos occurred on November 18. Viewers can learn about the improvements and how to maintain their accounts with such enhancements as:
• How sponsoring entities can manage their sponsored entities and sponsored subsidiary branches
• How sponsoring entities can add sponsored entities using a file.
• How certain financial institutions can change their “Financial Institution Type.”
• How member financial institutions can transfer to another expanded affiliated group.
The videos can be found by visiting the IRS YouTube playlist (International).
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