Tax payers can now search for foreign financial institutions registered with the IRS in relation to FATCA compliance.
January, 2015 – Taxpayers living or working abroad can now keep up with the list of financial institutions that have registered, accepted, and assigned a Global Intermediary Identification Number (GIIN) in accordance with the Foreign Account Tax Compliance Act (FATCA). This list is monitored and updated directly by the IRS and can be used by individuals and businesses to search for financial institutions by legal name, GIIN, or country.
The most recent published list includes over 7,000 newly-added financial institutions which have registered under FATCA and agreed to comply with tax reporting procedures outlined by the IRS. In total, 122,881 banking institutions throughout 218 financial jurisdictions have entered into agreements with the IRS.
“We encourage taxpayers living or working abroad to consult a professional tax attorney to ensure they are compliant with the constant flow of updates and requirements related to FATCA,” shares Jeffrey S. Freeman, J.D., LL.M. “Freeman Tax Law helps both foreign financial institutions and U.S. taxpayers stay compliant with these requirements and withholding tax obligations.”
FATCA compliance requires foreign financial institutions to report on accounts and income held by US taxpayers. Those who fail to comply face penalties such as a 30% reduction in international monetary transfers from U.S. sources.
About Freeman Tax Law
Freeman Tax Law (FTL) is a boutique law firm consisting of a multi-disciplinary team of tax professionals including tax attorneys, CPAs and a professional staff that have vast experience with foreign tax compliance and regulatory matters for financial institutions. FTL consults with both FFIs and USFIs with regard to Foreign Account Tax Compliance Act (FATCA) and related regulatory matters and assists them developing procedures on how to comply with these laws. FTL provides a multidisciplinary approach for filing offshore voluntary disclosures. Working to help clients prevent future tax headaches we offer a complete wealth management and estate planning team. As an experienced firm with wide reach, Freeman Tax Law provides immediate assistance to our clients planning for and resolving all tax related challenges.
Freeman Tax Law