In the latest demonstration that the IRS is continuing to gear up for the implementation of FATCA, Draft Form 8957 has been released, which enables foreign financial institutions (“FFIs”) to register with the IRS. The draft form gathers basic information about the FFI and asks the FFI to appoint a responsible officer (“RO”) to act as a point of contact for the FFI. The RO can authorize other points of contact to take other FATCArelated actions and obtain access to the FFI’s tax information.
Although only the paper version of the draft form has been released, the IRS strongly encourages FFIs to take advantage of the online registration portal that will be available in July 2013. According to the IRS website, “paper registration forms will not be processed until October 2013 and financial institutions may experience a delay in receiving notice of registration acceptance and obtaining the GIIN [Global Intermediary Identification Number] needed to demonstrate FATCA compliance.”
Those FFIs that are determined to register for FATCA via a paper form must wait until the final draft of the form is released in July 2013.