The U.S. Internal Revenue Service on Monday opened a new online registration system for financial institutions that must register with the agency under FATCA, the Foreign Account Tax Compliance Act. The system is web-based and available around the clock, the the IRS said. Please click here to access the system, which can be entered through the IRS FATCA portal. The portal also has a page with answers to frequently asked questions page. Firms that must register to meet their FATCA obligations must create an account and provide required information, and may also provide required information for their branches of operation and other members of their expanded affiliate groups in which they are the lead organization. Firms that fail to register and report account information on U.S. persons are subject to a 30 percent withholding of certain payments to foreign payees. The IRS urged registrants to become familiar with the system, create their accounts and begin submitting their information.
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