#FATCA

Elizabeth A. McMorrow

2 days ago

Guernsey FATCA & CRS Updates

Guernsey Revenue Service issued a bulletin covering upcoming FATCA and Common Reporting Standard (CRS) deadlines and requirements. Mandatory Registration for All FIs Any Guernsey financial institution (FI) that was newly incorporated, established or transferred-in since the last reporting period must register with the Guernsey Revenue Service via IGOR by February 28, 2023. To read more on this topic, see my December 24, 2021 blog post: New Guernsey Bulletin Mandatory Registra

Elizabeth A. McMorrow

2 days ago

IRS FATCA TIN Codes for Y2022 Reporting

The U.S. Internal Revenue Service (IRS) updated the tax identification number (TIN) codes to be used in Y2022 FATCA reporting when certain Model 1 Foreign Financial Institutions (FFIs) have been unable to obtain a U.S. TIN for their pre-existing accounts that are reportable accounts. IRS TIN Reprieve For information regarding IRS Notice 2023-11 and the requirements for when an FFI may use the TIN codes, please see my recent blog post: FATCA: IRS Gives FFIs US TIN Reprieve. Tr

Elizabeth A. McMorrow

2 days ago

BVI FATCA & CRS Deadlines

The British Virgin Islands (BVI) International Tax Authority (ITA) announced its FATCA and Common Reporting Standard (CRS) reporting deadlines: FATCA Annual Enrolment deadline: 1st April 2023. FATCA Annual Reporting Submission deadline: 31st May 2023. CRS Annual Enrolment/Notification deadline: 30 April 2023. CRS Annual Reporting Submission deadline: 31st May 2023. The CRS reportable jurisdictions for Y2022 have not yet been updated. The BVI Financial Account Reporting System

Elizabeth A. McMorrow

Jan 16

FATCA: IRS Gives FFIs US TIN Reprieve

The U.S. Internal Revenue Service (IRS) recently issued Notice 2023-11 which will be in Internal Revenue Bulletin (IRB) 2023-3, dated January 17, 2023. The IRS provided procedures by which a Foreign Financial Institution (FFI) can remain compliant despite not obtaining U.S. tax identification numbers (TINs) from certain account holders who are U.S. Persons under FATCA. What Is the Reprieve? The IRS will not determine an FFI is significantly non-compliant with the FFI’s FATCA

Elizabeth A. McMorrow

Dec 23, 2022

Singapore Updated FATCA Reporting Form

On December 20, 2022, the Inland Revenue Authority of Singapore (IRAS) updated its FATCA Fillable PDF Form. Specifically, IRAS updated the form to include a drop down box allowing the filer to indicate which jurisdiction issued the TIN. This drop down box is located on page 2 of the form in “Section B. Account Holder or Payee Information.” The FATCA Return PDF form must be submitted electronically to IRAS through myTaxPortal (mytax.iras.gov.sg). The form cannot be printed and

Elizabeth A. McMorrow

Dec 22, 2022

Is Anyone at the IRS Reinstating GIINs?

Financial Institutions (FIs) around the world find themselves with terminated FATCA accounts. As a result their Global Intermediary Identification Numbers (GIINs) have been removed from the IRS FFI List and counterparties consider them to be Non-Participating Foreign Financial Institutions (NPFFIs). The costly outcome is that these FIs are subject to FATCA withholding. Although the IRS established a reinstatement process, the process is not working. FATCA Withholdable Payment

Elizabeth A. McMorrow

Nov 29, 2022

FATCA Registration of Sponsored Closely-Held Investment Vehicles

In October 2022, the Internal Revenue Service (IRS) issued a notice regarding the removal of Sponsored Entities from the IRS Foreign Financial Institution (FFI) List. According to the notice, the IRS identified registered Sponsoring Entities without any Sponsored Entities registered in the FATCA Registration System. The IRS concluded a Sponsoring Entity without a listed Sponsored Entity is not performing the obligations of a Sponsoring Entity. The IRS will be posting a messag

Elizabeth A. McMorrow

Oct 30, 2022

BVI FATCA/CRS Registration Fee Starts in 2023

On October 27, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced the US$185.00 portal registration fee will start in the first quarter of 2023. The updated BVI Financial Account Reporting System (BVIFARS) is scheduled to go live before the end of Q1 2023. The fee will be charged for each entity which is required under BVI law to register in the BVI Financial Account Reporting System (BVIFARS). Entities register in BVIFARS to comply with BVI repo

Elizabeth A. McMorrow

Oct 29, 2022

Bahamas Announces Upcoming FATCA/CRS Portal Dates

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration and submissions on Tuesday, November 1, 2022 at 9 AM EST. The portal will close on Friday, November 25, 2022 at 5PM EST. This is a good opportunity for Financial Institutions (FIs) with FATCA and CRS reporting obligations that missed the August 26, 2022 portal deadline and for updating any changes related to internal staffing. Once the portal

Elizabeth A. McMorrow

Sep 29, 2022

FATCA: IRS Public Key Expires October 14

The IRS announced the Public Key for FATCA filing will expire on October 14, 2022. For those financial institutions (FIs) who submit their FATCA reporting directly to the U.S. Internal Revenue Service (IRS), it is critical to determine if you have downloaded the IRS’ new public key and checked to see if your digital certificate is current. What Is IDES? Certain FIs transmit data directly to the IRS through the International Data Exchange Service (IDES). https://www.irs.gov/bu

Cayman Islands FATCA/CRS deadline: Monday, August 1, 2022

Elizabeth A. McMorrow

Jul 11, 2022

Cayman Islands FATCA/CRS deadline: Monday, August 1, 2022

For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #CaymanIslands #FATCA #CRS #Reporting

Elizabeth A. McMorrow

Jun 24, 2022

FATCA POC NOT RO Contacted by IRS

We have come to expect that the U.S. Internal Revenue Service (IRS) will send the FATCA Responsible Officer (RO) an email to alert the RO a message has been posted on the IRS FATCA portal message board. However, in some circumstances, the IRS will only send a message to a Point of Contact (POC) not the RO. What Is a “Responsible Officer”? An RO is the individual in charge of overseeing a Participating Foreign Financial Institution’s (PFFI’s) compliance with the terms of the I

Which U.S. Persons Are Exempt from FATCA Reporting?

Elizabeth A. McMorrow

Jun 6, 2022

Which U.S. Persons Are Exempt from FATCA Reporting?

Foreign Financial Institutions (FFIs) participating in FATCA through an IGA or as a Participating FFI are required to undertake annual FATCA reporting on certain U.S. Persons. The FFI documents U.S. Persons by obtaining a U.S. Internal Revenue Service (IRS) Form W-9 or substitute Form W-9 from its customer. However, some U.S. Persons are exempt from being reported and may use the Form W-9 to document their exemption. Line 4 Line 4 of the Form W-9 is where a U.S. Person may li

Elizabeth A. McMorrow

Jun 2, 2022

BVI FATCA/CRS Registration Fee Update

On February 11, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced it will be establishing a registration fee of US$185.00 effective September 1, 2022. On May 18, 2022, the BVI ITA issued a Bulletin to inform entities the portal fee will be implemented later this year and not September 1, 2022, as previously announced. The fee will be charged for each entity which is required under BVI law to register in the BVI Financial Account Reporting System

Elizabeth A. McMorrow

May 26, 2022

FinCEN Holding Crypto to a High KYC Standard

On May 19, 2022, Alessio Evangelista, Associate Director of FinCEN’s Enforcement and Compliance Division spoke at the Chainalysis Links Conference. Mr. Evangelista emphasized the large amount of information available to Virtual Asset Service Providers (VASPs) and suggested “VASPs proactively adopt and uphold high standards for compliance.” What Is FinCEN? The U.S. Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN’s goal i

Elizabeth A. McMorrow

Apr 25, 2022

FATCA: Reversing Agreement Terminated Status

Certain entities may register in the IRS FATCA portal and, upon registration approval, receive a Global Intermediary Identification Number (GIIN). For some entities, the FATCA portal registration process involves the entity entering into an FFI Agreement with the IRS and submitting certain certifications. If the entity fails to submit these certifications, their IRS FATCA account may turn from Approved to Terminated. But you can reverse this status! IRS FATCA Certifications

Elizabeth A. McMorrow

Mar 31, 2022

FATCA: When Is An Account Dormant?

In many jurisdictions such as the U.S., there are laws dictating when a financial institution must consider a customer’s financial account to be dormant. Each state in the U.S. has laws that govern when accounts are considered inactive and/or abandoned. However, what if you are applying FATCA in a jurisdiction without such clear laws or regulations? FATCA Regulations FATCA regulations provide tiered guidance in defining a dormant account for accounts that are not a cash value

Elizabeth A. McMorrow

Mar 23, 2022

IRS Unable to Enforce FATCA

Very surprising admission by the IRS Commissioner. Written Testimony of Charles P. Rettig, Commissioner Internal Revenue Service before the House Ways and Means Committee, Subcommittee on Oversight on the Filing Season and IRS Operations (March 17, 2022) "Because of our current funding and staffing limitations across our enforcement functions, we are forced to make difficult decisions regarding priorities, the types of enforcement actions we employ, and the service we offer.

Elizabeth A. McMorrow

Mar 3, 2022

Bahamas Announces FATCA/CRS Portal Dates

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration and submissions on Monday, July 18, 2022 at 9 AM EDT. The portal will close on Friday, August 26, 2022 at 5PM EDT. Financial Institutions (FIs) with FATCA and CRS reporting obligations that miss the August 26, 2022 portal deadline will need to contact the Bahamas Competent Authority at helpdesk@taxreporting.finance.gov.bs or information@taxr

Elizabeth McMorrow

Feb 23, 2022

Singapore Updated FATCA TIN Reporting FAQ

On February 23, 2022, the Inland Revenue Authority of Singapore (IRAS) updated its IRAS FAQs on the Foreign Account Tax Compliance Act (FATCA). Specifically, IRAS updated FAQ B.7 dealing with reporting tax identification numbers (TINs). The FAQ is: "How should a Reporting SGFI report TINs of Foreign Entity Account Holders (where Entity Account Holder is not a U.S. Person such as in the case of a Passive NFFE)? We have confirmed that the Entity Account Holder Type is either FA

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