Are you getting 2020 off to a constructive start by getting your FATCA files in order? It can be quite a sticking point if you discover that the employee who registered your entity has left the company and your FATCA access code is nowhere to be found. Sure there are challenge questions meant to assist you in resetting the access code, but do you know the name of the hospital where your former employee was born or the name of his first pet?
FATCA Login Basics
To login to an existing FATCA account you must enter the account FATCA ID and access code on the following portal page: https://sa.www4.irs.gov/fatca-rup/reg/login/userLogin.do
Once you are in your account, you can update the name of the Responsible Officer (RO) and Points of Contact (POCs) and change the access code and challenge questions. If you do not have the current access code or challenge question answers, you must contact the IRS to reset the access code.
You can contact the IRS at +1 (866) 255-0654 (toll free from inside the U.S.), or +1 (512) 416-7750 (from anywhere but not toll free). Telephone support is available 6:30 a.m. to 6:30 p.m. (U.S. Central Time), Monday through Friday. However, make sure you have something else to do at the same time because the hold time for an IRS agent can be incredibly long.
If you know who the current RO or a POC is that person should be the one to call the IRS. If you do not know then you should have the person who will be the RO or your outside tax advisor make the call.
By the way, although the IRS website specifically states to call this number for lost access codes, do not be surprised if the agent answering the line does not know what FATCA is. The agent I spoke to told me she did not know anything about FATCA and I should call . . . yes, the number I had just called! Just hang up, say a little prayer and hope the next person who answers is familiar with FATCA.
Power of Attorney x 2
Prior to your outside tax advisor calling the IRS on your behalf, she must file an IRS Form 2848. https://www.irs.gov/pub/irs-pdf/f2848.pdf . The Form 2848 instructions provide a list of fax numbers to which your advisor will send the completed, signed form.
Ideally, once the IRS receives the Form 2848, it will enter the system and other IRS staff will be able to see it. The more likely scenario is that the IRS agent who ultimately helps you will request that you e-mail her a copy of the form that you already faxed to the IRS.
The IRS agent will open a ticket regarding your issue and provide you with the ticket number. Make you sure you retain this number for future contact on the issue. The agent will escalate the issue to someone within the Large Business & International (LB&I) Division to get back to you.
Once the LB&I agent e-mails you, be prepared to send her an organizational document showing the legal organization or incorporation of the Financial Institution (FI) (e.g. know-your-customer (KYC) documentation).
It will also be necessary to send a signed attestation on company letterhead containing the following points:
The FI’s legal name and the associated GIIN or FATCA ID.
An explanation why you do not have the access code or know the challenge question answers (e.g., employee left company).
The full name of the new RO and that she agrees to be responsible for maintaining the FATCA registration portal.
The signature of an individual with the legal authority to state that there was a turnover of employees or whatever the reason is that you no longer have the access code.
If that person is not the new RO, then the new RO must also sign the letter.
Once received and approved, IRS will provide a temporary code and assist you in accessing the account. This will be done via telephone and not e-mail.
LB&I Agent Call
The LB&I agent will e-mail you with a time to be available for her call. You need to have access to the internet during the call and have the FI name and FATCA ID ready.
While the agent is on the line, you will go to the FATCA portal login page and enter the temporary access code the agent provides you. If you are unfamiliar with the portal, it would be helpful to review the IRS Online Registration User Guide prior to the call: https://www.irs.gov/pub/irs-pdf/p5118.pdf.
Now that you have reset your access code, add a section to your FATCA policies and processes ensuring that both the RO and a POC have the access code and answers to the new challenge question answers.
For additional blog posts, please go to my website: elizabethmcmorrowlaw.com/blog.