FATCA (Foreign Account Tax Compliance Act) Consultancy
From registration with the IRS to account due diligence, reporting, and withholding, Summit will keep you FATCA compliant.
Are you FATCA compliant?
Does your business have a GIIN (“Global Intermediary Identification Number”)? If you are a foreign financial institution (“FFI”) with a GIIN, you likely have obligations under FATCA to report and withhold on certain accounts. Whether you are a broker, asset manager, fund or other, every FFI must stay compliant under FATCA to avoid penalty withholding. FATCA compliance does not end at IRS registration; to stay compliant, each FFI must:
- Register online with the IRS
- Complete periodic self-certifications with the IRS
- Conduct due diligence for all payees
- Report all confirmed and suspected U.S. account holders, even if your business does not hold accounts
- Withhold on all non-consenting accounts
- Maintain an effective FATCA compliance program with written procedures
Summit specializes in keeping FFIs compliant with the IRS and will help you meet your FATCA obligations and more. When FFIs fail to keep their US tax compliance procedures up-to-date, these businesses are at risk of losing their FATCA registration status and may be subject to 30% penalty withholding on their US-source income. Avoid this outcome and contact a Summit representative today.
Summit offers the following FATCA-related services for your FFI:
- Account analysis and initial compliance assessment
- Electronic filing of Form 8966 and follow-ups, including correspondence, amendments, and more
- Basic personnel training, including account opening due diligence procedures
- Written FATCA compliance manual, as required under IRS regulations
- On-site, telephone and email support from our Hong Kong- and US-based teams
