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FFIs and USFIs Face a Daunting Task to be Ready for FATCA in Just 10 Months

icon Compliance Technologies International, LLP (CTI) FATCA Alert, highlights key changes and important dates from the US Treasury and IRS FATCA regulation published on January 17, 2013. CTI has expanded its Outsourcing Service to offer a robust FATCA Service Bureau to facilitate FATCA compliance.

This service bureau can:

  • Serve as an authorized 3rd party
  • Support due diligence efforts
  • Calculate withholding
  • Complete required Form 1042-S and 1099

The Broadridge alliance with CTI offers comprehensive tax reporting and compliance capabilities and helps firms meet FATCA requirements. This alert discusses what you really need to know about the regulation and action plans for implementation.

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FATCA Deadlines Have Changed, but Urgency of Compliance Planning Should Not


The IRS announcement 2012-42 provided some relief to organizations by postponing key start dates. Specifically, the effective date for USFIs and FFIs new account due diligence procedures shifted from January 1, 2013 to January 1, 2014. The extension for some compliance deadlines is giving the IRS more time to finalize FATCA rules. While this poses some relief for due diligence requirements other dates havent changed. So theres no time to lose to identify a solution for implementation. This article provides considerations for compliance and updated key FATCA compliance dates.


FATCA Compliance: Riding a Rollercoaster of Regulatory Change

FATCA is a game-changing regulation. Are you ready to comply?

FATCA Whitepaper

FATCA will impose new due diligence, withholding, and reporting requirements on financial institutions. The significant regulatory change FATCA brings is intended to provide the IRS with an increased ability to detect U.S. tax evaders specifically, those among U.S. persons (individuals or entities) who maintain foreign accounts and investments either directly or indirectly through their ownership in foreign entities.

This executive briefing outlines key considerations for FATCA preparedness:

  • Are you confident that you can perform the proper due diligence?
  • Is internal expertise broad enough to support design and development?
  • What change management capabilities and resources are required (both financial and personnel)?
  • Can you track transactions that are subject to FATCA and apply appropriate withholding?

This paper also includes updated information on the U.S. Treasury department Intergovernmental Agreement model for complying with FATCA provisions and a calendar outlining new deadlines released by the IRS in October, 2012.

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