What is Form 8957? Form 8957 is used by an FI to register itself and its branches, if any, as a participating foreign financial institution (PFFI), a registered deemed-compliant foreign financial institution (RDCFFI), a limited foreign financial institution (Limited FFI), a limited branch (Limited Branch), or a sponsoring entity (Sponsoring Entity). It is also used by an FI to renew its Qualified Intermediary (QI), Withholding Foreign Partnership (WP), or Withholding Foreign Trust (WT) Agreement, if applicable. In connection with its FATCA registration, an FI (other than a Limited FFI, or Limited Branch) or a U.S. financial institution (USFI) acting as a Lead FI or Sponsoring Entity will be issued a GIIN and will be identified on the IRS FFI List. The first IRS FFI List will be posted electronically by June 2, 2014, and will be updated monthly thereafter. How To Register Online registration. The FATCA registration website is a secure web-based system that enables FIs to register electronically from anywhere in the world without the need to print, complete and mail paper forms. FIs are encouraged to register online at www.irs.gov/fatca. Paper registration. FIs should not mail Form 8957 prior to January 1, 2014. The IRS will not be in a position to accept and process these forms before that date. FIs that choose to register using the paper form must mail Form 8957 and all required attachments to: Internal Revenue Service FATCA, Stop 6099 AUSC 3651 South IH 35 Austin, Texas 78741 If an FI chooses to file a paper registration form, the IRS will establish an online FATCA account for the FI and provide the FI with information on how to access the online FATCA account to view, manage, and edit its FATCA information. Additionally, for FIs that register for PFFI or RDCFFI status using the paper form, once that registration has been approved, a GIIN will be assigned and posted to the FI’s online FATCA account. If the paper FATCA registration form is incomplete, the FI will be contacted by mail to provide additional information necessary or the IRS to process the registration form and establish the FI’s online account. About Excellence Tax Services: We areCPA in Philadelphia. We specialize in small business accounting and taxation. We have 24 years of combined accounting, auditing, and tax experience and we are confident we can help you grow and be successful with your business. For additional information, please do not hesitate in contacting yourCPA in Philadelphiaat 215-667-8839.
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