The Foreign Account Tax Compliance Act (“FATCA”) is U.S. legislation aimed at combating tax evasion by U.S taxpayers through the use of non-U.S. accounts and assets. To achieve this main, FATCA generally requires non-US financial institutions to identify and report certain information concerning their U.S. account holders or else suffer a 30% withholding tax. Although FATCA is U.S. law, many non-U.S. jurisdictions have entered into so-called “intergovernmental agreements” (“IGAs”) with the U.S. to facilitate the local implementation of FATCA and
thereby require resident financial institutions to comply with FATCA. As a result, FATCA is now part of the tax and information reporting framework of many jurisdictions. In addition, FATCA has engendered other information reporting regimes, including the UK “FATCA” Agreements with the Crown Dependencies and Overseas Territories and the OECD Common Reporting Standard (“CRS”). These other reporting regimes are substantially based on FATCA Model 1 IGA.
WE PROVIDE A FULL ARRAY OF SERVICES
Determining FATCA status of accountholders and payees
Assisting with completion of self-certification forms, e.g., IRS Form W-8BEN-E and IRS Form W-8IMY, or substitute thereof, and withholding statement
Identifying U.S. accounts or U.S. reportable accounts
Identifying substantial U.S. owners and U.S. controlling persons
Assisting with the preparation of IRS Form 8966 or equivalent FATCA return or report of Model 1 IGA jurisdictions and transmission via the International Data Exchange Service (“IDES”)
Developing and reviewing FATCA compliance programs
Training in core FATCA concepts as well as providing relevant updates on new FATCA developments and cross-overs with UK Agreements and OECD CRS
ATAS assists Non-U.S. citizens (a/k/a “non-resident aliens”), U.S. citizens and permanent residents (a/k/a “green-card” holders), to prepare and file their required U.S. tax and other informational returns.
ATAS can assist you to regularize your tax situation by providing you with legal expertise, and an advanced accounting team to guide you through one of four options for non-compliant U.S. persons to regularize their U.S. tax situation.