The FATCA FFI List Resources and Support Information and the FATCA FFI List Frequently Asked Questions (FAQs) have both been posted to the FATCA Website.
What taxpayers representatives should be paying attention to in these FATCA discussions, among other things, is that the form of the FATCA submissions entitled “Schema” is a uniform computer readable report. This is the same language/requirement which is being utilized in discussions regarding intergovernmental agreements.
So effectively, in the not-too-distant future, we may be seeing foreign banks submitting their “Schema” to their government to be shared with the US and other foreign governments; which can then be used by the IRS or the other home country to match up the information in the Read More
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