FATCA - Current alerts and other news U.S. financial institutions (USFIs) and other types of U.S. withholding agents are required to withhold 30% on certain U.S. source payments made to foreign entities, if they are unable to document such entities for purposes of FATCA. Forms 1042 PDF, 1042-S, and Form 1042-T PDF are used to report amounts withheld under chapter 3 or chapter 4. See current Form 1042 instructions PDF, Form 1042-S instructions PDF, Publication 1187 PDF, and excise tax on federal foreign procurement payments for filing these forms. USFIs and U.S. withholding agents must also report to the IRS information about certain non-financial foreign entities with substantial U.S. owners. USFIs are also eligible to submit a FATCA registration application via the FATCA registration website for the following reasons: A USFI with a foreign branch in a Model 1 IGA jurisdiction to obtain a GIIN for the branch. A USFI with a foreign branch that is a qualifying intermediary (QI) to renew the branch's QI agreement. A USFI may register as a sponsoring entity for FFIs and agree to perform, on behalf of the FFI, all the FATCA activities that the FFI otherwise would have to do. A USFI may register as a Lead FI to manage the FATCA registration process for members of its expanded affiliated group of FFIs. FATCA foreign financial institution registration system FATCA foreign financial institution list search and download tool Find FFIs Related Notice 2013-43 PDF Treasury’s FATCA resource center FATCA – Regulations and other guidance IRS FFI list schema and test files Related forms FATCA related forms
