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September 18, 2013
Tax Analysts Publishes Comprehensive Report on FATCA Registration Process

New report serves as planning tool offering detailed, how-to look at registering as a foreign financial institution for FATCA purposes

FALLS CHURCH, Va. – Tax Analysts, the nonprofit provider of federal, state, and international tax news and analysis, published in Tax Notes magazine on Monday a comprehensive report on Foreign Account Tax Compliance Act (FATCA) registration.

The report, written by Dean Marsan, a U.S. tax counsel for Lloyds Banking Group and a FATCA expert, examines the new foreign financial institution (FFI) registration process created by the IRS. It discusses how tax authorities will use a FFI’s registration information and how the process will fit into the larger FATCA and tax information global ecosystem.

Marsan writes: “It has been estimated that the United States loses approximately $100 billion in tax revenue each year as a result of offshore abuses, primarily from the use of concealed and undeclared accounts held by U.S. taxpayers or their controlled foreign entities. Thus, it is not surprising that the government increased its pressure on taxpayers that structured their activities (with assistance from promoters or facilitators in many cases) to avoid reporting the income from offshore accounts.”

The report also includes a discussion of the FATCA online registration user guide recently released by the IRS, and it explains the correcting amendments to the FATCA final regulations released on September 10. You can read the full report here.

For more information or to speak with one of our tax experts, please contact Shaima Cardillo at 703-531-4852 or

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Tax Analysts is an influential provider of tax news and analysis for the global community. Over 150,000 tax professionals in law and accounting firms, corporations, and government agencies rely on Tax Analysts' federal, state, and international content daily. Key products include Tax Notes, Tax Notes Today, State Tax Notes, State Tax Today, Tax Notes International, and Worldwide Tax Daily. Founded in 1970 as a nonprofit organization, Tax Analysts has the industry's largest tax-dedicated correspondent staff, with more than 250 domestic and international correspondents. For more information, visit our home page.