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Konrad K Häuptli

ABOUT THE AUTHOR

Konrad Häuptli graduated from the University of Berne, qualified as an attorney-at-law and was admitted to the Bar of the Canton of Berne. He joined HSBC in 2002 after working with Swiss Re for over 20 years. He then went on to work for KENDRIS in 2016 after retiring as former CEO of HSBC’s Trust Companies in Switzerland. Konrad Häuptli is a member of the Advisory Board of the Swiss Association of Trust Companies (SATC) and is also a member of mixed expert groups representing SATC. He has been managing family assets and has been involved in entrepreneurial activities, board assignments as well as private equity investments.
IRS to deploy FATCA certification portal

by Konrad K Häuptli | Jul 23, 2018 | Tax

The case

In June 2018, the IRS announced its plans for launching the Foreign Account Tax Compliance Act (“FATCA”) Certification Portal in late July or early August. Speaking at the International Tax Withholding and Information Reporting Conference in New York, Trevon Singh, Senior Analyst (Foreign Payments Practice), IRS Large Business and International Division, confirmed that the deadline for submitting the required certifications will be at least three months after the portal has been opened. He went on to state that the agency plans to notify financial institutions of the official certification deadline via the FATCA registration home page between one and two weeks after the FATCA portal has been opened. The IRS will also be providing an updated user guide to accompany the portal’s launch.

More information regarding the FATCA Certifications can be found on the IRS Draft FATCA Certifications webpage.

Source: PWC; 2018 RSM US LLP and IRS

The commentary

Despite the additional time upon launch of the portal, Responsible Officers should ensure that they have all the necessary information to complete the RO FATCA certification filings, including the FI’s FATCA classification, which will be required to use the portal, as soon as possible in order to be ready when the portal has been made available.

This publication has been prepared solely for information purposes and is does not constitute a recommendation, a solicitation, or an offer. The information on which this publication is based has been obtained from sources that we believe to be reliable and in good faith, but we have not independently verified such information and no representation or warranty, express or implied, is made as to its accuracy. All expressions of opinion are made as of the date of publication and may be subject to change without notice. k-flash and all related affiliates accepts no liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this publication or any part of its contents. The use of this publication should not be regarded as a substitute for the exercise by the recipient of his or her own judgment. This publication is not directed to any person in any jurisdictions that prohibit such publication.
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