FATCA Corner

The Foreign Account Tax Compliance Act (FATCA) was recently enacted by the United States (US) to target non-compliance of US taxpayers using offshore accounts. It requires withholding agents, such as the University of Michigan (U-M), to gather information on new and preexisting foreign vendors. The goal is to help ensure that taxpayers pay the appropriate amount of tax on offshore investments. Please note that FATCA, also known as Chapter 4, is much broader in scope than the previous filing requirements asked of foreign vendors under Chapter 3.

This page includes numerous resources to help explain and faciliate compliance in this area.

Please also see the Shared Services site as they process the actual payments:

https://ssc.umich.edu/payments/pay-a-foreign-supplier/

If you are a campus unit and would like a report showing previous fiscal year payments to foreign vendors please email:

Fin-Procurement.reporting@umich.edu and supply your department's information.

Lastly, if you want to join the FATCA.Compliance@umich.edu group email please do so at M-Community to receive email updates on this subject.