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 | | FATCA News & Information | December 13, 2018 | | |
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| Issue Number: 2018-18 Inside This Issue
- Reminder: The FATCA Certification Deadline is Approaching – Please Complete Your Certifications by December 15, 2018
- FAQs Posted Regarding Certifications Involving Branches
- Please Review the List of FAQs and the FATCA User Guide as Needed
1. Reminder: The FATCA Certification Deadline is Approaching – Please Complete Your Certifications by December 15, 2018
For the certification period ending December 31, 2017, FATCA certifications are due no later than December 15, 2018. However, for trustees of trustee-documented trusts and sponsoring entities, the deadline is March 31, 2019. If an entity that is required to certify does not submit its certifications by the due date, the entity will not be in compliance with its obligations under FATCA. The consequences of being non-compliant may include the revocation of an entity's FATCA status and, ultimately, the entity's GIIN being removed from the FFI list. Back to top
2. FAQs Posted Regarding Certifications Involving Branches
The IRS has recently published an FAQ clarifying that when a certification is submitted and the entity has several registered branches, it is understood that the certifications only apply to the branches with a certification requirement (FATCA Certifications FAQ 17). In addition, the most recent FAQ describes how to submit a certification involving multiple branches where some but not all branches have events of default or material failures. (FATCA Certifications FAQ 18). https://www.irs.gov/businesses/corporations/frequently-asked-questions-faqs-fatca-compliance-legal Back to top
3. Please Review the List of FAQs and the FATCA User Guide as Needed
The IRS has prepared several Frequently Asked Questions "FAQs" in response to questions or to provide further clarifications. Please review the links below: the "FATCA Certifications" sections of these two pages of FAQs contain answers to some questions that may be helpful to you. In addition, the FATCA User Guide (Publication 5118) is also a useful resource. https://www.irs.gov/businesses/corporations/frequently-asked-questions-faqs-fatca-registration-system https://www.irs.gov/businesses/corporations/frequently-asked-questions-faqs-fatca-compliance-legal https://www.irs.gov/pub/irs-pdf/p5118.pdf Back to top
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