The system informs all eligible financial institutions of the extension period and the expiry date of the renewal of the FFI agreement. The deadline for all extensions is July 31, 2017. System instructions and online help have been updated to address the renewal of the FFI agreement function. The fatca registration usage manual has also been updated and also contains measures for financial institutions to renew their FFI agreement. The following table provides a general overview of the types of entities that need to be certified and the certifications they must submit. More detailed information can be found in Section 8 of the 2017-16 Revenue Procedure, in treasury regulations or in an applicable intergovernmental agreement (IGA). The Foreign Account Tax Account Registration System (FATCA) has been updated as follows: The IRS has updated the Accounting Account Registration System (FATCA) to incorporate pre-existing accounts certification (COPA) and the periodic certification process. The following table provides an overview of the types of businesses needed to renew their FFI agreement. The Internal Revenue Service announced today that its FATCA FFI registration system has been updated to allow foreign financial institutions to renew their FFI agreement with the IRS. Financial institutions that must renew their FFI agreement and not until July 31, 2017 will be treated as if they had terminated their FFI agreement as of January 1, 2017 and may be removed from the FFI list on the IRS website. Changes to the FATCA registration system are summarized below. The Foreign Account Tax Compliance Act (FATCA) User Guide PDF has been updated to include these changes: On June 24, 2014, the U.S. Internal Revenue Service (IRS) issued a fatca Foreign Financial Institution (FFI) update for participating FFIs and Model II FFIS reporting.
FATCA requires foreign financial institutions (FFIs) to report information to the IRS on the financial accounts of U.S. taxpayers or foreign companies in which U.S. taxpayers hold a significant stake. FFI are invited to either register directly with the IRS to comply with FATCA rules (and, if applicable, FFI agreements), or to comply with FATCA agreements (IGA), which are considered effective in their legal systems. Information on fatca rules and administrative guidelines for FATCA and information on taxpayer obligations can be found on the INTERNAL Revenue Service`s FATCA page. The update of the FFI (Revenue Procedure 2014-38) agreement, which succeeds the FFI (Revenue Procedure 2014-13) agreement, can be accessed on the IRS website via the 2014-38 refund procedure.