U.S.A.: IRS publishes updated FATCA – General FAQ
On 6 August 2017, the U.S. Internal Revenue Service (IRS) published further updated Frequently Asked Questions (FAQ) regarding FATCA on the IRS website.
The updated FAQ, which can be viewed under FATCA – FAQs General, now include additional information regarding the Foreign Financial Institutions (FFIs) agreement.
The related instructions provide clarifications about the following points:
- Guidance for when an entity that has entered the FFI agreement before 1 January 2017 but failed to renew the FFI agreement by the deadline;
- Guidance for the entities that failed to renew their FFI agreement by clicking “No” (renewal not required) on their FFI Account on the IRS website.
We continue to monitor the situation and will provide further information as it becomes available.
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