On April 1, 2022, the Internal Revenue Service (IRS) published a Memorandum for all Large Business and International (LB&I) employees that reissues Interim Guidance Memorandum LB&I-04-0120-0002 dated April 7, 2020. The 2020 Memorandum provides guidance for procedures for FATCA Certification Event of Default Notices. The guidance in this new April 2022 memorandum remains unchanged. Further, these procedures will be incorporated into new IRM 4.65.3, FATCA Foreign Financial Institution (FFI) Operational Procedures and Compliance, no later than October 22, 2023.
Check out the April 1, 2022, IRS Memorandum for all LB&I Employees here:
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