On January 20, 2022, the IRS published a reminder for the FATCA certification period ending December 31, 2021. Responsible Officer certifications are due on July 1, 2022. Entities that are required to certify must do so by July 1, 2022, otherwise, they will not be in compliance with their obligations under FATCA. If they are not compliant, they risk IRS revocation of their FATCA status and removal of their GIIN from the IRS FFI list.
Responsible Officers must prepare for these certifications and be sure to consult with a tax advisor where they require assistance with the rules of compliance.
Make sure to follow Comply Exchange for more industry updates and subscribe to the Comply Catch-up for a full industry round-up at the end of each month!
