The IRS today issued a release announcing that it has updated the Foreign Account Tax Compliance Act (FATCA) registration system to incorporate the certification of pre-existing accounts and periodic certification process.
An IRS transmittal message explains the FATCA registration system updates and provides, in table format, a general overview of the types of entities that are required to certify and the certification(s) they must submit.
The IRS release advises all FATCA-registered entities to login to update their FATCA classifications. Entities that have a certification requirement must update their FATCA classification, and entities that do not have a certification requirement are urged to update their FATCA classification in order to avoid inapplicable certification related notices in the future.
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