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United States: New FAQs on FATCA certification

United States: New FAQs on FATCA certification

The IRS today announced the publication of new “frequently asked questions” (FAQs) concerning the certification of pre-existing accounts and periodic certification processes.

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Read FAQs on the IRS website. 

The recently posted FAQs reflect a notation: Added:  November 16, 2018. The new FAQs are as follows:

Certification
 

Q1. How will I be notified when I need to complete my next periodic certification? 

Your message board will indicate that your periodic certification is available for completion and submission. On your homepage you will find your periodic certification dates and a link to complete the certification.

Added:  November 16, 2018
 

Q2. Can I change my classification once I have started the certification? 

If you are on the certification instructions page, you will be unable to scroll to prior pages and change your classification. Therefore, you must submit the certification using the classification you selected. However, you may submit another certification and choose a different classification to correct your prior submission.

You may also update your classification by editing your registration and updating Question 4 -Classification. Additional information on classifications can be found in the FATCA Registration Online User Guide.

Added:  November 16, 2018
 

Q3. How do I find out if I am required to complete a COPA or periodic certification? 

You will receive a message board message notifying you that a certification is available. However, whether you are required to submit a certification will generally depend on the classification you select at the start of the certification. Once you select your classification, the system will display a screen indicating whether you are required or not required to submit a certification and you will also receive a message board message.

Added:  November 16, 2018
 

Q4. Can I upload supporting files for my certification? 

No, but additional information can be input while completing a certification, if necessary.

Added:  November 16, 2018
 

Q5. Will my member be notified if it is included in my certification? 

Yes, members of your FI group will be notified that they are included in your certification. In addition, after you submit the certification, the future certification dates of included members will be updated to match your future certification dates.

Added:  November 16, 2018
 

Q6. Can I edit my submitted certification?  

No, once you submit a certification, it cannot be edited. You may submit another certification with your updated responses, however, the additional certification will not override the previous certification. When completing an additional certification, the certification will contain certain editable pre-populated information based on responses you provided in your previous certification. The IRS will keep copies of all submitted certifications.

Added:  November 16, 2018

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