The IRS has updated a “frequently asked question” (FAQ) related to the FATCA regime.
The updated FAQ extends the deadline to 31 December 2020 for Model 1 intergovernmental agreement (IGA) jurisdictions to submit FATCA data for the 2019 reportable year, in response to the coronavirus (COVID-19) pandemic.
The FAQ appears under the “Reporting” section of the FATCA General FAQs. Full text is provided below.
Q5. Art. 3(5) of the Model 1 IGA generally provides that FATCA data must be exchanged on or before September 30 after the end of the calendar year to which the information relates (i.e., September 30, 2020 for tax year 2019). Due to the COVID-19 virus, will a Model 1 IGA jurisdiction be granted an extension of time to provide the FATCA data for tax year 2019?
Yes. In response to the COVID-19 virus, the Internal Revenue Service will provide an extension of time for Model 1 IGA jurisdictions to provide their FATCA data for tax year 2019 to the U.S. Competent Authority. Model 1 IGA jurisdictions will have until December 31, 2020 to provide their data, although a jurisdiction may send tax year 2019 data prior to that date.
Read an April 2020 report [PDF 120 KB] prepared by KPMG LLP
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