The IRS updated a list of FATCA “frequently asked questions” (FAQs) as part of the guidance for qualified intermediaries / withholding foreign partnerships / withholding foreign trusts (QI/WP/WT).
The new item added on the IRS webpage for QI/WP/WT guidance appears as Q15 under “Registration Update” as follows:
Q15. What should I do if my Renewal of FFI Agreement Information has a status of “Overdue?"
If your Renewal Status is displayed as “Overdue” and your Renewal Effective Date is 01/01/2017, you may disregard the “Overdue” Renewal Status if your Registration Status is “Approved” and you have also fulfilled your FFI agreement renewal obligation, if any.
Read an October 2018 report [PDF 62 KB] prepared by the KPMG member firm in the United States
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