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United States: Draft FATCA certification questions, assisting responsible officers

United States: Draft FATCA certification questions

The IRS today announced the release of “draft FATCA certification questions” in an effort to assist responsible officers in preparing to complete the FATCA certifications.

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According to an IRS transmittal message, the FATCA certification questions concern certifications that relate to an entity’s preexisting accounts and compliance with various FATCA requirements. 

The due date for submitting both FATCA certifications—one that relates to an entity’s preexisting accounts and the other that relates to the entity’s compliance with various FATCA requirements (periodic certification)—is July 1 following the third full calendar year after the date the entity registered and received a GIIN. The IRS stated that the update to the FATCA Registration Portal containing FATCA certifications will not be available prior to July 2018. 

For entities that have certifications due by July 1, 2018, any responsible officer who is required to certify will have no less than three months from deployment of the certifications on the FATCA Registration Portal to submit them. In an effort to assist responsible officers in preparing to complete the FATCA certifications, the IRS released the draft FATCA certification questions.

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