The IRS has updated the Foreign Account Tax Compliance Act (FATCA) Registration System to incorporate the certification of pre-existing accounts and periodic certification process. The updated Registration System also includes:
- A new option to submit a certification
- Updates to the account home page
- Updates to the Registration Form
- An updated list of FATCA classifications
Entities that have a certification requirement must update their FATCA classification. Entities that do not have a certification requirement should update their FATCA classification to avoid inapplicable certification related notices in the future. For more specific guidance, see Section 8 of Revenue Procedure 2017-16 or review the updated FATCA Online Registration User Guide.
IRS e-News for Tax Professionals Issue 2018-31