On 19 July 2018, the U.S. Internal Revenue Service (“IRS”) announced that the FATCA Registration System will be upgraded in the coming weeks to include capabilities for the completion of the certification of pre-existing accounts and the periodic certification. Both certifications will be due by December 15, 2018 according to a new FAQ posted by the IRS this week.
The following features will be added as part of the system upgrade:
- Existing FATCA classification choices updated – all entities are advised to login to update their FATCA classification. The entity updates its classification through the selection of the COPA or Periodic Certification link on its home page. It’s imperative that entities update this classification or their COPA and periodic certification statuses will become overdue.
- Certification of Pre-existing accounts (COPA) – this certification will be available on the home page for entities in Approved Status. From the link on the home page, the Responsible Officer (RO) answers qualifier questions. From there, the RO may be required to complete certification questions specific to the entity classification.
- Periodic Certification – for required entities, this is a reoccurring certification following the third full calendar year of the entity’s effective date. Similar to COPA, entities in Approved Status answer qualifier questions and depending on the determination, completes certification questions specific to the entity classification.
In Summary
Over the last few days, FFIs have been receiving e-mail alerts from the IRS to inform them that the system is updated and certifications are now possible. All FATCA registered entities are advised to login and update their FATCA classification once they have received e-mail notification from the IRS.
For more information on this topic, please see the following additional resources:
IRS FATCA Frequently Asked Questions – FATCA Certifications
IRS Publication 5118 – FATCA Online Registrations User Guide
IRS FATCA Registration System Frequently Asked Questions
