Issue Number: 2018-9
Inside This Issue
- Certification of pre-existing accounts (COPA) and periodic certifications are now available in the FATCA Registration System
1. Certification of pre-existing accounts (COPA) and periodic certifications are now available in the FATCA Registration System
The IRS has updated the Foreign Account Tax Compliance Act (FATCA) Registration System to incorporate the certification of pre-existing accounts (COPA) and periodic certification process.
The Registration System updates include the following:
New option to submit a certification:
- Complete and submit COPA and periodic certifications
Updates to account home page:
- View COPA and periodic certification summary information
- View and print submitted certifications
Updates to Registration Form:
- Updated list of FATCA classifications
- Review certification information in lead FI’s member table
All FATCA registered entities are advised to login to update their FATCA classification. Entities that have a certification requirement are required to update their FATCA classification. Entities that do not have a certification requirement should update their FATCA classification in order to avoid inapplicable certification related notices in the future. Entities can update their FATCA classification by updating their response to question 4 in the registration or by answering the question during the certification process.
The table below provides a general overview of the types of entities that are required to certify and which certification(s) they must submit. For more specific guidance, see Section 8 of Revenue Procedure 2017-16, the Treasury regulations, or an applicable intergovernmental agreement (IGA).
|
Financial Institution’s FATCA Classification in its Country/Jurisdiction of Tax Residence
|
Certification Required?
|
|
|
COPA
|
Periodic
|
|
Participating FFI, including a Reporting Financial Institution under a Model 2 IGA *, **
|
Yes
|
Yes
|
|
Registered Deemed-Compliant FFI that is a Local FFI
|
Yes
|
Yes
|
|
Registered Deemed-Compliant FFI that is a Non-Reporting Member of a PFFI Group
|
No
|
Yes
|
|
Registered Deemed-Compliant FFI that is a Qualified Collective Investment Vehicle
|
No
|
Yes
|
|
Registered Deemed-Compliant FFI that is a Qualified Credit Card Issuer or Servicer
|
No
|
Yes
|
|
Registered Deemed-Compliant FFI that is a Restricted Fund
|
Yes
|
Yes
|
|
Reporting Financial Institution under a Model 1 IGA *
|
No, except on behalf of branches operating outside of Model 1 jurisdictions (other than related branches)
|
No, except on behalf of branches operating outside of Model 1 jurisdictions (other than related branches)
|
|
Direct Reporting NFFE
|
No
|
Yes
|
|
Sponsoring Entity of Sponsored Direct Reporting NFFEs
|
No
|
Yes
|
|
Sponsoring Entity of Sponsored FFIs
|
Yes
|
Yes
|
|
Sponsoring Entity of Sponsored FFIs and Sponsored Direct Reporting NFFEs
|
Yes, on behalf of Sponsored FFIs only
|
Yes
|
|
Trustee of a Trustee-Documented Trust
|
No
|
Yes ***
|
|
U.S. Financial Institution *
|
No
|
No
|
*Compliance FIs may make the COPA and periodic certifications on behalf of electing FFIs that are part of the compliance FI’s consolidated compliance program. A compliance FI may have one of the following three FATCA classifications: (1) Participating FFI, including a Reporting Financial Institution under a Model 2 IGA; (2) Reporting Financial Institution under a Model 1 IGA; or (3) U.S. Financial Institution.
**A participating FFI that is an electing FFI of a consolidated compliance group will be included in the certification of the compliance FI.
***A periodic certification of compliance is required only for a Trustee-Documented Trust that is subject to a Model 2 IGA.
Note: The registration system will suggest the certification(s) for an entity based on its FATCA classification in question 4 of the registration system. Therefore, even entities that do not have a certification requirement should update their FATCA classification to avoid inapplicable certification-related notices in the future.
Entities should monitor their message board for certification notifications and review the updated FATCA Online Registration User Guide for detailed certification instructions and information. If you are the Responsible Officer (RO) of an entity that is required to certify, but the certification link does not appear on your home page, please contact the IRS E-Help Desk for assistance.
Keep your FATCA Registration Up to Date
If both the RO and Points of Contact plan to leave a registered company, update the contact information in the FATCA Registration system during the transition. The FATCA Registration System requires updates to the contact information for the RO and Points of Contact to ensure you receive timely notifications.
Back to top
Thank you for subscribing to FATCA News & Information, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.
This message was distributed automatically from the FATCA News & Information mailing list. Please Do Not Reply To This Message.
|
