After the deadline for submitting the FATCA Certifications, the IRS will review the list of entities that have been identified as requiring a FATCA certification for the certification period. This review will include identifying Events of Default for which a Notice of Default (or notice of termination) will be issued.
An Event of Default for which a Notice of Default may be issued by the IRS includes when the Entity:
What will the IRS do?
The Responsible Officer (RO) is “Responsible”
Entities may Request Reconsideration or may Appeal a Notice of Default
Failure to submit a notice of reconsideration or notice of termination within the time provided constitutes a waiver of the entity’s ability to request reconsideration of or to appeal the IRS’s determination
If an entity fails to remediate its EOD and does not appeal the IRS’ decision to terminate, the IRS will initiate the process of terminating the entity’s FATCA status in the FATCA registration system. The entity’s registration will be terminated and its GIIN will be removed from the FFI List. The FATCA Certifications that were due on July 1, 2020 have been extended by the IRS until December 15, 2020 due to the Covid 19 Pandemic.
Will you be ready? Do you have a U.S. FATCA Specialist that can assist you with an EOD? ©