IRS updates FAQ on FATCA

On 15 October 2019, U.S. Internal Revenue Service (“IRS”) updated its Frequently Asked Questions (“FAQs”) – General on the Foreign Account Tax Compliance Act (“FATCA”) (Link). Question 3 in the section “Reporting” has been updated to support users in understanding the respective requirements: 

Question 3: We are a Model 1 FFI and the TIN relief provided under Notice 2017-46 regarding treatment of pre-existing accounts will expire with the reporting of the 2019 data. Do we need to report all required TINs when we provide 2020 and future tax year data? 

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