IRS extends FATCA reporting timeline for Reporting Model 2 and Participating FFI's to 15 July 2020
On 20 April, the U.S Internal Revenue Service ("IRS") updated the FATCA – FAQs.
Under “Reporting Q4” IRS informs, that they extent the reporting timeline for Reporting Model 2 FFI’s and Participating FFI’s from March 31 to July 15, 2020.
An application for the extension with From 8809-I will not be required.
About the Author
Marco is a certified Banker and holds degrees as MBA (finance and accounting) and LLM (international business and tax law).
Marco provides 30+ years of working experiences as internal auditor, business consultant, and project manager achieved within Commercial Banking Institutions, Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco provided advisory services on
international tax transparency initiatives - AEoI, FATCA, EU-DAC6, OECD-CRS - to meet financial institutions AML/KYC, Customer due diligence, tax reporting and disclosure obligations;
the implementation of U.S Qualified intermediary regime (QI) and U.S 1099 tax reporting requirements;
the institution of investment compliance frameworks and policies supporting the monitoring of regulatory, contractual and bank internal investment restriction;