November 20, 2019

Given that the departments usually handling FATCA, CRS and GDPR are swamped with a variety of other year-end tasks, this post may not be welcome . . . but you’ll thank me later!

FATCA: Deregister Now & Avoid 2021 Reporting

If you sell, liquidate or otherwise terminate a...

Your Foreign Financial Institution (FFI) has been sold or dissolved.  You remember to cancel the FFI’s IRS FATCA portal registration.  All done!  After all, your FFI is a Reporting Model 1 FFI with no post -cancellation certification requirements.  So, why is the IRS s...

December 20, 2018

If you sell, liquidate or otherwise terminate a Reporting Foreign Financial Institution (FFI) by December 31, 2018, now is the time to deregister it.  Although you may be preparing for holiday vacation, you’ll be happy in 2020 that you won’t have to submit nil reports...

October 29, 2018

At recent conferences IRS staff announced a change in certification requirements that has not yet been added to the IRS FATCA FAQs.  Regardless of the date of initial Global Intermediary Identification Number (GIIN) registration, an entity is now not required to comple...

September 10, 2018

The deregistration of an entity from the IRS FATCA portal may be necessary as a result of the sale, liquidation or other termination of an entity.  However, simply clicking on “Agreement – Cancel” is not the end of the story.  You may be required to submit a Certificat...

November 24, 2017

The Inland Revenue Authority of Singapore (IRAS) issued a reminder to financial institutions that an entity that is or becomes a Reporting Singapore-based Financial Institution (SGFI) at any time between January 1, 2017 and December 31, 2017 must apply for Singapore Co...

July 25, 2017

If you sold, liquidated or otherwise terminated a Reporting Financial Institution (FI) prior to January 1, 2016 you may need to deregister that FI to avoid penalties for failure to update its registration or failure to report.


The IRS and other tax authorities require...

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