Reporting Model 2 FFI and Participating FFI are not required to complete filings by March 31, 2020.
Foreign Financial Institutions (FFI) which report information on US persons directly to the IRS pursuant to the terms of a Model 2 IGA or an FFI agreement (Reporting Model 2 FFI and Participating FFI) are generally required to complete any filings by March 31. In response to the COVID-19 virus, the IRS updated its FAQs in order to provide the mentioned FFI with an extension of time to file the FATCA Report (Form 8966). The filing deadline for the FATCA Report will be extended from March 31, 2020 to July 15, 2020. The IRS further informed that Form 8809-I, the application for extension of time to file FATCA Form 8966, will not be required for this extension.
Please do not hesitate to get in touch with our CRS & FATCA experts if you have any questions about FATCA reporting or our FATCA reporting services. In order to meet the regulatory requirements of FATCA, our specialists offer comprehensive FATCA reporting and advisory services – from the qualification of legal entities under FATCA to the annual compliance obligation of those liable under FATCA.