Compliance Update - March, 2020
IRS Extends TY2019 FATCA Reporting Deadline
The filing deadline for a Reporting Model 2 FFI or Participating FFI to file its FATCA 8966 Report is extended to July 15, 2020; previously it was March 31, 2020.
Excerpt from the IRS Update:
Q4. Due to the COVID-19 virus, will foreign financial institutions (FFI) filing the FATCA Report (Form 8966) to the IRS pursuant to the terms of a Model 2 IGA or the FFI agreement (i.e., a Reporting Model 2 FFI or Participating FFI) be granted an extension of time to file the FATCA Report which is generally due on March 31?
Yes. In response to the COVID-19 virus, the Internal Revenue Service will provide an extension of time for a Reporting Model 2 FFI or a Participating FFI to file the FATCA Report (Form 8966) to the IRS. The filing deadline for the FATCA Report (Form 8966) will be extended from March 31, 2020 to July 15, 2020. Form 8809-I, Application for Extension of Time to File FATCA Form 8966 will not be required for this extension.