Daily Tax Report ®

IRS FAQ: FATCA Certification, Periodic Review Updates (IRC §1471)

March 26, 2020, 5:00 AM

Updated and new FAQs relating to consolidated compliance groups (CCGs) on the QI/WP/WT FAQs page, the IRS provided March 25. The revisions are under heading Certifications and Periodic Reviews. FAQ 5 answers how a group of qualified intermediaries or withholding foreign partnerships apply to form a CCG. FAQ 18 answers whether the IRS will accept applications to form a CCG if the application proposes using the first year of its certification period as its periodic review year. [IRS Website Update, FATCA Certification and Periodic Review FAQs (Mar. 24, 2020)]

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