The IRS recently published a reminder to foreign financial institutions (FFIs) to renew their FFI agreements. In IR-2017-153, the IRS warns FFIs that if they do not complete their renewal of their FFI agreement by October 24, 2017, they will be treated as having terminated their FFI agreement as of January 1, 2017. This means any institutions who have failed to renew will be removed from the November FFI list, and subject to a 30% tax on certain U.S. source payments.
Please note that the FATCA FFI Registration System has been updated to include the ability for FFIs to renew their agreements with the IRS.
