An important deadline is rolling up fast for foreign entities that are subject to the Foreign Account Tax Compliance Act (FATCA). Foreign financial institutions and some nonfinancial foreign entities (collectively known as FFIs) have until July 1, 2022, to report assets that were held by U.S. owners as of Dec. 31, 2021. Generally, FATCA requires certain FFIs to deduct and withhold 30% tax on payments made to an FFI, and to report certain information with respect to U.S. owned accounts. Entities that fail to submit FATCA certifications may be deemed noncompliant and may have their certifications revoked. Read more about FATCA: http://bit.ly/3IPgJA5 Call or visit our website for more information! www.mjscpa.com/
