Foreign entities subject to the Foreign Account Tax Compliance Act (FATCA) should mark July 1, 2022, on their calendars. Foreign financial institutions and some other nonfinancial foreign entities (collectively, FFIs) must report to the IRS by that date on assets held by U.S. owners as of Dec. 31, 2021. Otherwise, payments made by U.S. owners are subject to a 30% withholding tax and the FFIs may have their FATCA certifications revoked. This includes possible revocation of global intermediary identification numbers. Read more about FATCA: https://bit.ly/3IPgJA5 Call or visit our website for more information! www.mjscpa.com/
