During the week of July 23, the IRS posted messages to your firm’s FATCA message board. It may have looked something like this:
"You have a new message on your Foreign Account Tax Compliance Act (FATCA) message board. You must log into your FATCA account ending in XXX to read the message."
Access your message board, and you will see a notification for your "periodic certification," "certification of pre-existing accounts" or both, which look like this:
Why are you receiving this notification?
The IRS is requiring that all FATCA registered entities login to update their FATCA classification. If your fund or funds have a certification requirement, your responsible officer (RO) is required to update the funds’ FATCA classification. If your fund does not have a certification requirement, you should still update your FATCA classification to avoid receiving inapplicable certification related notices in the future.
You can update your funds’ FATCA classifications by updating your response to question 4 in the registration or by answering the question during the certification process.
When is my FATCA classification update due?
The due date for submitting both FATCA certifications is July 1 following the third full calendar year after the date the entity registered and received a GIIN. The IRS made the FATCA Certifications mentioned above available to the FATCA Registration Portal on July 1, 2018. They have noted that for entities that have certifications due by July 1, 2018, the RO required to certify will have no less than 3 months from deployment of the certifications on the FATCA Registration Portal to submit them.