The Internal Revenue Service recently reminded foreign financial institutions (FFIs) that they have until October 24, 2017 to renew their FFI agreement, if required. Those who are required to renew their FFI agreement and do not do so by October 24th (i) could be removed from the November FFI list; (ii) could be subject to a 30 percent tax on certain U.S. source payments; and (ii) will be treated as having terminated their FFI agreement as of January 1, 2017.

For more information, please refer to IRS Notice 2017-153.