Comply Exchange has published its latest roundup of regulatory developments across FATCA, CRS and IRS reporting for February 2026, highlighting critical deadlines and system changes that financial institutions must act on.
Bahamas and US filing deadlines
Financial institutions under the Bahamas’ AEOI framework have until 31 March 2026 at 5pm EST to complete FATCA and CRS submissions through the reporting portal.
Separately, the deadline for both Form 1042 and Form 1042-S passed on 16 March 2026, covering withholding tax returns and US source income reporting for foreign persons.
FIRE system to be retired in January 2027
The IRS has confirmed it will shut down the FIRE system in January 2027, ending decades of electronic filing infrastructure. The 2025 tax year marks the final cycle for FIRE submissions. From early 2027, all information return filings must go through the IRS’s new Information Returns Intake System (IRIS), and organisations should begin preparing for that transition now.
IRS updates QI, WP and WT guidance
The IRS updated its QI, WP and WT FAQ page in February 2026, confirming that entities operating under WP or WT agreements from Revenue Procedure 2017-21 do not need to renew for the 2023 year, with agreements treated as valid through 31 December 2026.
Global jurisdiction updates
Australia updated its FATCA reporting tools and CRS schema guidance. Canada refreshed its CRS and FATCA due diligence forms and introduced enhanced electronic validation checks from 2026. The Cayman Islands extended its CRS 2.0 submission deadline to 31 January 2027 for certain obligations, following amendments effective 1 January 2026. Singapore published an updated CRS Reportable Jurisdictions list, a new CRS XML Schema User Guide effective from 2027, and refreshed its FATCA compliance materials in February 2026.
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