We previously posted on April 6, 2015, FATCA Guidance Clarifies Form 8966 Filing Requirements discussing that the IRS has added new frequently asked questions (FAQs) concerning Foreign Account Tax Compliance Act (FATCA) reporting to its website. Specifically, the new FAQs clarify certain aspects of the requirement and deadline for filing Form 8966 (FATCA Report) for certain filers.
Now the IRS has set deadlines and offered taxpayers instructions on how to get extensions and waivers for filing Form 8966, FATCA Report.
The Internal Revenue Service said that it is giving taxpayers until June 29, 2015 to request an additional extension of time to file the Form 8966 for tax year 2014. They will have until August 13 , 2015 to request a waiver from filing the form electronically for tax year 2014.
The Form 8966 is used by foreign financial institutions to report their U.S. account holders under the law, which requires banks to provide the IRS with the information or face, in some cases, a 30 percent withholding tax on their U.S. source income.
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Original Post By: Ronald Marini