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.
Nil Reporting. New FAQ 1 answers the question: are filers of Form 8966 required to file a nil report (i.e., one that declares that it has no substantial U.S. owners for the calendar year)?
In a previously posted FAQ, IRS had clarified that only “direct reporting” NFFEs are required to submit nil reports. A direct reporting NFFE is an NFFE that has elected to Read more