Tag Archive for Form 8966

FATCA Guidance Clarifies Form 8966 Filing Requirements

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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

IRS Released Forms 8966 And 1042 Updated For FATCA Reporting Requirements

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On March 5, 2014 the Internal Revenue Service released new versions of three critical forms to help financial institutions and withholding agents meet the requirements of the Foreign Account Tax Compliance Act, including draft versions of Form 8966 and Form 1042-S, and a final version of Form 1042.

Form 8966, FATCA Report, is a new form that foreign financial institutions (FFIs) would use to report information on their U.S. account holders under the 2010 law. The statute requires FFIs to report accounts held by U.S. taxpayers to the IRS or face, in some cases, a 30% withholding tax on certain U.S. source payments that are made to them.

Form 1042-S now incorporates FATCA and includes ways to account for withholding under Read more

Act Now! Revised FATCA Final Regs And 2014 Forms Now Available!

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The following FATCA Forms and Instructions for 2014 are now available on the IRS.GOV Forms and Publications Website:

• Form 1042

• Form 8966

• Form W-8BEN

• Instructions to Form W-8BEN

• Form W-8ECI Read more