What is Form 8966?
Form 8966, also known as the FATCA Report, is a crucial document for foreign financial institutions (FFIs) to report information about accounts held by U.S. taxpayers. This form includes essential details such as account balances, transaction receipts, and income generated from these accounts. The IRS uses the information to ensure compliance with U.S. tax laws. Failure to report can result in severe penalties, including a 30% withholding tax on U.S.-source payments, which can greatly affect the financial institution's operations.
What is Form 8966 used for?
Form 8966 is essential for financial reporting. Here’s what it’s used for:
- Reporting U.S. Accounts: Foreign Financial Institutions (FFIs) must report info about U.S. accounts and those held by passive non-financial foreign entities (NFFEs) with U.S. owners.
- Identifying U.S. Owners: It provides details about specified U.S. persons who own these accounts.
- Providing Financial Information: This includes account numbers, balances, and transaction receipts.
- Compliance with FATCA: Assures adherence to Foreign Account Tax Compliance Act (FATCA) regulations by withholding agents and FFIs.
How to fill out Form 8966?
- 1
Enter the name of the filer in Line 1a.
- 2
Select "Corrected report," "Amended report," or "Voided report" as applicable.
- 3
Assign a unique numeric identifier if filing by paper.
- 4
Fill out relevant sections based on the filer’s status (e.g., Part I for Identification, Part II for Account Holder).
- 5
Attach a copy of the original submission with amended reports.
- 6
Verify the filing deadline, ensuring submission by March 31st of the following year.
Who is required to fill out Form 8966?
Form 8966 must be completed by several groups, including Participating Foreign Financial Institutions (PFFIs), U.S. branches of PFFIs, Registered Deemed Compliant Foreign Financial Institutions (RDCFFIs), and others such as Qualified Intermediaries and Withholding Foreign Trusts.
After filling out Form 8966, these entities report information to the IRS regarding U.S. accounts and specified U.S. persons, ensuring compliance with the Foreign Account Tax Compliance Act (FATCA).
When is Form 8966 not required?
Form 8966 is not required for foreign branches of U.S. financial institutions, FFIs in Model 1 IGA jurisdictions, or Direct Reporting NFFEs without substantial U.S. owners. Entities electing Chapter 61 reporting, such as PFFIs using Form 1099, are also exempt. Accounts held by entities with no substantial U.S. owners or reported under Chapter 61, as well as withholdable payments reported on Form 1042-S, do not require Form 8966.
When is Form 8966 due?
The deadline for Form 8966, FATCA Report, is March 31 of the year after the reporting calendar year. Financial institutions can request a 90-day extension by filing Form 8809-I, which moves the deadline to June 30. The form must be filed electronically unless the IRS grants an approved waiver.
How to get a blank Form 8966?
The IRS issues Form 8966, FATCA Report, which you can access directly on our platform. We have a blank version ready for you to fill out, making it convenient to prepare your form. Remember, our website assists in filling and downloading, but does not support filing forms.
Do you need to sign Form 8966?
orm 8966 requires a signature to validate the submission, as stated in the IRS instructions. You can include handwritten or electronic signature. While you can fill out and download the form using PDF Guru, it’s advisable to check for the latest updates regarding any changes in requirements. Remember that PDF Guru does not support submission, so you’ll need to handle that separately after downloading your completed form.
Where to file Form 8966?
Form 8966 can be submitted either electronically or by mail. For electronic submission, refer to Pub. 5124 for detailed instructions.
If you choose to file by mail, send your completed form to the IRS at Internal Revenue Service, FATCA, Stop 6052 AUSC. You can request a 90-day extension using Form 8809-I for added flexibility.
