What is Form 8966?
Form 8966, known as the FATCA Report, is utilized by specific financial institutions to disclose information regarding U.S. financial accounts and certain financial assets owned by foreign entities. This form is essential for adhering to the Foreign Account Tax Compliance Act (FATCA), which seeks to combat tax evasion. By requiring foreign financial institutions to report on U.S. account holders, the IRS can verify that U.S. taxpayers are accurately reporting their global financial assets.
What is Form 8966 used for?
Form 8966 is important for reporting financial information. Here’s what it does:
- Reporting U.S. Accounts: Foreign Financial Institutions (FFIs) share details about U.S. accounts and those owned by foreign entities with U.S. owners.
- Identifying U.S. Owners: It lists specified U.S. persons who have ownership of these accounts.
- Providing Financial Information: Contains account numbers, balances, and transaction details.
- Compliance with FATCA: Helps ensure that FFIs and withholding agents comply with FATCA regulations.
How to fill out Form 8966?
- 1
Complete Part I with the filer's identification information.
- 2
Fill out Part II with the account holder or payee details.
- 3
Complete Part III with owner information, if applicable.
- 4
Provide account balances, transaction receipts, and income in Part IV.
- 5
Specify the pooled reporting type in Part V, if necessary.
Who is required to fill out Form 8966?
Form 8966 is completed by foreign financial institutions (FFIs), sponsoring entities, and Direct Reporting Non-Financial Foreign Entities (NFFEs). These groups file the form to report information about U.S. accounts and significant U.S. owners.
Withholding agents and financial institutions use the form to report U.S. account information to the IRS for tax compliance under FATCA.
When is Form 8966 not required?
Form 8966 is not required for Direct Reporting non-financial foreign entities (NFFEs) that have no substantial U.S. owners. These entities only need to complete Part I. Additionally, Sponsoring Entities do not need to file if they report for a Sponsored Direct Reporting NFFE with no substantial U.S. owners.
When is Form 8966 due?
The deadline for Form 8966, FATCA Report, is March 31 of the year following the reporting calendar year. Financial institutions can get a 90-day extension by filing Form 8809-I, which moves the deadline to June 30. This extension is automatic and does not need extra paperwork beyond submitting the form.
How to get a blank Form 8966?
To obtain a blank Form 8966, FATCA Report, simply visit our website. The IRS issues this form, and we have a pre-loaded version ready for you to fill out. Remember, our platform helps with filling and downloading forms, but not with filing them.
Do you need to sign Form 8966?
No, you do not need to sign Form 8966. This form is used by foreign financial institutions and certain U.S. financial entities to report accounts held by U.S. persons or those with significant U.S. ownership. However, it’s always wise to check for the latest updates regarding signature requirements. With PDF Guru, you can fill out the form, download it for your records, and handle any submission processes elsewhere.
Where to file Form 8966?
To submit Form 8966, you can file electronically or by mail. For electronic filing, follow the instructions in Pub. 5124 and use the IRS's IDES system.
If you choose to file by mail, include Form 8966-C, Cover Sheet for Form 8966 Paper Submissions. Send it to the IRS's FATCA address for processing.
