Instructions for IRS Form 8966 Fatca Report

IRS Form 8966 Fatca Report

This document contains official instructions for IRS Form 8966 , Fatca Report - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8966 is available for download through this link.

FAQ

Q: What is IRS Form 8966?
A: IRS Form 8966 is a form used to report information about foreign financial institutions (FFIs) and certain non-financial foreign entities (NFFEs) to the Internal Revenue Service (IRS) in compliance with the Foreign Account Tax Compliance Act (FATCA).

Q: Who needs to file IRS Form 8966?
A: FFIs and certain NFFEs are required to file IRS Form 8966.

Q: What information does IRS Form 8966 require?
A: IRS Form 8966 requires information about the FFIs or NFFEs, their financial accounts, and certain individuals or entities associated with those accounts.

Q: When is the deadline for filing IRS Form 8966?
A: The deadline for filing IRS Form 8966 is March 31st of the year following the calendar year to which the report relates.

Q: Are there any penalties for non-compliance with filing IRS Form 8966?
A: Yes, there are penalties for non-compliance with filing IRS Form 8966, including monetary fines and potential legal consequences.

Q: Do I need to file IRS Form 8966 if I am an individual taxpayer?
A: No, IRS Form 8966 is not required for individual taxpayers.

Q: Is it mandatory to e-file IRS Form 8966?
A: Yes, it is mandatory to e-file IRS Form 8966. Paper filing is not accepted for this form.