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 Fatca Report form.

Q: What does FATCA stand for?
A: FATCA stands for Foreign Account Tax Compliance Act.

Q: Who needs to file IRS Form 8966?
A: Financial institutions and certain non-financial institutions need to file IRS Form 8966 if they have reportable foreign financial accounts or assets.

Q: What information is required on IRS Form 8966?
A: IRS Form 8966 requires information about the filer's foreign financial accounts and assets, including details about account holders and balances.

Q: What happens if I don't file IRS Form 8966?
A: Failing to file IRS Form 8966 or providing inaccurate information may result in penalties and other consequences.

Q: When is the deadline to file IRS Form 8966?
A: The deadline to file IRS Form 8966 is generally March 31st of the year following the calendar year that the reportable accounts were identified.

Q: Can I file IRS Form 8966 electronically?
A: Yes, IRS Form 8966 can be filed electronically through the IRS's International Data Exchange Service (IDES) or through approved vendors.

Q: Do foreign financial institutions have to file IRS Form 8966?
A: Yes, foreign financial institutions that have reportable accounts held by U.S. persons must file IRS Form 8966.

Q: Is IRS Form 8966 the same as the FBAR?
A: No, IRS Form 8966 is not the same as the FBAR (Report of Foreign Bank and Financial Accounts). They serve different purposes and have different reporting requirements.