IRS Unveils Form for Banks to Report FATCA Account Information

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The Internal Revenue Service made available Aug. 14 a draft form for overseas banks and withholding agents to use to report information on U.S. accounts—including names, addresses, and account numbers and amounts—under the Foreign Account Tax Compliance Act.
The new draft Form 8966, FATCA Report, dated Aug. 13, details information that must be reported to comply with the law, enacted in 2010 to curb cross-border tax evasion.
Under FATCA, foreign financial institutions (FFIs) must report U.S.-owned accounts to IRS or face, in some cases, a 30 percent withholding tax.
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