Rev. 2023
Form 8966 is a report for U.S. taxpayers to provide information about their foreign financial accounts and assets. It includes various sections such as identification of filer, account holder or payee information, owner information, financial information, and pooled reporting type. The form also requires checking certain boxes to indicate whether the account is recalcitrant or not, and to specify the currency code. The document provides instructions on how to file and the latest information from the Department of the Treasury and Internal Revenue Service.
The purpose of Form 8966 is to provide information about foreign financial assets held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest, as well as information about participation in the U.S. financial system by foreign financial institutions.
Foreign financial institutions may have an obligation to report under FATCA if they have in their custody or control assets that meet certain thresholds. This includes both U.S.-owned and non-U.S.-owned entities. The reporting requirements vary depending on the type of financial institution and its level of participation in the U.S. financial system.
You will generally need to file Form 8966 if you are a U.S. person or foreign entity with specified foreign financial assets and the total value of those assets meets or exceeds certain thresholds. If you are a foreign financial institution, you may also have an obligation to report under the Foreign Account Tax Compliance Act (FATCA).
A specified foreign financial asset is any financial account or other financial instrument held at a foreign financial institution, or property held outside of the United States. Examples include bank accounts, securities, and real estate.
Form 8966 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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