What is the purpose of Form 8966?

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.

What are the reporting requirements for 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.

Do you need to file Form 8966?

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).

What is a specified foreign financial asset?

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

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FATCA Report

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.

Instructions

Form 8966 Instructions - Instructions for Form 8966, FATCA Report

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FAQ

What is the purpose of Form 8966?
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.
What are the reporting requirements for 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.
Do you need to file Form 8966?
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).
What is a specified foreign financial asset?
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.

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Federal tax forms

Form 8966 is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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