We previously posted on April 6, 2015, FATCA Guidance Clarifies Form 8966 Filing Requirements discussing that the IRS has added new frequently asked questions (FAQs) concerning Foreign Account Tax Compliance Act (FATCA) reporting to its website. Specifically, the new FAQs clarify certain aspects of the requirement and deadline for filing Form 8966 (FATCA Report) for certain filers.
Now the
IRS has set deadlines and offered taxpayers instructions on how to get extensions
and waivers for filing Form 8966, FATCA Report
The
Internal Revenue Service said that it is giving taxpayers until June 29, 2015 to request an additional extension of time to file the Form 8966 for tax year 2014.
They will have until August 13 , 2015 to request a waiver from filing the form
electronically for tax year 2014.
The Form 8966 is used by foreign financial institutions to report their
U.S. account holders under the law, which requires banks to provide the IRS
with the information or face, in some cases, a 30 percent withholding tax on
their U.S. source income.
The
agency issued two
new frequently asked questions and answers that provided instructions and
templates. One template is for the time
extension and one template is for the waiver.
Do You Have Unreported Foreign Income?
Your 2014 Information Is Being
Reported To The IRS !
Want to Know if the OVDP Program is Right for You?
Contact the Tax Lawyers at
Marini & Associates, P.A.
for a FREE Tax Consultation
at: www.TaxAid.us or www.TaxLaw.ms or
Toll Free at 888-8TaxAid ((888) 882-9243)
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