FATCA - Draft IRS forms (2014) for financial institutions, withholding agents to report account information 

March 5:  The IRS has posted drafts of two forms for 2014 relating to the U.S. Foreign Account Tax Compliance Act (FATCA).

The forms are to be used by financial institutions and withholding agents for reporting account holder information under the FATCA reporting requirements.

The draft forms (dated as of March 4, 2014) are:

  • Form 8966 [PDF 114 KB], FATCA Report
  • Form 1042-S [PDF 232 KB], Foreign Person’s U.S. Source Income Subject to Withholding

Instructions for Form 8966 (for 2014) have not yet been posted as a draft version.

The instructions for Form 1042-S for 2014 were released by the IRS in a draft version [PDF 482 KB] in November 2013, but have yet to be posted by the IRS as final instructions.

Draft instructions for Form 8966 (for 2014) have not yet been released by the IRS.

Under the FATCA rules, participating foreign financial institutions (PFFIs) are required, under the final regulations, to file an income tax return on Form 1042, information returns on Forms 1042-S, and, if applicable, Form 8966.

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