IRS Unveils Form for Banks, Withholding Agents to Report FATCA Account Information

The IRS 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% withholding tax.

The first section of the draft form contains spaces to identify the filer of ...