IRS Issues Final Version of Form 8966, User Guide to Schema to Implement FATCA

The Internal Revenue Service issued a final version of Form 8966—used by foreign financial institutions (FFIs) to report U.S. account holders under the Foreign Account Tax Compliance Act—and a user guide to a “schema” used in electronically filing data from the form.

The final Form 8966 is identical to the draft version the agency released March 5 44 DTR G-4, 3/6/14, but there are still no instructions.

The form requires filers to provide information to identify the filer, account holder or payee information, and identifying information of U.S. owners that are specified U.S. persons. It is a new ...