The Internal Revenue Service issued new versions of Forms 1099 and instructions that can be used by foreign financial institutions and U.S. payors to report accounts held by Americans under the Foreign Account Tax Compliance Act.
In releasing the forms Oct. 29, the IRS said beginning in 2014, FFIs and U.S. payors can use them to report accounts held by “specified U.S. persons” under chapter 4 of the tax code.
The IRS issued tax year 2015 versions of:
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