IRS Issues New Draft of FATCA Forms Affecting the Reporting of Account Holder Information to the IRS

The IRS issued a new draft of Form 8966 to be used by foreign financial institutions and withholding agents to report account holder information under FATCA to the IRS. The draft form requires information about the account holder, its status under FATCA, account information and additional information with respect to account holders who are "Specified U.S. Persons." No instructions for this form have been released to date. The IRS also issued a draft of revised Form 1042-S which will be used by U.S. withholding agents and certain Foreign Financial Institutions to report payments to, and withholdings on, Foreign Financial Institutions. Draft instructions for Form 1042-S were issued in November 2013, but revised instructions have not yet been released.

See: Revised Form 8966; Revised Form 1042-S.See generally:Cabinet FATCA Materials (accessible to Cabinet subscribers only).For more information, please contact Daniel Mulcahy and Mark Howe.