IRS Provides Additional Guidance on Filing FATCA Report

The IRS issued additional guidance on Form 8966 ("FATCA Report"). The guidance provides that taxpayers that submit an extension request by June 29, 2015 will receive an automatic 90-day extension to file their FATCA Reports.

Foreign financial institutions generally must file a FATCA Report with respect to their U.S. account holders. The FATCA Report, taking into account automatic extensions, will be considered timely filed if filed by June 30, 2015.

An extension request must be filed separately for each filing (e.g., a sponsor must file a separate extension request for each sponsored entity). In addition, taxpayers may request a waiver from filing the FATCA Reports electronically by submitting a waiver request by August 13, 2015.

The new guidance includes templates for making both requests.

See: IRS FATCA Report Guidance FAQ; IRS Template - Request for Additional Extension of Time to File Form 8966; IRS Template - Request for Waiver from Filing Form 8966 Electronically.