IRS Issues Draft Tax Form Under FATCA

The IRS has recently issued for comments a draft Form 8966 ("FATCA Report") that will be used by foreign financial institutions ("FFIs") and certain withholding agents to report information with respect to financial accounts held by non-participating FFIs, passive non-financial foreign entities and specified U.S. persons. No instructions were published with the draft form and the IRS cautioned against reliance on draft forms before they are finalized.

See: Draft FATCA Report.