March 27 2020

COVID-19 pandemic: emergency tax measures – IRS announces FATCA reporting extension

Source: IBFD Tax Research Platform News

In response to the COVID-19 virus pandemic, the Internal Revenue Service (IRS) has updated its frequently asked questions (FAQ) on the Foreign Account Tax Compliance Act (FATCA) to provide for an extension of the date for a Reporting Model 2 FFI or a Participating FFI to file the FATCA Report (Form 8966) from 31 March 2020 to 15 July 2020. The IRS stated that it will not be necessary to file Form 8809-I, Application for Extension of Time to File FATCA Form 8966, in order to obtain the extension.