Knowledge Base

13095: Form 8966 - FATCA Report

Fed Returns Generally

What is the purpose of Form 8966?

Form 8966, FATCA Report, reports information with respect to certain U.S. accounts as applicable based on the filer’s chapter 4 status.

Note: Form 8966 is not currently available in Drake Tax.

The Instructions for Form 8966 describe generally who must file:

  • Participating Foreign Financial Institution (PFFI)
  • U.S. Branch of a PFFI Not Treated as a U.S Person
  • Registered Deemed Compliant Foreign Financial Institution (RDC FFI)
  • Limited Branch or Limited Foreign Financial Institution (FFI)
  • Reporting Model 2 FFI
  • Qualified Intermediary (QI), Withholding Foreign Partnership (WP), or Withholding Foreign Trust (WT)
  • Direct Reporting Non-Financial Foreign Investment Institution (NFFI)
  • Sponsoring Entity
  • Trustee-Documented Trust

Special rules exist for some entities. For more information, see the instructions.

FATCA is the Foreign Account Tax Compliance Act, enacted 3/18/2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. Its intent is to combat tax evasion by U.S. persons holding investments in offshore accounts.

To learn more about FATCA, see the IRS website Foreign Account Tax Compliance Act

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