IRS Revises FATCA Form 8966 Instructions and IDES for Tax Information Sharing Guide
Posted by William Byrnes on December 18, 2014
The IRS has posted an Update to the Instructions for Form 8966 for 2014 to the FATCA web page:
This update supplements the Instructions for Form 8966 to correct and clarify certain references to the reporting requirements of participating FFIs for the 2014 year, including to reflect a correcting amendment to section 1.1471-4(d)(7)(iv)(B) of the temporary chapter 4 regulations (TD 9657).
A draft version of the International Data Exchange Services (“IDES”) User Guide is now available. The current draft discusses data preparation procedures and reporting for FIs and for foreign governments to transmit the tax information necessary to comply with FATCA.
In the upcoming weeks, IDES will post frequent updates and a final version of the IDES User Guide will be available in early January 2015.
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