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New FATCA FAQs Released

As many taxpayers attempt to comply with the Foreign Account Tax Compliance Act (FATCA), they are facing challenges understanding and conforming to the requirements. In an attempt to clarify these complex rules, the IRS has issued Frequently Asked Questions (FAQs) on the topic. On December 7, 2015, the IRS released some updated FAQs on FATCA. You may find the FAQs by clicking here. The updates can be found under the General Compliance Section, questions 12-17 as follows:

Q12. My courier requires a physical mailing address for delivery service. What is the physical mailing address for Forms 8966 and Form 1042?
Q13. I am an American citizen living abroad and my foreign bank is requesting my social security number, do I have to comply and if so, why?
Q14. How do I submit a request for an initial or additional extension of time to file Forms 8966 for tax year 2015?
Q15. How do I submit a request to waive the requirement to file Forms 8966 electronically for tax year 2015?
Q16. What title should the RO include when indicating their business title in the RO information section of the registration?
Q17. How many Global Intermediary Identification Numbers (GIINs) should a single FI have?

Be sure to contact a qualified tax professional to assist you with any specific advice or conformity to these rules.

By Jill A. Helm, CPA