FATCA update: Second FATCA filing extension available

Group of flagsAutomatic extension of time to file 2014 Form 8966 to June 29, 2015 Certain U.S. withholding agents, foreign financial institutions (FFIs) and nonfinancial foreign entities are required by the Foreign Account Tax Compliance Act (FATCA) to file Form 8966 (FATCA Report), using the International Data Exchange Service (IDES) provided by the IRS. The original due date for filing the 2014 Form 8966 was March 31, 2015.

The IRS provided all filers with an automatic 90-day extension to file Form 8966 — with respect to their calendar year 2014 reports only — extending the deadline until June 29, 2015.

An additional extension may be allowed A second automatic 90-day extension may be requested by some filers by completing and filing the Request for Additional Extension of Time to File Form 8966 for Tax Year 2014. Those filers that are granted the second extension will have until Sept. 28, 2015, to submit Form 8966. The instructions provided by the IRS note that each filer must complete a separate template. For example, if the filer is a sponsoring entity requesting an additional extension of time to file Form 8966 on behalf of itself and with respect to reporting on behalf of a sponsored entity, separate requests must be submitted.

Intergovernmental agreements that are applicable to particular FFIs may affect the availability of an extension. Under the terms of their applicable IGAs, reporting Model 2 FFIs are not entitled to an extension of time for aggregate reporting on non-consenting U.S. accounts or non-consenting nonparticipating FFIs. Entities that are located in a Model 1 jurisdiction and reporting on behalf of themselves (or any entity that is reporting on behalf of another entity that is located in a Model 1 jurisdiction) may not request an additional extension of time to file Form 8966 from the IRS because they must report directly to the Model 1 jurisdiction’s tax authority.

Form 8966 must be filed electronically unless a separate waiver is filed and granted An extension of time to file Form 8966 does not relieve filers from the electronic filing requirement. If a filer is unable to file Form 8966 using IDES as the result of an undue hardship, a request to file Form 8966 on paper can be made by submitting the separate template Request for Waiver from Filing Form 8966 Electronically for Tax Year 2014.

Where to submit these requests Both requests can be mailed together, but they must be typewritten and should be completed and mailed on or before June 29, 2015, to:
Internal Revenue Service
FATCA, Stop 6052 AUSC
3651 South IH 35
Austin, TX 78741

Fred Murray
+1 202 861 4141

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