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Foreign Financial Institutions (FFIs): Form 8966, FATCA Filing, Withholding and Reporting Requirements

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
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Thursday, June 20, 2024

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, May 24, 2024

or call 1-800-926-7926

This webinar will outline the reporting requirements of Form 8966, including which organizations must file, identifying applicable account holders, filing the form, handling withholding obligations, and preparing for IRS examinations.


FATCA filing accuracy remains a targeted campaign of the IRS LB&I Division. Participating foreign financial institutions (FFIs), among others, are required to report certain information on the foreign financial holdings of U.S. taxpayers. Reportable information includes addresses, TINs, account numbers, interest and dividend income, and account balances. Ideally, the IRS traces and matches the reported data to Form 8938, Statement of Specified Foreign Financial Assets filed by individual taxpayers.

Identifying who must file, including applicable institutions and account holders, is complicated. FFIs must withhold and remit 30 percent withholding on U.S. source income. Institutions that fail to comply could be held liable for the 30 percent withholding plus penalties and interest. Individuals not filing Form 8938 could be subject to a $10,000 annual penalty amounting to a total of $50,000. International tax advisers need to grasp the filing requirements for Form 8966 and prepare for IRS examinations of these institutions and account holders.

Listen as our panel of information reporting experts details the FATCA filing requirements for FFIs and Form 8966.



  1. Form 8966 and the FATCA regime: introduction
  2. Registration
  3. Filing requirements
  4. Reporting requirements
  5. Withholding requirements
  6. Exceptions to withholding
  7. IRS' current campaign
  8. Penalties for noncompliance
  9. Examples
  10. Best practices


The panel will review these and other critical issues:

  • Which FFIs are subject to Form 8966 reporting requirements
  • Meeting withholding obligations of FFIs
  • The state of the IRS' current campaign targeting FATCA compliance
  • Examples including completed Form 8966


Prendergast, Elis
Elis A. Prendergast

Managing Director, Information Reporting & Withholding Tax

Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable...  |  Read More

Thomas, Tara
Tara Thomas

Senior Manager

Tax Senior Manager, Information Reporting and Withholding Practice.

 |  Read More
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