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New Pub. 5118, DRAFT 2021 Form 8966, and DRAFT Instructions for Form 2848!

New Pub. 5118, DRAFT 2021 Form 8966, and DRAFT Instructions for Form 2848!

Comply would like to call your attention to a few updates that the IRS published this week:

  • Pub. 5118 FATCA Online Registration User Guide. The key update here is that the FATCA Online Registration System functionalities are designed to be accessed by the Microsoft Edge, Google Chrome, and Mozilla Firefox browsers. Microsoft Internet Explorer and Apple Safari are not considered compatible with the application and may not render the optimum user experience or complete functionality. Check out the new Pub. Here –

  • DRAFT 2021 Form 8966, FATCA Report. No notable changes from the prior year form. Check out the DRAFT 2021 form here ––dft.pdf

  • DRAFT Instructions for Form 2848, Power of Attorney and Declaration of Representative (Rev. September 2021). The key updates here relate to electronic signatures. First, acceptable methods now include a signature created by a third party software. Further, to authenticate a business entity taxpayer’s identity for remote transactions, the third party must confirm through documentation that the individual who is signing the form has authority to sign on behalf of the taxpayer. Finally, with respect to Forms 2848 signed electronically in a remote transaction, the third party must authenticate the signing individual’s entity and, in the case of an entity taxpayer, must authenticate the relationship between the entity taxpayer and the individual signing on behalf of the taxpayer. That is, unless the third party has party has personal knowledge allowing the third party to authenticate this information. Check out the DRAFT Instructions for additional updates here–dft.pdf.

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