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What are the FATCA and CRS reporting deadlines for 2021?

9 Mar - Australia: FATCA reporting deadline extended; U.S. TIN information mandatory for 2020 reporting year 3 Mar - Channel Islands: FATCA and CRS reporting guidance, compliance statement assurance (Guernsey) 27 Jan - Cayman Islands: Deadline for 2019 CRS compliance form extended to 15 September 2021

What do you need to know about FATCA reporting?

Summary of FATCA Reporting for U.S. Taxpayers Reminder: You may have to report information about foreign financial assets and accounts. The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore.

What is the foreign account Tax Compliance Act (FATCA)?

For those Reporting Financial Institutions (RFIs) who took advantage of deadline extensions last year, put in place due to the Covid pandemic, this year’s reporting will have come around all too soon. The Foreign Account Tax Compliance Act (FATCA) is a US federal law which aims to detect, deter and discourage tax evasion by US citizens.

What are the FATCA threshold requirements?

There are different FATCA threshold requirements depending on the filing status of the taxpayers, and if they reside in the U.S. or abroad. If you are a specified individual, your applicable reporting threshold depends upon whether you are married, file a joint federal income tax return, and live inside (or outside) the United States.

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