WASHINGTON, D.C. — The Internal Revenue Service (IRS) has announced a significant update to the identity authentication process for financial institutions registering under the Foreign Account Tax Compliance Act (FATCA). This measure aims to enhance security and streamline compliance.
Starting July 14, taxpayers must sign in or register with one of the IRS’s credential service providers, Login.gov or ID.me, to access the FATCA Registration System. FATCA requires U.S. taxpayers with financial assets outside the country and certain foreign financial institutions to report these assets and accounts to the IRS.
Those with existing Login.gov or ID.me profiles can sign in to the FATCA system, provided their email matches the one on their registration. New users must create a profile by verifying their email, creating a password, and setting up multi-factor authentication. This new requirement adheres to the National Institute of Standards and Technology’s digital identity guidelines.
Login.gov and ID.me offer help desks to assist users facing difficulties. For assistance, visit the Login.gov help center or the ID.me Help Site.
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