The IRS has announced that it is enhancing the identity authentication process for financial institutions registering under the Foreign Account Tax Compliance Act (FATCA).
To improve security, taxpayers must now sign in or register using either of the IRS’s credential service providers, Login.gov or ID.me.
FATCA, enacted by Congress in 2010, targets noncompliance by taxpayers using foreign accounts or foreign entities. It requires most U.S. taxpayers holding financial assets outside the country, as well as certain foreign financial institutions, to report these assets and accounts to the IRS.
Taxpayers who already have a Login.gov or ID.me profile can sign in to the FATCA registration system. Those without a profile will need to create one to gain access. Read more.