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8966 FATCA Software: Efiling a nil report?

Nil means zero.  An 8966 nil report is when the financial institution or filer has no accounts.  The financial institution fills out Form 8966 identifying the reporting financial institution name, address, GIIN and that’s it.  Just this part is filled out:

8966 Just ReportingFI Filled Out

which is basic identifying information of the financial institution.  No account reports or pooled reports are transmitted.  The XML looks like:

<ftc:FATCA>
<ftc:ReportingFI>
<sfa:ResCountryCode>JP</sfa:ResCountryCode>
<sfa:TIN>S519K4.99999.SL.392</sfa:TIN>
<sfa:Name>Large Financial Institution</sfa:Name>
<sfa:Address>
<sfa:CountryCode>JP</sfa:CountryCode>
<sfa:AddressFree>123 Main Street</sfa:AddressFree>
</sfa:Address>
</ftc:ReportingFI>
<ftc:ReportingGroup>
<ftc:NilReport>
<ftc:NoAccountToReport>yes</ftc:NoAccountToReport>
</ftc:NilReport>
</ftc:ReportingGroup>
</ftc:FATCA>

The only Form 8966 filers required to file nil reports are direct reporting Non-Financial Foreign Entities (“NFFEs”) and sponsoring entities of direct reporting NFFEs. These entities must file nil reports to declare that they have no substantial US owners for the calendar year. All other entities are not required to submit nil reports unless required by local jurisdiction tax authorities.

1099FIRE can efile 8966 FATCA nil reports on your behalf.  Email sales at info@1099fire.com, visit our wensite at 1099fire.com or call sales at (480) 460-9311.

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

If you have any questions or comments about our software, feel free to contact us at any time.

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