The input Foreign Account Tax Compliance Act (FATCA) , Form 8938, Statement of Specified Foreign Financial Assets, and Form 8966, FATCA Report, is being done to comply with the Foreign Account Tax Act (FATCA) that was passed as part of the HIRE Act. It generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets. The FATCA forms addressed in this Internal Revenue Manual are filed and processed at the Submission Processing Centers shown in the table below. The first column of the table shows the FATCA form. The second column states the parent form the FATCA form is attached. The third column shows the corresponding Submission Processing Centers that process each specific FATCA form.

The following provide authority for the instructions in this IRM to be performed in support of completing compliance functions to make credits or refunds of any internal revenue tax, processing of non-revenue forms, and administrative support forms.

The Director, Operation Manager, and Department Managers are responsible for monitoring the flow of receipts to ensure the program objective of timely and accurately processing the forms contained within this IRM.

Team Managers are responsible for:

Team employees are responsible for:

IRM Deviations must be submitted in writing following instruction from IRM 1.11.2.2, Internal Management Document System - Internal Revenue Manual (IRM) Process, IRM Standards, and elevated through appropriate channels for Executive approval.

Reports: For a comprehensive list of reports used to manage the programs covered in this IRM see IRM 3.24.202.5, Supervisory Operation Manual, Managerial Reports.

Program Effectiveness:

Integrated Submission and Remittance Processing (ISRP) system access is granted through the BEARS process.

Security level monitoring.

The table below shows the terms and acronyms used throughout this IRM along with the definition of each term. Column one lists the term. Column 2 shows the corresponding acronym. Column C provides a definition for the term.

IRM 3.24.37, IMF General Instructions

IRM 3.24.38, BMF General Instructions

IRM 3.30.123, Processing Timeliness: Cycles, Criteria and Critical Dates

IRM 11.3.1, Introduction to Disclosure

The taxpayer Bill of Rights (TBOR) lists rights that already existed in the tax code, putting them in simple language and grouping them into 10 fundamental rights. Employees are responsible for being familiar with and acting in accord with taxpayer rights. See IRC 7803(a)(3), Execution of Duties in Accord with Taxpayer Rights. For addition information about the TBOR, see https://www.irs.gov/taxpayer-bill-of-rights.

IRMs are located on Servicewide Electronic Research Program (SERP) at, http://serp.enterprise.irs.gov/hompage.html..Specific instruction links are available on the IMF Data Conversion Research Portal located at, http://serp.enterprise.irs.gov/database/portals/sp/imf/data-conversion/data-conversion.html.

Control data may be transcribed from the Form 1332, Block and Selection Record.

Data will be transcribed from the following forms:

The following table shows the program numbers and format codes for source documents.

Each form with a foreign address in Part 1 must contain a Global Intermediary Identification Number (GIIN) on Part I, line 4 in order to be considered edited for input. If the GIIN is not present remove the return from the block and return it to the Code and Edit function. Pull the document and replace with an extra document or renumber.

Name lines will hold up to thirty five characters. If the name line entry exceeds the 35 characters enter the first thirty-five characters. Valid characters are alpha, &, - or blank. A period (.) should be entered for illegible characters.

Do not use Major City Codes (MCCs).

Transcribe current tax year (2023) and two tax years prior (2021 and 2022). Do not transcribe a return that is more than 2 years prior than the current year.

Ignore special characters <, >, and (. Note: An address, “N/A”, “None”, “Same”, or other variation should not be entered unless otherwise instructed.

For Individual type entity entries and all other entries that include the SSN/TIN, name, address, state codes, zip codes, country codes, and all abbreviations, follow IRM 3.24.37, ISRP System, IMF General Instructions, unless otherwise instructed.

For Business type entity entries and other entries that include the SSN/EIN/TIN, name, address, state codes, zip codes, country codes, and all abbreviations, follow IRM 3.24.38, ISRP System, BMF General Instructions, unless otherwise instructed.

Transcribe current tax year (2023) and two tax years prior (2021 and 2022). Do not transcribe a return that is more than 2 years prior than the current year. Tax year 2021 must have edited line numbers due to multiple prompt changes as a result of continuous line numbering of Form 8938 Part I through Part VI.

If multiple Forms 8938 are attached, select the form that has the highest account value in Part V, Line 23, or highest maximum value in Part VI, Line 32. Do not transcribe the remaining Forms 8938. Multiple Forms 8938 is the presence of more than one page 1 of the Form 8938, and each page 1 contains different information.

Some fields require entry of data. These fields are referred to as MUST ENTER fields. They are indicated in the transcription operation sheets by the presence of stars (★★★★★★). See IRM 3.24.37, ISRP System, General Instructions, for procedures related to <MUST ENTER> fields.