The Internal Revenue Service has announced the agency will enhance the identity authentication process that financial institutions can use to register under the Foreign Account Tax Compliance Act (FATCA).

Taxpayers as of July 14 are required to sign in or register with either of the IRS’ credential service providers, Login.gov or ID.me, to access the FATCA Registration System. FATCA requires most U.S. taxpayers holding financial assets outside the U.S. and certain foreign financial institutions to report assets and financial accounts to the IRS.

Taxpayers who already have a Login.gov or an ID.me profile will be able to sign in to the FATCA Registration System as long as the email matches that of the responsible officer or point of contact on the FATCA registration.

Taxpayers that don’t already have a Login.gov or ID.me profile will need to create one to access the system. The new authentication requirement complies with National Institute of Standards and Technology digital identity guidelines.

To create a new profile with either Login.gov or ID.me, the taxpayer will need to verify an email address, create a password and set up multi-factor authentication to secure their FATCA account. Both ID.me and Login.gov have help desks to assist taxpayers who have difficulty using the systems.

For questions and assistance regarding Login.gov, please visit the Login.gov help center. For questions and assistance regarding ID.me, please visit Verifying for the Internal Revenue Service – ID.me Help Site

If you have any questions regarding Essential Business Accounting, Domestic Taxation, International Taxation, IRS Representation, U.S. Tax Implications of Real Estate Transactions or Financial Statements, please give us a call at +1-305-274-5811

Source:  IRS