The Internal Revenue Service is now requiring taxpayers and financial institutions to authenticate their identities when they sign in or register to use the Foreign Account Tax Compliance Act website as an extra security measure.
As of July 14, the IRS started requiring users to sign in or register with either of the IRS’s credential service providers,
FATCA, which is part of a law that dates back to 2010, requires most U.S. taxpayers who hold financial assets outside the U.S. and certain foreign financial institutions to report those assets and financial accounts to the IRS. It’s part of an effort to deter tax evasion by Americans who have investments held in offshore bank accounts.
Under FATCA, certain U.S. taxpayers who hold financial assets outside the country have to report those assets to the IRS. FATCA also requires foreign financial institutions to report directly to the IRS some information about financial accounts held by U.S. taxpayers, or by foreign entities in which those taxpayers have a substantial ownership interest.
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The IRS has needed to add
Taxpayers who already have a Login.gov or an ID.me profile can sign in to the FATCA Registration System, but only as long as the email matches that of the responsible officer or point of contact on the FATCA registration.
Taxpayers who don’t already have a Login.gov or ID.me profile 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, taxpayers 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 assistance with Login.gov or ID.me, visit the
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