IRS Enhances Identity Authentication for FATCA Registration
The Internal Revenue Service (IRS) announced today that it will enhance the identity authentication process for financial institutions registering under the Foreign Account Tax Compliance Act (FATCA).
Effective July 14, taxpayers are required to sign in or register with one of the IRS’s credential service providers, either Login.gov or ID.me, to access the FATCA Registration System. FATCA mandates that most U.S. taxpayers holding financial assets outside the U.S., as well as certain foreign financial institutions, report these assets and financial accounts to the IRS.
Taxpayers who already have a Login.gov or ID.me profile can sign in to the FATCA Registration System, provided their email matches the one listed for the responsible officer or point of contact on the FATCA registration.
Those without a Login.gov or ID.me profile will need to create one to access the system. This new authentication requirement aligns with the National Institute of Standards and Technology’s digital identity guidelines.
To create a new profile with either Login.gov or ID.me, taxpayers must verify an email address, create a password, and set up multi-factor authentication to secure their FATCA account. Both ID.me and Login.gov offer help desks to assist taxpayers experiencing difficulties with the systems.
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