Taxpayers and preparers can expect to see a new check box on a familiar form in 2015. Just last week, the Internal Revenue Service (IRS) issued the 2015 version of Form 1099-MISC. This most recent version features a new check box to identify foreign financial institutions filing to satisfy their FATCA (Federal Account Tax Compliance Act) reporting requirements. According to the tax code, foreign banks are required to disclose information to the IRS about accounts held by US owners or face withholding tax up to 30%. Many foreign countries have already entered into information sharing agreements with the US to facilitate this disclosure.
The list of released 2015 Form(s) 1099 which feature the FATCA check box as of November 24 is as follows: