The IRS announced that certain financial firms reporting foreign assets would have to use a new login method to register for and access the agency’s online services.
The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report foreign assets held by U.S. account holders to the IRS. Such institutions usually create an account at the FATCA Registration System portal to register with the IRS, renew their agreements, and submit necessary certifications. But beginning July 14, these institutions can access the FACTA Registration System only if they have accounts at either Login.gov or ID.me, according to a July 17 IRS statement.
