Form 8966 is used by certain foreign financial institutions to report information about U.S. financial accounts and substantial U.S. owners of passive non-financial foreign entities. This form is part of the compliance requirements under the Foreign Account Tax Compliance Act (FATCA), which aims to prevent tax evasion by ensuring that foreign financial institutions disclose U.S. account holders.

Foreign financial institutions (FFIs), sponsoring entities, and Direct Reporting Non-Financial Foreign Entities (NFFEs) with U.S. accounts or substantial U.S. owners are required to complete this form.

Form 8966 is the FATCA Report used by foreign financial institutions to disclose information about U.S. accounts and substantial U.S. owners of passive non-financial foreign entities.

Foreign financial institutions and certain non-financial foreign entities with U.S. accounts or substantial U.S. owners must file this form.

The form is generally due by March 31 of the year following the reporting year, with a possible extension to June 30.