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Form 14654 UT: What You Should Know

The STOP certification and Form 14654 are intended to help an international taxpayer determine if they may receive reduced or waived penalties due to changes in international financial or tax reporting law. The STOP certification must be verified after completion of one or more FATCA-related reports, including Form 14039 (Foreign Bank and Financial Accounts). Form 14653 (overseas) may be filed only by FATWA reporting entities. This form provides information to an entity that requires this information to file U.S. tax returns for non-favored citizenship. FATWA Reporting entities are tax law reporting entities under the Code, such as a foreign bank or U.S. Trustee. For tax years 2023 and 2023 there is a new requirement for FATWA reporting entities. These entities must: register with the IRS through the Foreign Account Tax Compliance Act (FATWA) and have filed an Electronic Foreign Asset Report (EAT) with the IRS. To determine if I'm a qualifying FATWA reporting entity go to the FATWA website. See the FATWA penalties section, where some of this information about FATWA reporting and penalties apply. A copy of FATWA paperwork is available to each taxpayer and all partners or partners of FATWA reporting entities. For more information about FATWA and FATWA rules and requirements, follow these links: For FATWA reporting entities, see the Foreign Account Tax Compliance Act (FATWA) — How Does FATWA work — FATWA Fact Sheet.  Please report any problems, questions or concerns via email to: FATWA Compliance Group Contact Information on FATWA has also been posted to the IRS FATWA Frequently Asked Questions page. See also IRS FATWA Fact sheet. Separately from the FATWA certification, a U.S. person may not file a combined income tax return with the FATWA reporting entity, even if one of the filers is a partner of the FATWA reporting entity. See IRM 21.2.3.7.4.3.2.1.1.4  Also see IRM 3.18.1, Report on a Foreign Bank and Financial Accounts (FAR), which provides additional information on whether a U.S. person may be a member of a foreign FAR filing partnership. See IRM 20.3.1, Foreign Resident Taxpayers.

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