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What are the new FATCA reporting codes for on Form W-9?

The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons.  Certain payees are exempt from FATCA reporting and select a code to identify the specific reason they are exempt.          These codes only relate to accounts maintained at foreign financial institutions, therefore, if the W-9 form is for a U.S. account, this field can be left blank.  Organizations that know their payments are not FATCA related can fill out the FATCA section on the W-9 with an N/A if they find that helpful.