FATCA: IRS publications on FATCA reports, notifications

FATCA: IRS publications on FATCA reports, notifications

The IRS has posted final versions of two publications, as guidance under the FATCA regime

Related content

  • Pub. 5216, Foreign Account Tax Compliance Act – Notification XML Schema y1.4
  • Pub. 5189, FATCA Reports – International Compliance Management Model (ICMM) Notifications User Guide

Both publications are dated April 2015.

Pub. 5216 [PDF 902 KB] provides a general description of the two FATCA notification schemas that will be the basis for all notifications from the IRS to foreign financial institutions (FFIs), direct reporting non-financial foreign entities (NFFEs), and host country tax authorities (HCTAs) concerning the outcome of initial processing on received FATCA report files beginning in January 2015. FATCA XML files based on these schemas will only be generated by the IRS; FFIs, direct reporting NFFEs, and HCTAs are expected to use this guide to interpret notifications received from the IRS, and to program their systems to receive and manage these files.

Pub. 5189 [PDF 345 KB] defines a notification as a “transmission” file archive that contains encrypted documents that are sent from the IRS to an FFI, direct reporting NFFE, or HCTA in response to the transmission of a FATCA report submitted on the Intergovernmental FATCA XML schema or via a paper Form 8966. Notifications are sent from the IRS International Compliance Management Model (ICMM) system via the International Data Exchange Service (IDES). Pub. 5189 focuses on the meaning of each of the possible notifications and the steps to be taken to address the issue(s) identified by the notification(s).

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