FATCA: Updated FAQs

FATCA: Updated FAQs

The IRS today reported that several frequently asked questions (FAQs) on the FATCA International Data Exchange Services (IDES) webpage have been added and updated.

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The FATCA IDES technical FAQs are focused on IDES technical issues such as data transmission and security, and the new FAQs include answers to the following questions (this is not a complete list):

  • A13. Will an API or standalone application be available to assist with data preparation?
  • A14. I am a Sponsoring Entity located in a Model 1 IGA jurisdiction. I am responsible for reporting on behalf of entities in Model 2 and non-IGA jurisdictions. When I attempt to enroll in IDES the system rejects my enrollment as coming from a Model 1 IGA jurisdiction. How can I use IDES as required to submit FATCA Reports?
  • A15. What are the differences between the FATCA XML Schema v1.0 and Form 8966 for “rounding off to the whole currency amount”?
  • B1. When will the IDES system be accessible for HCTA, direct reporting NFFE, and/or FFI use?
  • B7. When will the IDES system be accessible for testing purposes?
  • C21. We're receiving a Notification that there are restricted characters in our file but when we check the FATCA XML Schema (Form 8966) we don't find any. What is wrong?
  • D12. Can we get individual confirmation that our files were received and approved by the IRS?
  • D13. I uploaded a FATCA Report to IDES 3 days ago and have not received a notification about the status of my FATCA Report. Does the XML format cause a problem?

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