FATCA: Updated version ICMM; related error messages

FATCA: Updated version ICMM; related error messages

The IRS announced that an updated version of the FATCA International Compliance Management Model (ICMM) as deployed in early August 2015 validates record-level processing of FATCA 8966 XML Report files, including files that were submitted before August 8, 2015. The record level processing identified errors within the files and issued new notifications to filers that reflect the outcomes of the validation.

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The IRS release explains that the IRS discovered an issue related to the processing of files submitted between January 12, 2015, and August 8, 2015, that resulted in the following two erroneous field level error messages:

  • “Account Holder Type Not Valid” error for an individual filer for whom an entity type is not required. This is for account reports in which the account holder is an “individual.”
  • “Pooled Reporting Type Not Populated” error applied to pooled reports.

The IRS stated that these two error messages do not require a response or correction by the filer, and that the IRS is correcting this issue and will resend notifications for files that are affected. 

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