FATCA: IRS provides new version of data exchange

FATCA: IRS provides new version of data exchange

The IRS announced the release of the FATCA XML Schema v2.0 to allow greater flexibility in reporting account holder types and in responding to competent authority requests.

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According to the IRS release, beginning January 2017, all International Data Exchange Service (IDES) users will be required to submit FATCA Reports using version 2.0. The prior version (version 1.1) will no longer be supported. This reflects legislative updates and changes implemented by the Organisation of Economic Cooperation and Development (OECD) common reporting standard (CRS).

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