8966 FATCA Software

Our FATCA Report software lets you key in information as you would type on IRS Form 8966 itself. Print on plain paper with black ink or convert to PDF. Create the XML payload and metadata file for electronic filing according to IRS version 2. This software is used worldwide by foreign financials institutions (FFI), sponsored entities or intermediaries. The 8966 software includes a free tool to encrypt using a client digital certificate. You can then upload this encrypted file to IDES for FATCA reporting. Our 8966 software will prepare new, corrected, void and amended data files as well as new, corrected, void, amended test files for current or prior years1099 Pro provides secure and intuitive FATCA Form 8966 software capable of tax form management and IRS XML reporting.

The IRS requires Foreign Financial Institutions (FFIs) from Model 2 countries to report FATCA Form 8966, the FATCA report, directly to the IRS. FFIs from Model 1 countries, that must report to their host country who in turn transmits to the IRS, still must manage their FATCA Reports in one centralized location for ease of reporting.File Form 8966 to report information with respect to:

• certain U.S. accounts,
• substantial U.S. owners of passive non-financial foreign entities (NFFEs),
• specified U.S. persons that own certain debt or equity interests in owner-documented foreign financial institutions (ODFFIs), andThe FATCA XML Schema is based on business requirements collected by a multilateral working group. The schema uses elements from existing reporting schemas used by the OECD and the European Union (EU) to reduce burden on reporting entities. The links below provide guidance on how to validate schemas.
  

  XML resources

  The .xsd and sample .xml files can be viewed with a web browser, such as Internet Explorer or Chrome and a text editor such as Microsoft Notepad, or an XML tool such as XMLSpy or XML Notepad.

  Review the sample FATCA data packet that includes all data files used to create a test transmission to the IRS.

  Important: In January 2017, the FATCA XML Schema v2.0 replaced v1.1 and the FATCA Notification XML Schema v2.3 replaced v2.2.  All International Data Exchange Service (IDES) users are required to submit FATCA Reports using version 2.0 because version 1.1 is not supported.

  The Foreign Account Tax Compliance Act (FATCA) generally requires financial institutions (FI) and certain other non-financial entities that are foreign to the United States to report on assets held by their US account holders or be subject to withholding on withholdable payments.

  Australian financial institutions with an obligation to report for FATCA must register with the Internal Revenue Service (IRS) on the FATCA Registration WebsiteExternal Link.

  Upon approval the IRS will issue a Global Intermediary Identification Number (GIIN), which must be used in FATCA reports.

  Please note the GIIN may not be available for use by the IRS up to 15 days after it’s issued.

  FATCA REPORTING

  (IDEASY IS NOW PART OF TRSUITE)

  Proven across last reporting years the IDEaSy software is updated for US FATCA XML 2.0 reporting schema and integrated into our tax reporting software: TRSuite.
  Preparing and filing electronic FATCA XML reports need not be an expansive and laborious task. TRSuite FATCA prepares properly formatted electronic files, which are ready for filing with every jurisdiction following the FATCA XML 2.0 standard. Avoid the stress of creating and maintaining XML files that comply with the IRS schema.

  Use our FREE IDES Packager to validate IRS Form 8966 XML against current IRS schema. Once the file has been successfully validated, our FREE IDES Packager will create the metadata file, sign, encrypt, rename and package your XML so that you can upload the resulting zip file to IDES for FATCA reporting. Wait for results from IDES and use the IDES Packager to decrypt messages from IDES.

  FATCA and IDES are still relatively new. If you have questions, call us and we can help. We can efile Form 8966 on your behalf and encrypt using our digital certificate and our account with IDES.