The Internal Revenue Service published a guide to help financial institutions (FI), non-financial foreign entities (NFFE), Host Country Tax Authorities (HCTA) and U.S. withholding agencies who enroll in the International Data Exchange Service (IDES) to understand how IDES works and how to transmit Foreign Account Tax Compliance Act (FATCA) data into the system.
The guide introduces what IDES is, explains how to obtain a digital certificate, to enroll in IDES and to submit the FATCA data. The guide is designed to provide information for each of the above users, FI, NFFE and HCTA, which are required to report under the FATCA.
See IDES User Guide, Internal Revenue Service.
Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal