The IRS opened the International Data Exchange Service (IDES) for enrollment to the financial institutions and tax authorities to send reports on U.S. citizens’ financial account information under the Foreign Account Tax Compliance Act (FATCA).

IDES is expected to enable a secure system of financial account information among tax authorities around the world, and help the U.S. authorities to find financial accounts previously hidden from detection.

See IRS Launches International Data Exchange Service; Supports Reporting under FATCA and Intergovernmental Agreements, IR-2015-01, Internal Revenue Service.

Posted by Jin Keol ParkF, Associate Editor, Wealth Strategies Journal