US IRS Launches Data Exchange Service for Fatca Reporting

Agency official promises secure, automated and standardized system

Steve Engdahl, senior vice president, product strategy, GoldenSource

The Internal Revenue Service (IRS) announced yesterday that it has launched the International Data Exchange Service (IDES), a new online platform for reporting under the Foreign Account Tax Compliance Act (Fatca).

Fatca requires foreign financial institutions to report the information of certain clients who are US citizens. Firms had to register with the IRS by the last day of 2014, and this year the focus of firms shifts to reporting the client data. The first reporting deadlines fall in March

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