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.
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.
How to Register Software With a Registration Code?-Double-click the desktop shortcut to launch the .exe file.
-Enter your name and the .exe Registration Code precisely as they appear on your registration acknowledgement email when the registration reminder window appears.
-Press Register. Enter all additional details exactly as they are listed on your registration confirmation email, including your .exe serial number.