The US’s FATCA International Data Exchange Service (IDES) Gateway has opened, allowing financial institutions and host country tax authorities to securely send FATCA information reports on financial accounts held by US persons to the IRS, the IRS announced March 3.
The IRS said that data transmitted via IDES is encrypted at both the file and transmission level to safeguard sensitive tax information. The system will operate on all major browsers including Chrome and Internet Explorer, and will support application-to-application exchanges through SFTP transmission protocols.
To access the system, users must first complete IDES enrollment, which commenced on January 12.
The IRS is encouraging financial institutions and host country tax authorities to complete the enrollment process and initiate transmission before the Form 8966 reporting deadline. For calendar year 2014 only, an automatic 90-day extension of time to file Form 8966 will be provided to all filers without a need to file any form or take any action, the IRS said.
The IRS also announced that FATCA IDES will open a testing session from March 10 at 2:00 a.m., EDT, to March 12 at 5:00 p.m., EDT. Testing is available to financial institutions and tax administrations enrolled as IDES users by March 5 at 5:00 p.m., EST. Enrolled users will receive an email with a link to the IDES test web application on March 9.
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