US IRS updates technical FATCA FAQs on data format and structure

Two new FATCA IDES frequently asked questions (FAQs) were posted to the US IRS’s website on September 9 in the “Data Format and Structure” category concerning how to amend a FATCA report and void a record reporting in error using FATCA XML Schmea, as follows:

Q: C23. How do I amend a FATCA Report using FATCA XML Schema?
A: To void a record:

• A FATCA Report must include an Account Report and/or a Pool Report.
• Typically a record is equivalent to one paper Form 8966. A record is an account report and/or pool report, plus the associated organizational filer. The filer may be a Reporting FI, Sponsor or Intermediary.
• A Reporting FI cannot be voided, amended or corrected alone.  Only a whole record including AccountReport, PoolReport and ReportingFI, Sponsor (if present), can be voided.
• All fields in the void record must equal the same values as the original record previously submitted.

MessageSpec: Identify all corrected messages.
<MessageRefId>	Generate unique value
<CorrMessageRefId>	Original <MessageRefId> from original FATCA Report (minOccurs=”0″ maxOccurs=”unbounded”)
FATCA Report: Identify the data type in the <DocSpec> element for each applicable section, such as ReportingFI, Sponsor, Intermediary, AccountReport, and/or PoolReport
<DocTypeIndic>	FATCA3
<DocRefId>	Generate unique value using <ReportingGIIN>.<Value>
<CorrMessageRefId>	Original <MessageRefId> from original transmission
<CorrDocRefId>	Original <DocRefId> from the record being voided

 

Q: C23. How do I amend a FATCA Report using FATCA XML Schema?

A: To amend a record:

A FATCA Report that was previously processed by the IRS, but later found to contain record level errors, can be amended. For electronic filers, you are not required to void and amend the same record.

MessageSpec: Identify all corrected messages.
<MessageRefId>	Generate unique value
<CorrMessageRefId>	Original <MessageRefId> from original FATCA Report (minOccurs=”0″ maxOccurs=”unbounded”)
FATCA Report: Identify the data type in the <DocSpec> element for each applicable section, such as ReportingFI, Sponsor, Intermediary, AccountReport, and/or PoolReport
<DocTypeIndic>	FATCA4
<DocRefId>	Generate unique value using <ReportingGIIN>.<Value>
<CorrMessageRefId>	Original <MessageRefId> from original transmission
<CorrDocRefId>	Original <DocRefId> from the original record

Note: A FATCA report should contain similar <DocTypeIndic> elements in the same file. Do not combine void, amended and corrected records in the same file.

See:

• FATCA IDES Technical FAQs