US IRS will not update FATCA schema for 2015

The IRS will not release an updated XML schema for FATCA reporting (Form 8966) for tax year 2015, the agency said August 10.

In a new FAQ posted to its website, the IRS said that introduction of a new reporting format so late in the tax year would be burdensome and, as a result, existing version 1.1 of the schema will be used.

The IRS will request feedback from stakeholders on the 2015 FATCA reporting schema, which will be considered for changes for the 2016 tax year, the agency said.