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IRS and the Department of Justice have taken FATCA/FBAR to a whole new level.
In the last three years the Internal Revenue Service have collected over $6 billion and over 35,000 people have come forward to report income and assets they’ve had an international bank accounts.
The Federal Government has increase their size and scope of their investigations and have now expanded their treaties all over the world.
IRS is making sure both the individual and and financial institution are in full compliance.
IRS is making a point to start criminal investigation with bank officers and principles who are in non compliance. There are very serious.
It will use the New International Data Exchange to capture information. Please Read Below.
The New International Data Exchange
The New Intergovernmental FATCA XML Schema:
The IRS has finalized the format for automatically exchanging FATCA data with IGA jurisdictions. The Intergovernmental FATCA XML Schema (version 1.1):
- Is a standard format developed in close cooperation with the OECD
- Captures required information for reporting of FATCA data from both Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs)
- Will be used for automatic exchange with all FATCA jurisdictions
- Uses elements from existing reporting schemas used by the OECD and the European Union to reduce burden on reporting entities
- Uses XML to allow for easier modifications down the road in the event of legislative or regulatory changes in reporting rules
- Will facilitate safe and secure electronic data transmission using the International Data Exchange Service
Alert, Please Note:
The .xsd files that comprise the Intergovernmental FATCA XML Schema can be viewed using a web browser such as Internet Explorer or Chrome. The file is also viewable using a text editor such as Microsoft Notepad, or an XML tool such as XMLSpy or XML Notepad.
The Intergovernmental FATCA XML Schema (version 1.1)
NEW: Intergovernmental FATCA Schema Version 1.1 User Guide: Pub. 5124 – User Guide (pdf)
International Data Exchange Service:
The IRS is finalizing requirements for a Data Exchange service to allow for Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs) to automatically exchange FATCA data with the United States.
The Service will also allow the United States to make reciprocal exchanges where called for by an IGA that is in force.
The International Data Exchange Service:
1. Is based on business requirements collected by a multilateral working group
2. Serves as a single point of FATCA information delivery for both FIs and HCTAs
3. May be used for automatic exchange with all FATCA jurisdictions
4. Is based on readily-available mature technology
5. Requires both the file being sent (in the Intergovernmental FATCA XML Schema) and the transmission pathway to be encrypted, ensuring the security of tax data
6. Can be accessed either through a Browser-Based or a Scheduled Bulk Data Transfer environment.
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