Issue Number: 2016-6
Inside This Issue
- FATCA XML Schema v2.0 *Draft* Now Available!
1. FATCA XML Schema v2.0 *Draft* Now Available!
The Internal Revenue Service (IRS) announces release of the FATCA XML Schema v2.0. The schema reflects legislative updates and changes implemented by the Organisation of Economic Co-operation and Development (OECD) Common Reporting Standard (CRS) schema. The enhancements allow users more flexibility in reporting account holder types and in responding to competent authority requests.
Beginning January 2017, the FATCA XML Schema v2.0 will replace v1.1. All International Data Exchange Service (IDES) users will be required to submit FATCA Reports using version 2.0 because version 1.1 will no longer be supported. In addition, a FATCA XML Schema v2.0 User Guide, sample files and detailed business rules will be published shortly.
A draft version of the FATCA XML Schema v2.0 is available on the FATCA XML Schemas and Business Rules for Form 8966 web page. We recommend viewing schema version 1.1 and version 2.0 using a comparison tool, such as WinDiff or WinMerge. The schema is subject to change and not intended for use in current production.
The following summarizes changes from schema version 1.1 to version 2.0:
• New defined string types, lengths and data types
• New element for nil reports and closed accounts
• New element and enumerated values for filer category
For the latest FATCA information, please sign up to attend the FATCA Global IT Forum hosted by the IRS. Our technical experts will be available to answer your questions. Also visit the IDES Resources web page for information on data preparation and testing dates.
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