According to IRS announcement, Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable. “The opening of the International Data Exchange Service is a milestone in the implementation of FATCA,” said IRS Commissioner John Koskinen. “With i
Publication 5190, a draft version of FATCA IDES User Guide was released by the IRS. The FATCA International Date Exchange Service (IDES) will serve Foreign Financial Institutions (FFI’s) and Host Country Tax Authorities for transmitting and exchanging FATCA data with the IRS.