New FATCA XML Schema v2.0 (draft ver.)

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.