The United States Foreign Account Tax Compliance Act (FATCA Reporting) is intended to detect and deter the evasion of US tax by US persons concealing money outside the US.
FATCA Reporting requires US residents to self-report their non-U.S. financial assets annually to the Internal Revenue Service (IRS).
Foreign Financial Institutions (FFI’s) that enter into an FFI agreement with the IRS will need to report the following information on their US accounts:
- The name, address, account number and TIN of each account holder which is a specified US Person or, in the case of Passive entity accounts, the substantial US owners;
- The account balance or value at year-end; and
- Gross dividends, interest and other income paid or credited to the account (timing will be determined in the FFI agreement).
- The aggregate number and aggregate value of account held by recalcitrant account holders at the end of the calendar year grouped as those that have US indicia, those that do not and those that are dormant.
XML Authority’s intuitive user interface makes producing valid FATCA XML filings easy with little or no training. The user guide provided by the IRS can be difficult to interpret. Using XML Authority’s simple presentation of the schema as a set of forms and tables, a detailed understanding of the data requirements can be gained at a glance.
Reports can be further simplified by eliminating non-relevant sections using the Schema Masking functionality. Easly hide non-mandatory elements (individual reporting elements or entire report sections) which not only simplifies the schema layout but also reduces the complexity of your required import data.
AUTOMATE AND REDUCE ERRORS.
Save time and reduce errors by importing data from XML Authority generated Microsoft Excel import templates or linking to data in relational databases. Create a set of related tables from which to read data which conform to the FATCA Reporting XML schema using database scripts generated by XML Authority itself.
Be assured that your data is in compliance with the requirements of the schema through XML Authority’s validation functionality. Get real-time feedback on the validity of data input and use the interactive Validations panel to help find and navigate to issues which would cause rejection at the submission gateway.