US government opens secure portal for FATCA reporting
Financial institutions and tax administrators that have an obligation under US tax law to report account information to the US government now have a secure online site where they can transmit that information, the US tax agency, the Internal Revenue Service (IRS), announced on Monday.
The site, called the International Data Exchange Service (IDES), offers a web-based application that provides for encrypted transmission of data. Senders are expected to use a standard XML schema format that captures information the US government is collecting under its Foreign Account Tax Compliance Act (FATCA) and to encrypt the data before transmission. Read more on CGMA.org.