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    IRS publishes draft user guide FATCA 2.0

    On 31/08/2016, the US tax authority IRS published the long-awaited draft user guide for the new scheme FATCA 2.0 which will be mandatory for all FATCA reports submitted to the IRS as of 01/01/2017.

    As it could already be assumed on the basis of the draft scheme published previously, Öffnet externen Link in neuem FensterFATCA 2.0 contains some substantial changes which require an adaptation of the software solutions for FATCA reporting. Two examples of changes: As of 2017, account closures and empty reports have to be explicitly flagged correspondingly. The new standard will contain a dedicated field for referencing so-called "competent authority requests", i.e. group requests for the disclosure of pools in IGA2 countries.

    In total, the new draft user guide lists 9 modifications. The new field for additional information is currently not used. A positive aspect of the new user guide: it has been improved significantly in terms of transparency and readability.

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