By: Dave Olenzak. President and Founder of TWC.
The IRS has opened a test period from August 3, 2020 through September 30, 2020 for their FATCA reporting systems called IDES and ICMM. This test period allows Financial Institutions to send test data in for processing by the IRS systems and receive responses. This helps Financial Institutions to better understand how IRS data is processed and what might cause alerts.
Trans World Compliance has setup its flagship CRS/FATCA One for Financial Institutions software to send and receive data to the IRS test systems. For access, please contact firstname.lastname@example.org. As previously noted, the IRS has given Model 1 IGA jurisdictions until December 31, 2020 to file FATCA (see here).
Note that Financial Institutions in IGA Model 1 countries are operating under local law and many jurisdictions have their own reporting deadlines. Local reporting deadlines can be found on Trans World Compliance’s homepage (www.transworldcompliance.com).
More information here.