Global Daily Tax News, US To Open New FATCA Platform For Testing, (Jun 14, 2024)

The US Internal Revenue Service has announced that the FATCA International Data Exchange Service (IDES) will open for testing on July 1, 2024.

The platform will open at 08:00 Eastern Time, until July 26, 2024, 17:00.

Enrollment must be completed by June 26, 2024, 17:00.

The IRS said: "On or before Friday, June 28, 2024, all eligible testers will receive an e-mail with specific instructions to connect to the test site. The test environment will only support the FATCA XML Schema v2.0, Notification XML Schema v2.5 and test data document types such as FATCA11 and FATCA12."

Separately, the agency announced that FATCA IDES will be migrating to an updated system and vendor between June 14, 2024, and June 20, 2024. The service will be unavailable during this time.

The IRS said: "IDES users will be required to reset their passwords when first logging into the new system. Users will need to recall their answers to the security challenge questions to successfully reset their password. If users do not recall the answers to those questions, they will need to work with the IDES Help Desk when the help desk service becomes available to reset their password. The system will be back up and fully operational on Friday, June 21, 2024, at 09:00 Eastern Time."

"Due to the system migration, all IDES users are encouraged to participate in the Open Testing window, which will begin on July 1, 2024, to July 26, 2024. IDES users will need to have an active password. All passwords and profile information should be updated BEFORE the enrollment cutoff of June 26, 2024, at 17:00."