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The International Data Exchange Service (IDES), overseen by the IRS, is officially open for enrollment as of January 12, 2015. This web application will be used primarily by financial institutions and government tax authorities to send finance reports of American clients to the IRS in accordance with the Foreign Account Tax Compliance Act (FATCA) or an intergovernmental agreement (IGA). So far, the registration system has processed over 145,000 institutions and the U.S. now holds over 110 IGAs.
Transfers of files and data using IDES are protected by the encryption of data by the sender and the transmission pathways by IDES which, together, effectively safeguard sensitive and confidential tax information.
“The opening of the International Data Exchange Service is a milestone in the implementation of FATCA,” said John Koskinen, Commissioner of the IRS. “With it comes the start of a secure system of automated, standardized information exchanges among government tax authorities. This will enhance our ability to detect hidden accounts and help ensure fairness in the tax system.”
The full report is available here at irs.gov.
The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.
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