Release Notes


This is a MANDATORY UPDATE as several changes correct problems found in the generation of the XML.  Changes include:

  • The Excel  files in the Import/Samples/XLS Samples folder have been updated with better data examples & better notes (on the 2nd tab) as which fields correspond to which checkboxes.   When importing from Excel ® only the first tab is imported.  You can use these files to do a sample import and then when done you can go to “Import New Tax Forms” and click on the “Reset (Void) Session button to get rid of this test data.

  • Part V Pooled Reporting.  One checkbox was not flowing thru correctly to the XML file.  For further clarification see the Excel  file 8966 Pooled_Sample Import.xls in the Import/Samples/XLS Samples folder.  In summary the Checkboxes for Pooled reporting work as thus:
    Part 5 Pooled Reporting               
    P5 Box 1 Chk 1 - Recalcitrant account holders with U.S. Indicia (translates XML to FATCA201)
    P5 Box 1 Chk 2 - Dormant Accounts (translates XML to FATCA203)
    P5 Box 1 Chk 3 -Recalcitrant account holders that are U.S. persons (translates XML to FATCA205)
    P5 Box 1 Chk 4 - Recalcitrant account holders without U.S. Indicia (translates XML to FATCA202)
    P5 Box 1 Chk 5 - Non-participating FFI (translates XML to FATCA204)
    P5 Box 1 Chk 6 - Recalcitrant account holders that are passive NFFEs (translates XML to FATCA206)

  • Part 2 Not Pooled Reporting.  One checkbox was not flowing thru correctly to the XML file.  For further clarification see the Excel  file 8966 Not Pooled_Sample Import.xls in the Import/Samples/XLS Samples folder.  In summary the Checkboxes for Not Pooled reporting work as thus:
    Part II Account Holder or Payee Information
    P2 Box 5 Chk 1 - Owner-Documented FFI with specified U.S. owner(s) (translates XML to FATCA101)
    P2 Box 5 Chk 2 - Non Participating FFI (translates XML to FATCA103)
    P2 Box 5 Chk 3 - Direc Reporting NFFE (translates XML to FATCA105)
    P2 Box 5 Chk 4 - Passive NFFE with substantial U.S. owner (s) (translates XML to FATCA102)
    P2 Box 5 Chk 5 Specified U.S. Person (translates XML to FATCA104) DEFAULT*

  • * When no AccountHolderType is specified in Part II, the software now defaults to FATCA104 - Specified US Person as this is a required field in the FATCA Schema/validation as the schema fails validation when this this element is not filled in for a <ftc: ReportingGroup >

  • The fonts on the printout FATCA Report are improved

COMING SOON:

Nil Return -

Only Direct Reporting Non-Financial Foreign Entities (NFFEs) are required to submit nil reports. For all other entities, submission of nil reports is not mandatory and submission of these reports is optional. While nil reporting might not be required by the IRS, it might be required by the local jurisdiction. Please check with your local tax administration. Nil reports that are submitted must provide Reporting FI information. The report contains Reporting Group, but it does not contain any account reports or pooled reports. Reporting group can be empty or can contain Sponsor or Intermediary information.

Corrections -

Corrected Data is used for records being re-transmitted after the IRS has notified the sender of a problem with the file or underlying data. Corrected Data should ONLY be used when responding to an IRS request to correct the data. (not used for Decryption, XML or other file-level errors) Amended Data is used to amend a record(s) previously transmitted to, received and processed by the IRS, but is later found to contain erroneous information.

  • NOTE: When submitting Corrected, Void or Amended Data a CorrMessRefID should be included referencing the MessRefID from the Original Transmission.   Your Authorization code is your unique MessRefID so do not give it out.

Download v2014.15.18

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