Release Notes

NEW:  Business Rule 11 added: Part 2,3,4 must be blank for NIL Report Records. 

NEW: Business Rule 12 added: NIL Report cannot be set as Pooled. 

UPDATED: XML creating in regard to Sponsor & Intermediary tags under the Report Group. 

If a record has an associated Sponsor or Intermediary associated with it (see box #’s 6-10 of the paper form) then a Sponsor element will be created in the XML  if the GIIN # has “SP” in positions 14-15 otherwise an Intermediary element is created when the Name is filled in (import field Spon ENT Name 1).

 

NOTES:

IDES is still treating threats discussed at http://www.irs.gov/Businesses/Corporations/FATCA-XML-Schema-Best-Practices-for-Form-8966  incorrectly so they are stripped out when generating XML.

Next week there will be another release that gives more granularity over the Sponsor and Intermediary elements. Per IRS instructions It is possible that a Sponsoring Entity does not have a GIIN so 8966 will add a new field “Spon ENT Type” which will explicitly set the type as Intermediary or Sponsored Entity. 

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