FIRE FATCA Regulatory Reporting

Preparing and filing electronic FATCA XML reports need not be an expensive and laborious task. OPES FATCA prepares properly formatted electronic files, which are ready for filing with every jurisdiction following the FATCA XML standard. Avoid the stress of creating and maintaining XML files that comply with the IRS schema.

Global Information Reporting With OPES

With the enactment of the Foreign Account Tax Compliance Act (FATCA), the United States wishes to ensure that all accounts held abroad by US taxpayers can actually be taxed. FATCA is a unilateral set of US regulations that applies worldwide for all countries. It requires foreign financial institutions to disclose information on US accounts to the IRS. Our solutions support all types of financial institutions and models, IDES and most country specific schemas and portals.

Support For All IGA & Non-IGA Models

All types of financial institutions (FFIs) are supported, including sponsoring entities, territorial financial institutions and intermediaries. The software prepares properly formatted electronic files, which are ready for filing with every jurisdiction. Avoid the stress of creating XML files that comply with the IRS schema. We continuously update all solutions to ensure compatibility with all schema changes and home country tax authority portals supported.

Under the Model 2 IGA the partner jurisdiction agrees to direct and enable all relevant FFIs located in the jurisdiction to report specified information about their U.S. accounts directly to the IRS. The International Data Exchange Service (IDES) is the electronic delivery point where Financial Institutions (FI) and Host Country Tax Authorities (HCTA) can transmit and exchange FATCA data with the United States.

As the IDES Data Transmission and File Preparation process is quite complex OPES will help you to do all with one tool with only a few clicks. Just enter all required information into the configuration screen and start the process. The output is a validated, encrypted, signed, ready-to-upload zip-file. As an optional step, the tool can generate the required sender meta data XML-file.