IRS FATCA Reporting Software

According the United States Internal Revenue Service’s (IRS) new “Foreign Account Tax Compliance Act” (FATCA) all financial institutes globally have to report account information of American citizens to the IRS.


Jrsys offers the perfect solution for financial institutes to comply with the new IRS policy. The solution is easily integrated for financial institutes. The information prepared is converted into data that follows the International Data Exchange Service (IDES) format specified by the IRS; the FATCA Data Packet. This information is delivered to the IRS which it is converted into FATCA specified format to complete tax applications.

 

[Note]: The Foreign Account Tax Compliance Act (FATCA) was passed by the United States Government in March of 2010. With other 100 countries forming Intergovernmental Agreements (IGA) with the US government by 2014; including China and Russia, FATCA has truly taken effect. American Citizens living abroad must report foreign financial accounts and offshore assets on Form 8938 and attach it with their income tax returns.

 

 

 

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