Question 1

What is Form 8966?

Accepted Answer

Form 8966 (FATCA Report) is the annual information return filed by Foreign Financial Institutions and other entities to report US accounts to the IRS.

Question 2

What is the IDES Gateway?

Accepted Answer

IDES (International Data Exchange Service) is the IRS's secure system for transmitting FATCA reports.

Question 3

Do I need my own digital certificate for IDES filing?

Accepted Answer

No. Novus Compliance acts as your authorized Third-Party Transmitter and signs and encrypts your IDES package using our own credentials.

Question 4

What XML schema version does Form 8966 use?

Accepted Answer

Form 8966 uses the IRS FATCA XML Schema. The current version is FATCA XML v2.0.1.