Featured Guides & Tutorials
Reference guides, checklists, and correction workflows for FATCA, CRS, IRS IRIS 1099, and digital asset reporting teams.
FATCA Reporting Guide
Complete guide to FATCA reporting — Model 1 vs Model 2, deadlines, XML fields, and common errors.
CRS Reporting Guide
CRS 2.0 changes, due diligence rules, XML field reference, and deadlines by jurisdiction.
FATCA/CRS Compliance Checklist
Pre-submission checklist for new filings — covering entity, accounts, schema validation, encryption, and submission.
Correction Filing Checklist
Dedicated checklist for FATCA 2 and CRS correction filings — DocRefID chains, CorrDocRefID, MessageTypeIndic.
IRIS 1099 Filing Guide
FIRE retirement, TCC registration, XML schema, deadlines, and field reference for filing 1099s through IRS IRIS.
Digital Asset Reporting Guide (1099-DA)
Form 1099-DA explained — broker definition, covered vs. noncovered securities, de minimis exceptions, and XML reference.
Frequently Asked Questions
What is the deadline for FATCA/CRS reporting?
The FATCA reporting deadline is 31 March for direct IRS filing (Model 2), while Model 1 IGA jurisdictions (India, UK, Canada, etc.) typically set deadlines between 31 May and 30 June. CRS reporting deadlines vary by country, generally falling between May and September. See our FATCA Reporting Guide for jurisdiction-specific deadlines.
What Excel format is required for data upload?
Novus Compliance accepts Excel files in .xlsx format. Your data
must follow our template structure with specific column headers and data formats.
Download the pre-formatted template from the
Download Templates page to ensure compliance.
How do I obtain IRS encryption certificates?
IRS encryption certificates can be obtained through the IRS IDES Gateway or the FIRE/IRIS systems. You'll need to register for a Transmitter Control Code (TCC) first. See our FATCA Reporting Services for the full IDES enrollment workflow.
Can I make corrections after submitting my report?
Yes. Corrections are filed using the same reporting channel as the original — IRS IDES for Model 2, or the local tax authority portal for Model 1. Each correction must reference the original filing's DocRefID and use a new, unique DocRefID. Correction-specific MessageTypeIndic codes apply (FATCA2 for corrections, CRS702 for CRS corrections, CRS703 for voids). Use our dedicated
Correction Filing Checklist to verify every step before submission.
Do I need a GIIN for CRS reporting?
No. CRS does not use the GIIN — Reporting FIs are identified by their local tax registration number or an equivalent jurisdiction-specific identifier. If you also file FATCA, you can validate your GIIN before submission.
What changes under CRS 2.0?
CRS 2.0 expands the scope of reportable accounts to include certain digital assets, strengthens self-certification requirements, and introduces the CRS 3.0 schema. Most jurisdictions adopt it from the 2026 reporting year, with schema v3.0 mandatory from 1 January 2027 in several EU jurisdictions. Full details in our CRS Reporting Guide.
What is IRIS 1099 filing and do I need a new TCC?
IRIS (Information Returns Intake System) replaced the FIRE system on 1 January 2027 as the only electronic channel for filing Forms 1099. You must apply for a new IRIS TCC — legacy FIRE TCCs do not transfer. Foreign filers whose authorized users do not have a U.S. SSN or ITIN must use the Foreign Filer TCC Registration System and transmit through IDES. Full details in our IRIS 1099 Filing Guide.
Do I need to file Form 1099-DA for digital asset transactions?
If you are considered a "broker" under IRC § 6045 — including exchanges, custodians, hosted wallet providers, digital asset kiosks, and certain payment processors — you likely have a filing obligation for digital asset dispositions by U.S. customers. Gross proceeds reporting applies from 2025 onward, and cost basis reporting becomes mandatory for covered securities starting with the 2026 tax year. Full details in our Digital Asset Reporting Guide (1099-DA).
Need Additional Help?
Our compliance experts are available to assist you with any reporting questions or issues.
- contact@novuscompliance.com
- +91 88884 84178
- Mon–Fri, 9am–6pm IST