FATCA

Overview

This article outlines how to use XML Authority to create FATCA submissions in XML format, simplifying the schema to meet your specific reporting needs.

XML Authority contains the FATCA schema as released by the IRS, as well as other national variations in its schema library. The schema is used not only for filers to report their information to the IRS or to their local tax authority, but also for authorities to share this information amongst each other.

This means that the schema structure may be overly complex for an individual reporter and includes complexities such as:

• Support for multiple FATCA reports within a single XML file.
• Allowing for multiple reporting groups in one report.
• Allowing for more than one name, TIN or address for a reporting entity, sponsor, intermediary, account holder or substantial owner.
• Inclusion of extended name components (e.g. multiple middle names and titles, suffixes like “PhD”, or generational identifiers like “Jnr”).

To help navigate this complexity, XML Authority allows for schema masking, which hides or removes non-mandatory schema elements to streamline your reporting. This results in a cleaner interface and a simplified Excel import template.

Note: The unmasked IRS FATCA schema would result in 47 separate tables to deal with the complexity as it was designed, where an appropriately masked schema for an individual filer may only consist of 3 or 4 tables.

Creating a New Submission

Report Setup Wizard

When you create a new FATCA report, click Yes when asked if you want to use the Report Setup Wizard

The wizard tailors the schema structure based on your answers, automating schema masks and removing unnecessary schema complexity:

Tip: Schema masks can be edited at any time. If a hidden, non-mandatory element becomes necessary, simply unhide it using the standard schema masking functionality.

Creating an Excel Import Template

To generate an Excel import template, click Excel – Import Template on the main ribbon. XML Authority will produce an Excel file with sheets matching the schema masks in your document.

Note: If you subsequently adjust your schema masks, you may need to recreate your Excel Import template.

Populating the Excel Import Template

Refer to [this article] for full instructions on how to complete the import template.

Enumerated values (e.g. “FATCA601”) may be unfamiliar. To understand these, hover over the “i” icon within the XML Authority UI to see descriptive annotations: