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Order SSL-certificate for FATCA and the IRS
FATCA (Foreign Account Tax Compliance Act) is a US law that regulates the taxation of foreign accounts. The main purpose of the law is to prevent tax evasion by US citizens who live outside the United States. All banks and other financial institutions are obliged to transmit to the US Internal Revenue Service (IRS) via FATCA all data on their foreign customers (their account numbers, amount of cash and the turnover on the accounts).
The transfer of customer data to the IRS is done through a special web application called IDES (International Data Exchange Service), created to protect transmitted information. The application works in all modern browsers.
To access the IDES environment, you have to register on the official IDES site. Users must enter a valid GIIN and provide a certificate for registration. On the Enrollment tab, you can also find a link to a web application IDES Gateway, which allows financial institutions to download and upload FATCA data for HTTPS and SFTP.
The registration process in the IDES consists of the following steps:
1.Go to the site https://www.ides-support.com.
2.Go to the tab Enrollment.
3.Click on the link «Begin Enrollment» to register administrator (the name of the user first time registered in the IDES will always be an administrator). As an institution, you can choose the HCTA (the tax authority of the host country) or FI (financial institution).
4.Select HCTA.
5.In the field HCTA Username enter your user name assigned to the IRS.
6.Click Next
7.Affirms information and check the data GIIN, Financial Institution / HCTA and Country.
8.Click Next and set control questions and answers
9.Create a user profile
10.Set up notification
11.Upload the SSL-certificate, which must be in DER or PEM format.
A similar process is required to create an administrator FI.
What FI and HCTA admins can do:
•Add users
•Delete users
•Update certificate
•Download a public key IRS
•Reset passwords
•Create files with metadata
Transfer FATCA report to IRS
IDES supports data transfer only in zip-archives. Usually archives contain 3 or 4 files. First, all data is transferred from the financial institution to the tax authority. Second, the tax authority receives the files and approves or rejects the transfer to the IRS. The tax authority cannot make any changes to these files. Transferring files occurs either via a web-based application (IDES Gateway), or through an SFTP-server. For more information, you can read the official guide.
To send reports to FATCA IRS, you must order a special SSL-certificate that is trusted by the IRS. LeaderTelecom offers the following SSL-certificates, which have been authorised by the IRS:
•GlobalSign OrganizationSSL
You can always use these certificates to send the finalised report to the US Internal Revenue Service.
