Daily Tax Update - January 12, 2015: IRS Launches FATCA Data Exchange Service

IRS Launches FATCA Data Exchange Service:  The IRS announced today that the International Data Exchange Service (IDES) is open for enrollment.  IDES will serve as the point of delivery for both financial institutions and host country tax authorities to electronically exchange FATCA data with the US.  IDES will also enable the US to make reciprocal exchanges as described in intergovernmental agreements.  The IRS simultaneously updated its IDES Technical FAQs.