Please note that for FATCA the “Correct” option must be used if you received an error return message from the IRS, requesting you to correct data.
For CRS the “Correct” option must be used if you received an error return message from your local TA, requesting you to correct data. Or if you want to make any change to the already submitted XML file.
Go to the Reporting < Dashboard.
Click on Message ID
Select the Action > Corrected: Ready to be reported and Save
Now go back to > Remediation
If the corrected entry is an individual, select the tab > Individual, if it is an entity, select the tab > Entity.
The record to be corrected will have change its Transmission Status to Corrected: Ready to be reported.
Now the data can be corrected by selecting the edit icon to change the customer’s information and/or the Total Balance number to change the information in an account.
For this example LTD has been added to the customer's name.
Make sure that the Transmission Status remains Corrected: Ready to report. You may have to select it again in the remediation screen.
Go back to the Reporting module and go to Tax Authority Reporting.
Here you must select the Transmission Status > Corrected: Ready to report and hit Stage New Data
In the Staged Data tab, you must check the PDF and XML
The PDF should have the box “Corrected Report” checked
The XML should have a CorrMessageRefID for FATCA only, and the DocTypeIndic should be either FATCA12 or OECD12 and for both FATCA and CRS it must have a CorrDocRefID
Then submit to Tax Authorities
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**Tax Authority Portal users: Any resubmission as correction, void, or amend for both FATCA and CRS must be done through the CRS/FATCA One Portal. You cannot upload a corrected, amended, or voided XML file into your batch!
Upon submission of the original uploaded XML file to the local Tax Authority, the CRS/FATCA One system will change all the Message/DocRefIDs. When resubmitting through the Portal it will automatically take the CorrMessage and/or CorrDocRefIDs according to the submitted file!