Compliance Made Simple
You see a world of opportunity beyond your shores. Staying ahead of new regulations shouldn’t slow you down.
A One-Stop Solution to Complex Regulation
Looking to crack down on tax cheats, the United States government launched the sweeping new Foreign Account Tax Compliance Act (FATCA) starting on January 1, 2013. To view the new FATCA regulations, click here.
While FATCA targets mainly U.S. individuals, regulatory and compliance fall mainly on multinational corporations and foreign financial institutions (FFIs). If you aren’t diligent in your 1099 reporting, the law impacts you. The rules are complex and the potential penalties severe. Foreign Financial Institutions (FFIs) that fail to fully disclose information about foreign accounts of U.S. Taxpayers could face a 30% withholding tax applied to payments of U.S. source income, gross proceeds of sales of property that could produce U.S. income and passthru payments.
Considering the urgency, what is perhaps most surprising is how ill-prepared much of the global business community is for FATCA. A Thomson Reuters survey of nearly 200 practitioners from firms around the world showed that as of September 2012, 43% of firms are unsure of their strategic approach to FACTA.
Yet ready or not, FATCA is coming. To comply with FATCA, FFIs must master three big steps: documentation, withholding and reporting. For example, they must conduct the necessary due diligence on account holders to identify those who may have U.S. connections. And because FATCA compliance will involve not just your tax team, but IT, legal, front office and compliance, you need a truly multidisciplinary and a comprehensive solution.
At Thomson Reuters, we’ve explored the details, examined every nuance of the law, and created a straightforward FATCA software solution aimed at removing risk from the equation and enabling you to comply efficiently, seamlessly and cost-effectively. To learn more in depth info on our FATCA solution, click here.
Our Indicia data engine sorts through mountains of customer data, unearthing those connections. Our Identity tax documentation service allows you to collect and maintain forms W-8 and W-9 online. And ONESOURCE Tax Information Reporting automates the complete range of 1099 compliance, whatever the volume, including research, filing, printing and mailing.
It’s as flexible and easy to use as it is comprehensive and precise. Among other features, the Thomson Reuters FATCA solution includes a convenient and effective onboarding tool, a FATCA indicia search engine, W-8/W-9 data collection and preparations, recording of key documents and even complete reports to the IRS.
In a global economy, tracking ever-changing international regulations has become more challenging than ever before—and more important. Thanks to our market leading software, intelligence capabilities and reporting capabilities, complex never looked so simple.