FATCA and CRS
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CRS and FATCA overview and regulations
The tax information reporting landscape has changed substantially in recent years and is set to become even more complex in the future.
Evolving international tax regulations are challenging organizations around the world to implement new procedures to maintain compliancy. Thomson Reuters ONESOURCE™ offers an integrated solution that combines key requirements for both the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) compliance.
How to Determine a Vendor
As you mobilize your FATCA, CDOT and CRS compliance efforts, use this checklist to help you sort through your options and select the vendor who will best meet your reporting needs. From tracking global regulatory updates, to filing on time, choosing the right partner is what will keep you confidently compliant in the era of tax transparency.
Understanding FATCA and CRS Compliance
FATCA and CRS have similar characteristics on the surface, but underneath there are differences that make universal compliance complex and challenging.
Introduced by the Internal Revenue Service (IRS), FATCA prevents US taxpayers who hold financial assets in non-US financial institutions and offshore accounts from avoiding taxation on their income and assets. Foreign financial institutions agree to report on these U.S. account holders or face 30% withholding on all U.S. income.
A global reporting standard for the automatic exchange of information (AEoI) set forth by the Organization for Economic Cooperation and Development (OECD). More than 96 countries share information on residents’ assets and incomes in conformation with reporting standards. CRS is more wide reaching than FATCA and requires a unified, cross-team effort to ensure readiness and compliance.
The Differences in applying FATCA and CRS solutions.
Watch our on-demand webinar, where we review two recent FATCA case studies and discuss how to apply a CRS solution in both instances. Also discussed are ways you can get a head start on preparing for the first round of CRS deadlines.
Whatever direction evolving legislation takes, Thomson Reuters will minimize the impact on your organization and future-proof your compliance program
Market-Leading CRS and FATCA Software
Thomson Reuters ONESOURCE™ offers market-leading software that simplifies the CRS and FATCA compliance process and removes the burden of formulating and implementing a new compliance policy. It also streamlines operational procedures and reduces resource requirements, saving time and money.
Flexible and Scalable
Thomson Reuters ONESOURCE™ AEOI easily integrates with your existing process to meet your specific needs. Our sophisticated software ensures seamless workflow and delivery as FATCA and CRS impact your day-to-day compliance procedures.
An Established and Trusted Platform
Thomson Reuters ONESOURCE™ AEOI has the knowledge and expertise to assess and improve existing reporting solutions to further enhance your organization’s reputation and improve client service standards.
FATCA and CRS Solution
Global compliance reporting is rapidly becoming a new challenge for financial institutions. Thomson Reuters ONESOURCE™ AEOI Reporting offers an integrated solution that automates FATCA and CRS reporting to simplify your process.
A major component of FATCA and CRS requires financial institutions solicit and validate client tax documentation. Thomson Reuters ONESOURCE™ AEOI Documentation helps you gather client information now to ensure a more cost effective, efficient and streamlined reporting process.
News & Blogs
- Foreign financial institutions have more time to renew their FATCA agreements 10 Aug, 2017 - In an update to recently issued frequently asked questions (FAQs) on registering foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act (FATCA), IRS has given entities that missed the July 31, 2017 deadline to renew their FFI agreements, and that have otherwise complied with the terms of their agreements, until Oct. 24, 2017 to renew them and continue to be treated as participating FFIs.
- CRS: Considerations for Reporting & Understanding Early Adopter Jurisdictions 19 Jul, 2017 - As mounting regulation furthers the drive for international tax transparency, the consequences of non-compliance are becoming clearer for global financial institutions. From criminal tax penalties to a rise in audit activity to reputational damage, tax professionals around the world are implementing new procedures to maintain compliance with the utmost urgency. By design, CRS is based [...]
- Updated FATCA FAQs clarify FFI agreement renewal requirements 7 Jul, 2017 - IRS has revised its general frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to provide additional guidance on renewing foreign financial institution agreements.