TMS - FATCA

FATCA

Foreign Account Tax Compliance Act Processing

FATCA is intended to provide the IRS with increased ability to detect U.S. tax evaders who maintain foreign accounts and investments either directly or indirectly through ownership of foreign entities.  FATCA sets forth new U.S. withholding tax obligations for U.S. and non U.S. companies, both financial and non-financial institutions, imposing a 30% withholding tax absent required documentation.  This affects not just the financial industry, but all withholding agents, including U.S. operating companies.

Your obligations under FATCA will vary depending on whether you are:

  • A non-U.S. financial institution (either a qualified intermediary or a nonqualified intermediary),
  • A U.S. withholding agent,
  • A U.S. multinational corporation or,
  • A non U.S. non–financial entity

Bringing Two Trusted Brands Together

Broadridge Tax Services has joined forces with Compliance Technologies International (CTI) to introduce end-to-end FATCA solutions for the financial services industry.  This alliance combines CTI’s state-of-the art due diligence and tax withholding software with Broadridge Tax Managed Services information reporting and client delivery solution to satisfy each of the primary FATCA requirements. These features consolidate and streamline a number of labor-intensive back-office functions related to Foreign Financial Institutions (FFIs) and complex NRA withholding requirements under a single sourced solution.

Broadridge Tax Managed Services – The FATCA Solution

Broadridge delivers a complete end-to-end solution:

  • A comprehensive expert analysis of your current processes and procedures from tax technical, operations, and systems perspectives designed to identify the right solutions for your specific needs to meet FATCA requirements
  • Due diligence reviews of U.S. account documentation; validate account information,  identify inconsistencies, ensure capture of all required information and offering archiving capabilities
  • Withholding expertise to produce reporting and transaction tracking, subject to FATCA
  • IRS reporting, print distribution, and electronic delivery for annual reporting and re-certification allowing you to adhere to deadlines and milestones

Don’t delay implementation plans.  Broadridge offers a comprehensive solution roadmap designed to meet FATCA requirements, contact us for a consultation at taxservices@broadridge.com.

About Compliance Technologies International, LLP

CTICTI’s software and services have been used in multi-national corporations and eight of the ten largest financial institutions in the world since 1998.  CTI has a strong team of highly specialized and experienced international and domestic tax and software professionals, including lawyers, accountants, software engineers, and operations experts.  CTI’s team is a leader in cutting-edge global tax technology; consulting and outsourcing services specializing in information return reporting and tax withholding.


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