We offer 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.
Our solution 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.
We have the knowledge and expertise to assess and improve existing reporting solutions to further enhance your organization’s reputation and improve client service standards.
The Foreign Account Tax Compliance Act (FATCA) promotes cross border tax compliance by implementing an international standard for the automatic exchange of information related to US taxpayers. FATCA regulations require tax authorities obtain detailed account information for US taxpayers on an annual basis.
FATCA is intended to increase transparency for the Internal Revenue Service (IRS) with respect to US persons that may be investing and earning income through non-US institutions. While the primary goal is to gain information about US persons, FATCA imposes tax withholding where the applicable documentation and reporting requirements are not met.
Common Reporting Standard (CRS), developed by the Organization for Economic Cooperation and Development (OECD), is a global reporting standard for the automatic exchange of information (AEoI). The goal of CRS is to allow tax authorities to obtain a clearer understanding of financial assets held abroad by their residents, for tax purposes.
More than 96 countries have agreed to share information on residents’ assets and incomes in conformation with reporting standards. FATCA and CRS have similar characteristics on the surface, but underneath there are major differences. CRS is more wide reaching and requires a unified, cross-team effort to ensure readiness and compliance.
International Data Exchange Service (IDES)
A secure framework connecting the IRS to thousands of global partners. With federal funding, the IRS commissioned the International Data Exchange Service (IDES), the technological infrastructure that allows tax authorities and financial institutions across the globe to securely submit account information to the IRS electronically.
It’s essentially designed to act as a third-party clearinghouse between the IRS, global tax authorities and financial service partners. To meet deployment benchmarks and deadlines, IT teams needed to transform a complex array of data integration requirements into a streamlined system that’s simple to use and securely connects hundreds of thousands of governmental and financial personnel.
It is also a secure web application for Financial Institutions and Host Country Tax Authorities to transmit FATCA data directly to the IRS. The data is in a standard XML schema format and captures the FATCA Report information. It transmits data securely. The sender encrypts the data and IDES encrypts the transmission pathway to protect your transfers.
The IDES tool enables you to send through information directly to HCTA without any hassle. Just register with us and the hassle of submission is instantly solved. The IDES-SQL tool also enables your organization to collect and store information provided for your reference in the future.
Why worry about losing data? Comply with the requirements easily with the IDES tool and be productive. All information can be stored within our database and retrieved at any point of time for viewing and validating.