The Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) legislation are a continuing requirement for businesses residing in over 100 countries and require them to produce a report declaring any money being held on behalf of individuals and/or entities who do not reside in the same country.
Without structured processes and software in place, organisations may not fully comply with the legislative requirements, or may incorrectly report information, leaving them open to enquiries and even penalties from tax authorities.
We recently launched the latest version of our Alphacat product which is designed to meet these reporting requirements. This now features a new platform which was warmly received for its ease of use when tested by our customers prior to the latest FATCA/CRS filing season.
If you need to meet FATCA/CRS reporting requirements, Alphacat can help you by:
- Enabling the creation of reports which meet the requirements of 20 jurisdictions, with further jurisdiction support soon to be added
- Clearly defining the information which should be provided in reports
- Accommodating report sizes ranging from one to tens of thousands of reportable accounts
- Consolidating reportable accounts into one database and automatically dividing them into the required FATCA and CRS reports
- Validating data against the specific requirements of each jurisdiction
- Performing automated conversion into XML reports for submission
- Producing further analytical reports to help you understand the content you are able to submit
We have also introduced a mechanism that enables us to rapidly communicate any changes to the jurisdiction rules, ensuring minimal disruption and equipping you with the latest insights.
Of course, purchasing a software solution will not always be the right decision for everyone. Where the FATCA/CRS reporting requirement puts too much pressure on internal resources, or there is not the volume of reports to justify purchasing software, we also provide a conversion service, giving you the option to take Alphacat as a service.
We will shortly be running a series of webinars explaining why now is the ideal time to reassess how you comply with the FATCA/CRS requirements. In the webinar, we review what the industry has learnt over the past five years and the compliance technology choices available. The five key focus areas we will look at are:
- The changes to FATCA/CRS reporting since 2015, how it’s being implemented and the OECD’s plans for 2021
- What we have learnt around best practice ie streamlining processes in order to:- improve data collection
– remove the complexities of multi-format reporting, and
– ensure validation first time around to reduce queries - The pros of cons of the five compliance choices including weighing up the benefits of software vs outsourcing your reporting
- Why you might reconsider your current compliance approach in order to benefit from the automation of a compliance engine and/or gain access to real tax expertise
- A demonstration of our new Alphacat FATCA/CRS software and XML conversion service
To register your interest for one of our Alphacat webinars, please click here and select a date to suit you. Or to talk to one of our tax experts about your compliance options contact us via enquiries@taxsystems.com or on 01784 777 700.
