Interested in joining our team?
We are always on the lookout for passionate people that possess IQ and EQ to join our growing team.
Common Reporting Standards (CRS) and United States Foreign Account Tax Compliance (FATCA) impacts all Cayman entities, and the legislation has significant penalties for non-compliance. We provide across multiple international jurisdictions to enable our clients to comply with the requirements of FATCA and CRS regulations.
The FATCA and CRS legislation requires each entity to classify itself for both FATCA and CRS purposes. Depending on the classification of the entity, further requirements are then applicable, such as performing FATCA and CRS investor due diligence and reporting on an annual basis.
Our team of FATCA and CRS reporting specialists has developed a powerful and flexible FATCA and CRS service offering to help reduce our clients’ compliance burden, assess their requirements and ensure full compliance at every level.
We can support you with:
- Annual CRS compliance returns
- Assistance with audits
- Assistance with completing and validating self-certifications
- Assistance with completing and validating W forms
- Assistance with porting files in XML format
- Development and document of FATCA/CRS policies and procedures
- FATCA/CRS annual reporting to local portals
- FATCA/CRS classifications
- FATCA/CRS due diligence reviews
- Local and IRS portal (GIIN) registrations
- Provision of FATCA Responsible Officers for the AEOI portals
- Provision of portal delegates for the local AEOI portals
Contact us today to learn more about our comprehensive services.
FACTA and CRS regulation FAQs
What is the difference between FATCA and CRS?
FATCA, or the Foreign Account Tax Compliance Act, is a United States legislation aimed at preventing tax evasion by US citizens abroad. It works by requiring financial institutions to report financial account information of US taxpayers to the tax authorities. The Common Reporting Standard (CRS) serves a similar purpose on a global scale, facilitating automatic information exchange between participating countries to combat tax evasion.
Who do FATCA and CRS apply to?
FATCA specifically targets US citizens to ensure they are compliant with US tax obligations, while CRS applies globally, encompassing over 100 countries committed to exchanging financial account information.
Which areas of FATCA and CRS do IQ-EQ help with?
We provide comprehensive support to ensure full compliance with both FATCA and CRS requirements. Our expertise covers all areas of compliance, offering peace of mind and facilitating global financial transparency.
We aid in navigating the complexities of reporting to tax authorities, ensuring financial account information is accurately reported, and helping institutions understand CRS, free credit report obligations, and credit reporting act requirements.