Support across the global information reporting lifecycle
Information reporting and withholding obligations are among the most significant compliance issues facing financial institutions and multinational companies involved in foreign investments and transactional activities.
Under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) for the Automatic Exchange of Information, U.S. withholding agents and foreign financial institutions must have processes in place to gather customer tax documentation and perform required tax reporting.
The rules are complex and can be challenging to navigate without the right people, processes and technology in place. And as regulatory authorities and other stakeholders call for more transparency, businesses need to prove compliance in real time to avoid additional scrutiny, controls and potential tax controversy. While requirements vary by jurisdiction, the risk of noncompliance is costly—including a 30% withholding tax on certain U.S.-sourced payments.
BDO helps you mitigate risk and reduce your reporting burden by providing comprehensive support across the information reporting lifecycle. Leveraging advanced software, we assess client needs, analyze risk, and prepare and file withholding and reporting obligations under U.S. and global regulations. Our team has extensive experience streamlining the validation and management of Forms W-8, W-9, and self-certification, FATCA reporting, withholding rate calculations, and different types of information reporting requirements.
How BDO Can Help
Reduce the risk of noncompliance with a robust global information reporting infrastructure.
Leverage technology to improve data capture and to maintain accurate customer tax documentation.
Ease the reporting burden of nonresident alien withholding, FATCA and CRS by introducing improving internal processes and procedures.
We assist across the tax withholding and reporting lifecycle, including payee documentation, 871(m) determinations and Forms 1042/1042-S preparation.
We help relieve clients’ FATCA and CRS compliance burdens, from entity classification to registration to reporting.
BDO can help financial institutions convert to Qualified Intermediary (QI) status, assisting with everything from policies and training to systems and certification of internal controls.
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Meet our Global Information Reporting Leader
Managing Partner; International Tax Services National Practice Leader