REGCO / AEI/CRS, AML/KYC, FATCA, QI, REGCO, Swiss CDB, Tax Compliance /
We are happy to invite you to our REGCO Breakfast Event that will provide an update on the 2019 updated Swiss CRS guidance notes and the revision of the Swiss CDB20 and Swiss AML rules. Further we will also target some FATCA/QI documentation renewal topics. The breakfast event will take place on Wednesday May 22, […]
REGCO / FATCA, QI, Tax Compliance /
FATCA Certifications In the newly published FAQ #13 on FATCA certifications, the IRS confirmed that FATCA certifications for the certification period ending December 31, 2017 are generally due no later than December 15, 2018. This deadline applies to all Foreign Financial Institutions, irrespective of the calendar year, which they have selected for their certification. Furthermore, […]
REGCO / FATCA, Tax Compliance /
The IRS informed on July 19, 2018 that the online FATCA registration portal will be upgraded within the coming weeks. The ROs will be notified per e-mail once the upgrade is completed. The IRS is advising all FATCA registered entities to log in to the updated portal and update their FATCA classification. The update is […]
REGCO / QI, Tax Compliance /
The IRS announced that the QI Portal is now open to accept QI Responsible Officer (RO) certifications. To assist ROs with the provision of the certifications, the IRS has updated the QI/WP/WT Application & Account Management User Guide (download here: https://www.irs.gov/pub/irs-pdf/p5262.pdf ) and added new FAQs covering the Periodic Certification (link here: https://www.irs.gov/businesses/corporations/qi-system-faqs#periodicQ1). The certification […]
REGCO / AEI/CRS, Tax Compliance /
The OECD has released a second edition of its CRS implementation handbook. The new edition provides additional and more up to date guidance on certain areas related to the effective implementation of CRS, covering topics such as legal framework for implementation of AEOI, data protection, IT and administrative infrastructures, as well as compliance matters. The […]
REGCO / FATCA, REGCO, Tax Compliance /
Designated Responsible Officers will soon have to certify their financial institution’s compliance with the requirements of the US Foreign Account Tax Compliance Act (FATCA) by submitting certifications to the Internal Revenue Service (IRS). The IRS has recently released further guidance on the certifications in form of draft certification questionnaires. At our next REGCO Breakfast Event […]
REGCO / FATCA, Tax Compliance /
The IRS released further guidance regarding the FATCA responsible officer certification. In particular, the IRS clarified that the FATCA registration portal, which contains the FATCA certifications, will not be available prior to July 2018. According to the IRS, FATCA responsible officers will have at least 3 months from deployment of the certifications on the FATCA […]
REGCO / QI, Tax Compliance /
The IRS has released further guidance on the QI responsible officer certification. QIs with certification period ending in 2017 and that have selected 2015 or 2016 for their periodic review or that have obtained a waiver of their periodic review, are granted an extension of two months for providing the QI responsible officer certification. The […]
REGCO / QI, Tax Compliance /
The “Tax Cuts and Jobs Act” is a comprehensive reform to the U.S. tax code that took effect on 1 January 2018. From the perspective of Swiss financial institutions participating in the QI regime, two important changes to withholding rates should be noted: the U.S. backup withholding rate, generally applicable to U.S. persons who have […]
REGCO / QI, Tax Compliance /
On December 22, 2017, the IRS released a new Form 1042 and instructions thereto. The biggest changes affect QIs that act as QDDs: The new section 4 of the form must be completed if the QI has made payments subject to Form 1042 reporting in its QDD capacity (i.e., U.S. source income). Section 3 has […]