FFIs that maintain financial accounts or act on behalf of clients who receive U.S. source income are obligated to comply with various U.S. documentation, tax withholding and information reporting requirements.
GCS can assist by providing:
QI STATUS & ADMINISTRATION WITH THE IRS
QI/FATCA COMPLIANCE PROGRAMS
DIAGNOSTIC REVIEW OF COMPLIANCE PROGRAM
PERIODIC REVIEW WITH CERTIFICATION
OUTSOURCING
RESPONSIBLE OFFICER SUPPORT SERVICES
An FFI wishing to be a QI must apply for such status with the IRS. GCS can assist in obtaining such status without the FFI to need to deal with the IRS directly.
An FFI must develop a Compliance Program to meet QI and FATCA requirements. GCS can review what is already in place to determine what is needed or it can assist the FFI in building a fresh Compliance Program.
A complete review of an FFI’s compliance program makes sense to confirm that requirements for documentation, withholding and reporting are being met.
As mandated by a QI’s Agreement with the IRS, a periodic review and certification must be conducted and submitted every three years. GCS can perform the required review procedures as external reviewer.
At times, it makes sense for a financial institution to outsource functions that it does not have in-house expertise or an ample supply of manpower. GCS often provides documentation due diligence steps as well as information reporting to account holders and the IRS.
Full service Responsible Officer support which frees up the RO to manage workload and resources.
