U.S. Financial Institutions (USFI)

USFIs that maintain financial accounts for clients or vendors are obligated to comply with various documentation, tax withholding and information reporting requirements.

GCS can assist by providing:

DOCUMENTATION REVIEW

TAX WITHHOLDING & REPORTING REVIEW

DIAGNOSTIC REVIEW

OUTSOURCING

IRS Certification Forms are not straightforward for completion by account holders. GCS will review documentation obtained to verify requirements are met or what documentation needs to be corrected.

Tax withholding must be deducted from payments according to documentation on hand at the time of payment. GCS will review payments and verify withholding is being deducted from income payments according to payment type and documentation on hand.

A complete review of USFI’s compliance program makes sense to confirm that requirements for documentation, withholding and reporting are met. GCS can review a sample of accounts to confirm compliance is actually happening. In addition, a compliance program review can be conducted to identify compliance gaps.

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.