Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
The New QI Agreement 2023: What it means for you (Webinar Recording)
A new QI Agreement is due to be released in January 2023, including new obligations for qualified intermediaries that allow their clients to own interests in publicly traded partnerships.
We hosted a webinar on 8th December for financial institutions in Taiwan and Hong Kong to explain the implications of these proposed changes. Watch the recording now...
Saudi Arabia KYC Rule Approval: What it means for you (Webinar Recording)
Saudi Arabia’s KYC rules were approved by the IRS earlier this year, which means that all Saudi Arabian financial institutions are now eligible to apply for QI status.
We hosted a webinar on 30th November for financial institutions in Saudi Arabia to explain the benefits of becoming a QI. Watch the recording now...
DTC 1042-S Announcements
The DTC has recently launched a new service called the 1042-S Announcement service.
This article is an opinion editorial (op-ed) providing our personal interpretation of the impact of the new service.
Periodic Review and Certification: QIs in Taiwan Take Note
Many financial institutions in Taiwan became qualified intermediaries in 2018 and 2019 and are now approaching their first periodic review.
Find out what you need to consider when selecting a reviewer…
Are AML and CFT Based Practices for Validation of Tax Residency Inadequate for AEoI CRS Purposes?
Marco Zawar shares his views on why Anti Money Laundering and Counter Financing of Terrorsism related due diligence measures in Hong Kong are insufficient to meet financial institutions’ AML/KYC requirements under AEoI/CRS…
Four things you need to know in the US tax reporting season
1042-S U.S. tax reporting season is upon us, so we are sharing our top tips based on the problems we see in the market.
Find out how to ensure your reporting goes smoothly in 2022…
3 Big Problems with US Tax Regulations
We explore some of the problems we have encountered surrounding the use of Form W-8BEN-E by brokerages and issuers of equity linked instruments.
5 things you need to know about U.S. tax reporting in 2022
If your firm is exposed to the US securities market, you may have a 1042-S and 1042 reporting obligation to the IRS. Find out more...
FATCA AML/KYC procedures in Hong Kong: State-of-the-art compliance?
Can tax authorities rely on the fact that financial institutions have adequate AML/KYC and client due diligence procedures in place to populate and file the fiscal information required under FATCA?
How Do You Become A QI?
July 3, 2024Trying to decide if your financial institution should become a QI or not is a difficult decision, and one a […]Read more
What The IRS Considers A ‘Good Faith Effort’ for Section 871(m)
June 21, 2024Navigating the labyrinth of tax regulations can be daunting, especially when dealing with the likes of the IRS. Their rules […]Read more
FATCA Reporting 101
June 5, 2024If you’re part of a financial institution, you probably think you have FATCA all sorted out. Most financial institutions do. […]Read more
What Is Amended Reporting Anyway?
May 23, 2024Well, we’re in late May now, which means you should have submitted your original 1042-S information returns filing using the […]Read more
究竟什麼是修訂申報?
May 23, 2024現在已經是五月下旬了，這意味著您應該已經使用IRS的電子資訊申報(Filing Information Returns Electronically, FIRE)入口網站提交了原始的1042-S資訊申報表。您可能會拍拍自己的後背，翹起二郎腿，認為今年的任務已經完成。 嗯，不一定。 有些投資工具可以在美國納稅年度結束(12月31日)後改變分配所得的分類。美國共同基金和圖動產投資信託(又稱REITs)就是兩個很好的例子。這些投資工具通常會告知支付鏈的頂端。例如，它們可能會說，去年原本被歸類為股利的分配，現在被重新分類為資本收益。這不僅令人討厭，而且還意味著一些在支付鏈下游創建的1042-S表格(然後發放給IRS和收款人)現在是錯誤的。 現在怎麼辦? 重分類有什麼影響? 如果發生這種情況(且確實發生了)，那麼您需要採取一些措施。因為現在，如果您是一名 QI，那麼您的集合申報(pooled reporting)可能不再正確。總金額不會有任何變化，但與付款相關的所得代碼(也許還有稅率)會發生變化。例如，您原來的30%股利集合(所得代碼 6)可能需要減少，而您的資本收益集合(所得代碼 37)可能需要增加。如果您一開始就沒有代碼37的集合，那麼您可能會因為現在申報的新集合而被處以逾期申報罰款，因為它不在最初的申報中。 如果您的申報是集合式，那麼只有集合應該被影響。如果您因為客戶是金融機構或穿透實體(flow-through entity)，或者因為揭露式NQI向您揭露了間接收款人，而不得不簽發收款人副本，那麼其中一些收款人副本現在可能也出錯。 您可能還會發現，有些客戶投資了不止一種重分類其所得的工具，而您不太可能同時發現這些情況。如果是這種情況，您可能需要提交多份修訂檔。1042-S的頂端（以及IRS檔案的檔案規格）允許您在提交多份修訂時詳細說明提交的修訂數量。這可能會引起混淆，這也是許多公司等待並只提交一套修訂檔的原因之一。但不要忘記，如果您延遲申報，您的交易對手可能會受到影響，如果他們的下游客戶需要知道的話。在這個例子中，股利可能被徵收30%或15%的稅，但資本收益不被課稅。因此，如果您因這種重分類而修改報稅表，您需要記住，您可能會通過1042報稅表要求IRS退稅，以平衡帳目。 如果我揭露了客戶資訊該怎麼辦? 如果您是揭露式NQI，好消息是您不必擔心。揭露行為會將任何報告義務(包括修訂)賦予您的交易對手，而交易對手通常是一家QI。他們應直接收集並向您的客戶發送修改內容，或者如果您與他們有商議過，則應將修改內容轉發給您。 然而，如果您是非揭露式NQI，那麼您所承擔的義務與QI幾乎相同，但沒有可以集合申報的好處。這意味著您需要花時間找出哪些特定客戶收到了所得，向國稅局提交修訂檔，並簽發新的收款人副本。這可能是一項非常繁重的工作。 […]Read more
We are hiring!
May 16, 2024We are looking for a new person to join our team delivering compliance support to our growing client base. Could you be our next up-and-coming consultant?Read more
How To Stay CRS Compliant
May 15, 2024CRS, otherwise known as the Common Reporting Standard, is a set of rules and technical reporting requirements that form the […]Read more
What Is An Exposure Map?
April 18, 2024If you need to ask that question, then you probably need one. At TConsult we’ve been working with financial institutions […]Read more
什麼是曝險地圖報告?
April 18, 2024如果您需要問這個問題，那麼您可能需要一份。 在TConsult，我們與金融機構和稅務監管機關合作了20幾年，這意味著我們幾乎已經看過這一切，並做到了這一切。在過去的幾年裡，我們開發了一項曝險地圖報告(Exposure Map Report)的產品，幫助金融機構瞭解他們的風險和責任所在，以及他們需要做些什麼來應對這些風險和責任。今天，我們就來解釋一下這到底是什麼。 什麼是曝險地圖報告(Exposure Map Report)? 本質上，它是對金融公司受某些跨境稅務法規影響的分析報告。這是一種快速、簡單、無痛的方法，可以確定您是否在做正確的事情。我們會研究貴公司的機構和現狀，然後根據可能對貴公司產生影響的法規進行對照。 曝險地圖報告通常先決定報告要解決的問題。我們的報告可以涵蓋廣泛的法規，但最受歡迎的(絕大多數)是美國預扣稅。我們還涵蓋： FATCA/CRS DAC6 TRACE GDPR DORA FASTER BEPS 我們從一份簡單的調查問卷開始，收集有關貴公司及其獨特情況的大量資訊，從而瞭解貴公司可能面臨的問題。然後，我們將這些資訊與貴公司承擔的監管和合約義務相對照（因此得名），並找出貴公司在哪些方面不合規，或在哪些方面可以提高合規性或運營效率。然後，我們將報告交付給您，並安排一次EMR後電話會議，以澄清您感到困惑、需要更多資訊或有疑問的地方。 曝險地圖報告通常還能解決一些您可能完全忽略更技術性的問題。在與IRS打交道時，您將使用以下平台和入口網站與他們溝通： FIRE (1042-S) […]Read more
