U.S. Backup Withholding and 1099 Reporting

If you want to accept Americans as clients with minimal risk, we can help

1099/Backup Withholding

How we support financial institutions with their backup withholding and 1099 reporting obligations:

Exposure Map Report

If you are developing a business case to expand your product offerings to U.S. clients, we can provide an exposure map report that will give you:

  1. A clear picture of how you will be impacted by U.S. documentation, backup withholding, 1099 and 945 reporting rules
  2. An overview of the operational choices available to you
  3. Practical recommendations to remediate any issues and build your business case

Policy Development

Financial institutions that accept U.S. investment clients need robust policies and procedures to reduce the risk and workload associated with applying backup withholding, 1099 and 945 reporting.

We can provide expert support to help your team design comprehensive policies that allow you to manage these risks and tap into a whole new group of potential customers.

Training

We can deliver bespoke training to help your staff understand the regulations associated with acting as an intermediary for U.S. clients, including how and when to apply backup withholding, and the 1099 and 945 reporting processes.

We can provide training remotely via video call or on site. All courses are tailored to your needs and can be delivered as high-level briefing sessions or operational deep dives.

Compliance Review

Our compliance reviews help financial institutions to assess their current level of compliance and identify areas for improvement.

We review a sample of US accounts, your policies and staff training materials, and conduct interviews with key members of staff to get a holistic view of your backup withholding and 1099 reporting controls.

Retained Subject Matter Expertise

We can be on hand to answer day-to-day operational questions about backup withholding,  1099 and 945reporting, either on an ad hoc basis or as your retained subject matter experts.

We provide non-legally binding opinion that is practical and to the point, so your operations team can make quick, informed decisions and get on with the job.

Start your journey with TConsult

Get expert help to build a business case and design robust compliance procedures so that your business can reach a whole new market of potential customers.

GET STARTED

“Given that no-one is stopping non-residents from having accounts under CRS, excluding U.S. account holders is a nonsense approach. We want to help firms embrace this market without increasing their compliance risk.”

Ross McGill, Chairman

GET IN TOUCH TODAY

info@tconsult-ltd.com

+44 (0) 1252 413551