Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
Muinmos and TConsult ink deal over digital investor tax self-declarations
Muinmos and TConsult have signed an agreement to integrate TConsult’s Investor Self-Declaration platform (ISD) into Muinmos’ Client Onboarding Platform, enabling Muinmos’ clients, typically financial institutions, to automatically obtain ISDs instead of using multiple paper tax certification forms to document the tax status of their clients.
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.
Nationality, domicile, residency, citizenship and beneficial ownership
We often find that linguistic issues can cause problems for firms looking to establish the correct withholding rate for their clients. In particular, we have seen the distinctions between nationality, citizenship, domicile, residency and beneficial ownership cause a degree of avoidable consternation. In this post, we present a quick reference guide.
Validating W-8 Forms: Cultivating an Eye for Detail
We are often asked what constitutes a consequential or an inconsequential error when validating a W-8 form. Some errors are obviously consequential, but what happens if an error appears relatively trivial, such as an incorrect date format? In this post, we explore how you can assess the risks involved and make a judgement about whether to reject or validate a W-8 form.
Why W8? – Start re-papering over the cracks now!
QIs and NQIs face a rare opportunity to dramatically increase their W-8 compliance rate by re-papering all existing clients using the IRS' new W-8 forms. Find out how such a project could benefit your firm and why it could be worth it in the long run.
3 Things To Annoy You About W-8s and 3 Things You’ll Love
The IRS just made three HUGE changes to W-8 series of self certification forms used by almost every financial institution across the globe to categorise their non-US customers, and there's a lot to love...
GATCA: A Practical Guide to Global Anti-Tax Evasion Frameworks
December 8, 2017TConsult's subject matter experts Ross McGill, Chris Haye and Stuart Lipo have written a new book providing a practical guide to global anti-tax evasion frameworks. In this post, Stuart describes the context for the book...Read more
Are FATCA’s Dissenters Tilting at Windmills?
November 8, 2017Like Don Quixote, FATCA’s dissenters may have misidentified their enemy. So what is the problem with FATCA and what might happen if the anti-FATCA movement succeed in getting it repealed?Read more
The Challenges of GATCA
November 8, 2017The global anti-tax evasion frameworks that comprise GATCA have as many commonalities as they have differences, so it makes sense to approach regulatory compliance in a holistic fashion. In this post, we explore how smaller firms are responding to the pressures of compliance...Read more
FATCA Misconceptions
November 8, 2017For some within the industry, the mere mention of ‘FATCA’ is enough to spark compliance-nightmare flashbacks. The ever unpopular FATCA regulations have now been with us for seven years. But, despite its relative longevity, there are a surprising number of misconceptions surrounding FATCA....Read more
Will AEoI be the new Equifax?
September 19, 2017What are the data security risks associated with the AEoI framework? In this post, Ross McGill explores some of the risks and issues a stark warning to the financial services industry.Read more
Why W8? – Start re-papering over the cracks now!
September 13, 2017QIs and NQIs face a rare opportunity to dramatically increase their W-8 compliance rate by re-papering all existing clients using the IRS' new W-8 forms. Find out how such a project could benefit your firm and why it could be worth it in the long run.Read more
3 Things To Annoy You About W-8s and 3 Things You’ll Love
July 31, 2017The IRS just made three HUGE changes to W-8 series of self certification forms used by almost every financial institution across the globe to categorise their non-US customers, and there's a lot to love...Read more
Remember your New Reporting Obligations Under AEoI / CRS
May 31, 2017You're just getting over the initial FATCA and QI reporting, submitted all of your 1042-S forms, and now you're looking ahead to September and the deadline for all those 1042 forms. However, you may need to report under AEoI/CRS at the same time. Are you planning ahead to avoid this headache?Read more
