FATCA

QI Solutions offers impact analysis services as well as implementation projects related all aspects of the FATCA regime. The objective is to guarantee our clients a complete planning and implementation for FATCA and the services we provide include:

  • Analysis of specific issues regarding the FATCA regime for Foreign Financial Institutions (FFI), groups of FFIs and other types of entities (e.g., trusts, holdings, foundations) based on the regulatory framework of the country of residence and assistance for the related implementations plans
  • Registration service to obtain the Global Intermediary Identification Number (“GIIN”) and management of the FATCA profile (e.g., RO/POC modification)
  • Creating FATCA self-certification forms, including bespoke forms to incorporate certifications required under FATCA
  • Review and support in case of changes to the on-boarding system and customer documentation, support to a software provider for IT implementation, due diligence activities (e.g., instructions, terms, necessary activities) and preparation of a template for management of the due diligence results
  • Assistance with implementation of a FATCA internal compliance program and assistance to the Responsible Officer (“RO”) of FFI IGA Model 2 or Participating FFI with the FATCA Periodic Certification
  • Full Form 8966 outsourcing services including FATCA xml file preparation and submission to the IRS via the International Data Exchange Services (“IDES”)
  • Drafting of memorandum and legal opinion
  • Training of personnel

The IRS recently updated the FATCA registration system to provide users with more secure access using Login.gov or ID.me.

Having an updated account is the first step to help you comply with the additional obligations with the FATCA regime.

We offer support for the implementation of current authentication methods and for the management of the FATCA Portal to ensure that all information related to your profile is always up to date.

Contact QI Solutions for assistance.

QIS Solutions has been issued a FATCA Identification Number (“FIN”) by the IRS and this allows us to submit Form 8966 on your behalf using our digital certificate, including the request for an extension.

Our FATCA 8966 service is a perfect solutions for financial institutions located in Model 2 IGA countries and includes the use of a simple and intuitive Excel template to obtain the necessary data to report, the preparation FATCA xml file, submission to the IRS via the International Data Exchange Services (“IDES”) and the receipt of submission confirmation.

In some circumstances, US tax reporting of US clients may also require Form 1099 reporting, another our core services.

QI Solutions may request in your behalf to extend the due date to file Form 8966. A request for an extension to file must be made before the due date of the return.

The deadline to request an extension to file Form 8966 is March 31.

An automatic 90 days extension to file Form 8966 can be obtained by filing Form 8809-I.

In order to carry out the requirement of Internal Compliance Program under Revenue Procedure 2017-16 (“FFI Agreement”), QI Solutions offers tailored solutions to assist you in preparation and updating policies and procedures, implementation and reviewing procedures required to meet due diligence, reporting and withholding requirements under FFI Agreement.

Contact QI Solutions to find out how can simplify your compliance and FATCA Periodic Certification obligations in an efficient and economical manner.