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Key Components of the FATCA Advisory Role

The FATCA tax advisor will provide pro-active advice and support your financial institution’s business and operational units implementing FATCA. We will review existing, amended and new tax legislation and IRS guidance relating to your financial institution’s U.S. tax documentation, information reporting and withholding tax requirements. We will also work with the business and operational units to understand and monitor, as appropriate, any necessary operational system and procedure modifications or additions for new product offerings.

  • We will work with your financial institution’s business and operational units help them become aware of, understand, and are apply existing rules, new and amended tax legislation and IRS guidance relating to FATCA based US tax documentation, information reporting and withholding tax.
  • Monitor and review a pro-active assurance program to assess the overall effectiveness and efficiency of US tax documentation, information reporting and withholding tax (collection and deposit) systems and policies and procedures currently in place within your financial institution.
  • Discuss tax technical issues, as appropriate, regarding upgrades, modifications, mergers with other systems and development of new systems. Determine the completeness of information return filings, assess training needs and implement changes, as necessary, in consultation with FATCA Task Force. Review discovered deficiencies of internal audit examinations regarding FATCA compliance.
  • Provide consultation services in the analysis, development, transfer, and implementation of US tax documentation, information reporting and withholding tax systems of new business units created internally or acquired.
  • Monitor the implementation of your financial institution’s your financial institution’s tax documentation, information reporting and withholding tax rules review that rules are followed and applicable systems and procedures are compliant. Participate in discussions regarding the design and development of systems and procedures to implement such rules.
  • The FATCA advisor will support internal personnel of your financial institution with responses to Internal Revenue Service notices, assessments, and requests for information and, under supervision of the personnel at the Branch assigned to the FATCA Task Force. We can also provide assistance with responses to US tax documentation, information reporting, withholding tax, and operational tax queries from third party entities.
  • Review information returns within your financial institution’s personnel as appropriate.
  • Complete other responsibilities, as assigned.
  • Continuous evaluation of the evolving legislative landscape both in the US and overseas.
  • Discuss a pro-active approach to the management of risk and compliance associated with the operational FATCA tax obligations imposed on your financial institution.