Services
Global Information Reporting
The focus of the Internal Revenue Service on certain types of US income tax withholding indicates an enhanced scrutiny and potential exposure for organizations’ US tax withholding and information reporting across various industries. Deloitte’s Global Information Reporting and Withholding group can assist with compliance in this area.
Explore content
- Legislation increases information reporting penalties
- Global Information Reporting
- Meet the leaders
- Related topics
How we help
Through our range of services and the experience of our team, we can help you analyze and address potential exposure to tax compliance risk, as well as with related tax controversies. In addition, we can analyze your systems to address gaps in information gathering and other processes that are necessary to produce information required for US tax withholding and reporting on an accurate and timely basis.
Recent legislation increases information reporting penalties
The Trade Preferences Extension Act of 2015, Public Law No: 114-27 (Legislation), which was signed into law on June 29, 2015, amends penalties applicable under IRC section 6721, Failure to file correct information returns, and IRC section 6722, Failure to furnish correct payee statements. The amendments apply to returns and statements required to be filed after December 31, 2015. These increases may impact taxpayers across all industries, not just within financial services.
Global Information Reporting
Deloitte’s Global Information Reporting (GIR) practice is comprised of professionals with extensive tax technical knowledge and experience with process and technology. Deloitte provides a wide range of compliance and advisory services to US Withholding Agents (USWAs) and Foreign Financial Institutions (FFIs) required to comply with FATCA legislation. FATCA implementation requires significant changes to documentation, withholding, depositing, and reporting procedures.
Learn more about the GIR service offerings, their impact, who benefits, and Deloitte services highlights and download summary of GIR service offerings.
- Section 871(m) impacts
- FATCA
- Information Reporting & Withholding (IRW) Advisory
- Information Reporting (IR) Outsourcing
- Report of Foreign Bank and Financial Accounts (FBAR)
- Section 6050W: Information Reporting of Payments
Meet the leaders
Denise Hintzke
Managing Director | GIR, FATCA & CRS Tax Leader
Recommendations
FATCA global reporting
Foreign Account Tax Compliance Act