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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.
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- 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.
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
Global Tax Information Reporting (GTIR) transformation
Financial Institutions (FIs) are recognizing the need to end the tactical patchwork of tax information reporting services and are taking a strategic view of their current operating models. An important first step in the development of a new operating model is the establishment of guiding principles. FIs undertaking this initiative need an advisor who knows this space and is able to provide tax technical, systems and project management assistance.
Learn how Deloitte can assist with developing and implementing a new tax operating model, which is a challenging but rewarding activity for financial institutions.
Meet the leaders
Denise Hintzke
Managing Director | GIR, FATCA & CRS Tax Leader
Recommendations
FATCA global reporting
Foreign Account Tax Compliance Act