Global Information Reporting Services

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.

Back to top

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

Back to top

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.

Back to top