The Foreign Account Tax Compliance Act (FATCA) requires foreign (non-U.S.) financial institutions (FFIs) to identify to the IRS the financial accounts held by U.S. taxpayers or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Failure to disclose information to the IRS may result in severe consequences for the FFI. FATCA has been designed largely to combat offshore tax evasion and to recoup U.S federal tax revenues.
Our FATCA solution
Manual reviews of your FATCA exposure and investing in external personnel to deal with FATCA, are time-consuming and expensive. Our FATCA solution offers an efficient and cost-effective FATCA compliance tool. It is designed to ease the burden of the FATCA review process by automating the procedure with a simple step-by-step Wizard for each account that adds unparalleled consistency, whilst recording each step of the process in an audit trail. This provides a complete record of your FATCA compliance decisions and full accountability should the IRS query any decision.
Blueprint OneWorld can provide a sustainable, robust solution to FATCA compliance that will save time and money in the longer-term.
- Organises and automates a review of your current FATCA exposure
- Tracks foreign financial assets, offshore accounts and thresholds
- Graphically represents entities on organisation charts
- Sends automatic email reminders to review FATCA status of entities annually
- Records all reviews and updates in a permanent audit trail