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Image from The Economist

The OECD’s Common Reporting Standard (CRS): how standard is it?

By: Eugenie Meijer, Director of Support and Training for CRS/FATCA One.

So, what is Common and what is Standard? Well, according to Merriam Webster: 
The definition of…

CTS System

The OECD Common Transmission System

The OECD created the Common Transmission System (CTS) to exchange CRS data.  The CTS system is not a data warehouse, rather it works like a traffic policeman.  Local tax…

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FATCA TIN Reporting Requirements TIN Relief

Prior to FATCA and CRS, the collection of a…

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<Nationality> caught up in a lack of communication between US FATCA and CRS design groups?

The Nationality XML element seems to have been caught up in a lack of communication between US FATCA and CRS design groups.…

Coronavirus on world

IRS IDES Test Period Opens and FATCA Deadlines are Extended due to COVID-19

The IRS has opened a test period from August 3, 2020 through September 30, 2020 for their FATCA reporting systems called IDES and ICMM. This test period allows Financial Institutions to send test…

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Model 1 extension isn’t automatic

Note that the Model 1 extension isn’t automatic. It simply gives Tax Authorities the ability to push their own deadlines farther out in the year.  In a Model 1 (and Model 2) countries, the local…

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Information for Financial Institutions

With a few exceptions, Model 2 and non-IGA Foreign Financial Institutions should take notice that they must have completed a Certification of Pre-existing Accounts (COPA) and a Periodic…

CRS/FATCA One

An Introduction to CRS/FATCA One

To View the Video Click Here

Image from The Economist

The OECD’s Common Reporting Standard (CRS): how standard is it?

By: Eugenie Meijer, Director of Support and Training for CRS/FATCA One.

So, what is Common and what is Standard? Well, according to Merriam Webster: 
The definition of…

CTS System

The OECD Common Transmission System

The OECD created the Common Transmission System (CTS) to exchange CRS data.  The CTS system is not a data warehouse, rather it works like a traffic policeman.  Local tax…

Banner

FATCA TIN Reporting Requirements TIN Relief

Prior to FATCA and CRS, the collection of a…

Banner

<Nationality> caught up in a lack of communication between US FATCA and CRS design groups?

The Nationality XML element seems to have been caught up in a lack of communication between US FATCA and CRS design groups.…

Coronavirus on world

IRS IDES Test Period Opens and FATCA Deadlines are Extended due to COVID-19

The IRS has opened a test period from August 3, 2020 through September 30, 2020 for their FATCA reporting systems called IDES and ICMM. This test period allows Financial Institutions to send test…

Banner

Model 1 extension isn’t automatic

Note that the Model 1 extension isn’t automatic. It simply gives Tax Authorities the ability to push their own deadlines farther out in the year.  In a Model 1 (and Model 2) countries, the local…

Banner

Information for Financial Institutions

With a few exceptions, Model 2 and non-IGA Foreign Financial Institutions should take notice that they must have completed a Certification of Pre-existing Accounts (COPA) and a Periodic…

CRS/FATCA One

An Introduction to CRS/FATCA One

To View the Video Click Here