Tax Authorities

CRS/FATCA One for Tax Authorities

CRS/FATCA One for Tax Authorities is a completely automated solution that provides a simple, easy-to-use interface for Financial Institutions to register and report US FATCA and CRS data. The system automatically sends and receives information with other tax authorities and makes the results instantly available to Financial Institutions and the Tax Authority.  CRS/FATCA One for Tax Authorities completes the process with a complete audit trail and management reporting system to ensure compliance success.

The CRS/FATCA One for Tax Authorities™ Process:

Financial Institutions / Tax Authorities
  • FI Registers
     
  • TA approves and activates
Financial Institutions
  • Load the data into CRS/FATCA One for TAs via Spreadsheets or Manual Entry
     
  • Review the data to be submitted
     
  • Submit the data to the TA for review
Tax Authorities
  • Reviews submissions
     
  • Submits data to the IRS or to global tax authorities for CRS using direct connectivity to the Common Transmission System (CTS)
     
  • Checks submission results

Financial Institutions / Tax Authorities

  •  Both the FI and TA can check submission results
     
  • CRS/FATCA One for Tax Authorities completes the process with a complete set of management reporting. 

 

The CRS/FATCA One for Tax Authorities™ Benefits:

  • Installation, training, and maintenance can be done completely remotely
     
  •  FIs can submit data in Excel, CSV, XML, or via manual data entry
     
  • CRS/FATCA One converts data into validated US or CRS XML to reduce errors
     
  • User friendly multi-lingual interface, documentation, and support
     
  • XML is sent real-time
     
  • IRS or partner tax authority provides acceptance and feedback on each FI submission
     
  • Automated feedback is made immediately available to the FIs and TAs
     
  • FIs do their own corrections or voiding of records
     
  • Maintains data provides audit trails and makes available all submitted data for the required six year retention period
     
  • Allows submission of Test and Production data records  

Tax Authority Compliance Software (TACS) System

The Tax Authority Compliance Software (TACS) System augments our CRS/FATCA One for Tax Authorities software with additional stand-alone modules created to support the exchange of an additional 24 OECD Base Erosion and Profit Shifting (BEPS) data exchange types through the OECD’s Common Transmission System (CTS 2.0).  The entire TACS Systems operates on a proprietary TWC Common Core which provides a common interface and workflow for all modules.  The TACS System Dashboard pulls together all TWC modules into a single place for monitoring and data analysis.   
 

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The TACS Process:

  • Regulated Financial Institutions or System Users can self-register
  • The TA approves registration and users can submit data
  • The TA has the option of operating in Approval or No Approval modes
  • The TA Administrators and users can monitor the exchange of information throughout the process
  • Tax Authority System Administrators reports to manage and oversee the process
  • Received data is exported and applied

The TACS Benefits:

  • Installation, training, and maintenance can be done completely remotely
  • Simple for users to register, load, correct, and void data including multiple data input methods (manual, excel, and XML)
  • User friendly multi-lingual interface, documentation, and support
  • Completely automated system for the exchange of data between tax authorities
  • Extensive reporting and audit trails
  • TACS system provides a platform for exchanging US FATCA, CRS, and 24 other OECD data types – all with the same TWC Common Core user interface and workflow

 

Additional Resources:

Download information on the TACS System

Download the CRS/FATCA One for Tax Authorities brochure

Download information on CRS/FATCA A-1 for Tax Authorities which assist in FI Audits

Request more information or schedule a demo today!