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Use this solution to automatically document and submit all required reports for the withholding tax concerning asset income.
The Qualified Intermediary regime (more precisely, reporting under Chapter 3 and Chapter 4 Internal Revenue Code) was introduced by the US tax authority in 2001 and required the tax retention as well as reporting for payments from US-American securities up to the reporting year 2016. As of reporting year 2017, derivatives with US-American underlying instruments are also covered by the QI regime. Almost all financial intermediaries worldwide who trade with US American securities and act as custodian are affected by this obligation.
i:Reg offers the possibility to automatically create the reports necessary (from the group 1099, 945 (for US citizens) as well as 1042-S and 1042 (for non-US citizens)) as well as individual and pool reports. Moreover, the creation of paper reports and FIRE files is supported according to the standards of IRS. Of course these reports are always consistent between Chapter 3 (FATCA) and Chapter 4 (QI) upon the simultaneous creation of FATCA reporting files via i:Reg.
SDS webinar panel discussion on CRS, FATCA AND QI COMPLIANCE TAX REPORTING INSIGHTS FOR 2018 2017 has been a tumultuous year for Tax Reporting and as Financial Institutions gear up for the 2018 reporting year, there's a lot to reflect on and still much to be clarified. In preparation, we've gathered a panel of experts from Wellsfargo, ABN Amro, Deloitte and SDS to interpret updates from the IRS, OECD and local authorities.Eventinfo