Global Expand offers specialized Foreign Account Tax Compliance Act (FATCA) Consultations to assist financial institutions and other entities in navigating FATCA requirements and ensuring compliance with U.S. tax laws. Our experienced consultants provide comprehensive guidance and solutions to help organizations understand FATCA obligations, implement compliance measures, and mitigate associated risks effectively. Here's how our services can benefit your organization:
1. Regulatory Compliance Assessment:
- Our consultants conduct a thorough assessment of your organization's operations, structures, and customer base to evaluate FATCA compliance readiness. We identify potential FATCA risks and gaps, providing insights into areas for improvement.
2. FATCA Classification and Due Diligence:
- We assist organizations in classifying customers, accounts, and entities for FATCA purposes and conducting due diligence on pre-existing and new accounts. Our consultants help implement procedures for identifying U.S. persons and reporting their accounts to the IRS.
3. FATCA Compliance Program Development:
- Based on the assessment findings, we work with your team to develop and implement a tailored FATCA compliance program. Our consultants assist in establishing policies, procedures, and controls to ensure compliance with FATCA requirements, including customer identification, documentation, and reporting measures.
4. FATCA Reporting and Documentation:
- We provide guidance on preparing and filing FATCA reports, including Form 8966 (FATCA Report) and related documentation required for compliance. Our consultants ensure that all reporting obligations are met, and documentation is accurate, complete, and submitted to the IRS in a timely manner.
5. Due Diligence and Reporting for Non-Participating FFIs:
- We assist non-participating Foreign Financial Institutions (FFIs) in conducting due diligence on their account holders and reporting relevant information to the IRS. Our consultants help non-participating FFIs navigate FATCA requirements and implement necessary procedures to avoid potential penalties.
6. FATCA Training and Awareness Programs:
- We offer customized training and awareness programs to educate employees about FATCA requirements, procedures, and responsibilities. Our consultants deliver interactive training sessions, workshops, and seminars to raise awareness and promote a culture of FATCA compliance throughout the organization.
7. Technology Integration and Automation:
- We advise on the integration of FATCA compliance technology solutions and automation tools to streamline compliance processes, enhance efficiency, and improve data accuracy. Our consultants help select and implement software solutions that meet your organization's needs and support FATCA compliance objectives.
8. FATCA Risk Management and Mitigation:
- We collaborate with your team to develop risk management strategies and mitigation plans to address FATCA-related risks effectively. Our consultants help prioritize risks, implement controls, and establish monitoring mechanisms to mitigate compliance-related vulnerabilities and safeguard your organization.
9. Regulatory Liaison and Engagement:
- We serve as a liaison between your organization and regulatory authorities, including the IRS, to facilitate communication, address inquiries, and resolve compliance-related issues. Our consultants help navigate FATCA compliance challenges and maintain positive relationships with regulatory stakeholders.
10. Ongoing FATCA Compliance Support and Monitoring:
- We offer ongoing FATCA compliance support and monitoring to help organizations stay abreast of changes in FATCA regulations, requirements, and enforcement trends. Our consultants provide guidance, assistance, and updates on regulatory developments to ensure that your FATCA compliance program remains robust and effective.
Partner with Global Expand for Expert FATCA Consultations
With Global Expand as your trusted partner, you can navigate FATCA requirements with confidence and ensure compliance with U.S. tax laws. Contact us today to learn more about how our FATCA Consultations can support your organization's compliance objectives.
