FATCA & Tax
GoldTier’s tax functionality allows the incorporation of tax and FATCA requirements into client onboarding and maintenance processes. This includes the collection, validation and processing of tax forms, as well as the management of complex income beneficiary hierarchies that include QI’s / NQI’s and various levels of pass-through structures.
The FATCA functionality was built to address the new Foreign Account Tax Compliance Act requirements. It includes the currently identified requirements while retaining the flexibility of GoldTier’s configuration tools to adapt once the regulations are finalized. The module can be deployed as a standalone solution, or fully integrated into the onboarding / KYC solution.
Features for Tax documentation include:
- Capture and management of complex income beneficiary hierarchies
- Control and reflect the status of underlying accounts based on documentation status
- Rules-based automated validation of tax forms (W-8, W-9, etc) per IRS guidelines
- Manage client changes of circumstance
Features for FATCA include:
- Rules-based FATCA client classification and identification for withholding or reporting
- Automatic generation of required client information and documentation
- Application of FATCA policy for remediation of existing accounts
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Ongoing application of FATCA rules to keep client profiles up to date