|FATCA DEADLINE PASSES, BUT WHAT DID WE LEARN?
Global Information Reporting: Key FATCA Lessons to Prepare for CDOT and CRS
Global Information Reporting has arrived, defining a new reality for financial institutions around the world in an effort to move toward creating greater transparency between countries. Financial institutions need to expand their capabilities for three different reporting regimes: the Foreign Account Tax Compliance Act (FATCA) with reporting starting in 2015; the Crown Dependencies and Overseas Territories (CDOT), with reporting starting in 2016; and the Common Reporting Standard (CRS), with reporting starting in 2017.
The first year of FATCA reporting revealed key activities and approaches that are critical for institutions to implement in order to be successful as Global Reporting expands. Institutions must take advantage of these learnings in order to be prepared to meet more complex obligations for the upcoming CDOT reporting starting in 2016. With a dramatic increase in reportable volume and complexities, CRS reporting is expected to be upwards of 100-250 times even more challenging than FATCA, with almost half the time for organizations to prepare.
Watch our On-Demand Webinar for key takeaways and how to create a three year global reporting approach will be critical in preparing your organization for success.
The IRS also announced a key milestone in FATCA Implementation. Read the release.