FATCA Comply: Enabling IRS FATCA Compliance via FATCA Registration Services & FATCA Reporting
Los Angeles, CA (PRWEB) April 09, 2014 -- http://www.FATCA-Comply.com - a unique, spreadsheet based, service that provides on-line tools related to FATCA compliance including the only automated FATCA registration service for Foreign Financial Institutions / FFIs (Form 8957) for the electronic reporting of FATCA information to the IRS - fills a much needed space in the compliance world.
The 2014 tax year also brings about a vastly different tax form 1042-S: Foreign Person’s U.S Source Income Subject to Withholding, which, when combined with the recent FATCA legislation , has many multinational firms scrambling for a solution. Fortunately, the founder of FATCA Comply, 1099 Pro Inc., continues to offer and support its market leading 1042-S software for printing, mailing, e-filing, correcting, and providing custom reports on 1042-S tax forms.
“Under FATCA, to avoid certain withholding, Foreign Financial Institutions (FFIs) may register with the IRS and agree to report to the IRS certain information about their U.S. accounts, including accounts of certain foreign entities with substantial U.S. owners. FFIs that enter into an agreement with the IRS to report on their account holders may be required to withhold 30% on certain payments to foreign payees if such payees do not comply with FATCA.”
FATCA Comply is the answer to the uncertainty, irregularity, and time-consuming process of registering Foreign Financial Institutions (FFI’s), branches, and intermediaries with the IRS. Those who have attempted to use the IRS’s registration system have no doubt been met with the frustration of random timeouts and system outages.
“That’s the beauty of FATCA Comply,” says Director of Marketing, Michael Stewart. “FATCA Comply allows its users to upload a spreadsheet and the service powers through the IRS timeouts and outages without forcing the user to completely start over. It’s an automated process that accounts for IRS irregularities and reduces the time taken for manual entry from multiple days to the click of a button.”
While that may enough reason for some to use the service, FATCA Comply provides a host of additional benefits that really make the service worthwhile. Users of FATCA Comply are given a spreadsheet template in which they can enter their Form 8957 information and then save the information in an easily organized fashion. Rather than have to submit each Form 8957 manually and individually; users can upload the spreadsheet in bulk - submitting tens, hundreds, or thousands of Foreign Financial Institutions all at once. FATCA Comply even allows for individual or batch submittals in which the user can approve the information one by one or all at once, depending on his/her needs.
“This is precisely the process that allows FATCA Comply to automate its service and account for IRS irregularities” says a foreign customer who previously filed over 300 Leads, Members, POC, PAI, and Branch information via FATCA Comply. “The service provides user flexibility while also meeting strict IRS guidelines.”
What's the next step? FATCA Comply plans to unveil software, in the summer of 2014, for the recently released Form 8966. The software is designed to be ran in an internal environment as a standalone application or via a company’s intranet as a SaaS implementation. Similar to the FFI registration on Form 8957, users of the FATCA Comply Form 8966 software can import the Account Holder, Identifying information of US Owners, Financial information including Account Number, Currency Code, Account Balance, Interest, and Dividends directly into the software.
FATCA Comply is created by 1099 Pro – the market leader in electronic filing and information reporting of 1099’s & 1042-S returns that works with over half the Fortune 500 companies – FATCA Comply’s online SaaS Service for filing of publically available FFI information of Form 8957 is hosted in the same secure, redundant SSAE 16 certified environment via http://www.FATCA-Comply.com.
Support, FATCA Comply, https://www.efilemyforms.com/, +1 (866) 444-3559, [email protected]
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