FATCA is a business issue – not simply a tax issue. By acting now, firms can minimize their costs, impact on clients, and disruption of regular business activities.
New York, NY (PRWEB) July 14, 2011
Ernst & Young has launched a new website to assist financial institutions in complying with the new US tax regime under the Foreign Account Tax Compliance Act (FATCA). The website features an interactive FATCA timeline, an overview of Ernst & Young’s online FATCA assessment tools, as well as other resources to help global financial institutions prepare to meet the withholding and reporting requirements effective January 1, 2013.
The FATCA website – available at http://www.ey.com/FATCA – features an interactive timeline through 2016 that highlights key regulatory and reporting dates, as well as guidance from Ernst & Young professionals on how to prepare for FATCA’s implementation.
The site also includes an overview of its custom diagnostic tools that financial institutions can use to help understand the scope and impact of FATCA on their organizations, as well as the recommended steps required to meet the statute’s requirements. These tools include:
- FATCA online survey tool to reduce overall assessment time and identify priorities to focus on and shorten the compliance timeline.
- FATCA decision tree tool to navigate FATCA legislation, such as classifying legal entities and categorizing customers.
- FATCA data classification tool to quickly categorize and provide visual analysis of large volumes of both legal entity and customer data.
“FATCA will have a far-reaching impact on US companies and foreign companies with US assets or clients,” said Steve Beattie, principal, Ernst & Young LLP – Financial Services Office. “FATCA is a business issue – not simply a tax issue. By acting now, firms can minimize their costs, impact on clients, and disruption of regular business activities.”
About the Ernst & Young Global Banking & Capital Markets Center
In today's globally competitive and highly regulated environment, managing risk effectively while satisfying an array of divergent stakeholders is a key goal of financial institutions. Ernst & Young brings together a worldwide team of professionals to help you achieve your potential – a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately, it enables us to help you meet your goals and compete more effectively. It's how Ernst & Young makes a difference.
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This news release has been issued by Ernst & Young LLP, a member firm serving clients in the US.