The FATCA clock is ticking…

Are you ready? If not we can help.

Following months (years) of debate, lengthy consultation, comprehensive media coverage, countless seminars and presentations, US FATCA is now imminent and only going to expand.

Despite the 30th June deadline, there are still a number of businesses, local and elsewhere, which are not wholly ready, for one reason or another.

Guernsey’s data collection portal – Information Gateway Online Reporter (IGOR) is ready and tested and will act as the intermediary data repository for all FATCA reporting to be forwarded to the IRS. Data regarding Financial Institution, Account and Account Holder data regarding US Taxpayers must be submitted in a very precise XML format – unfortunately it is not a simple case of collating this information in Excel and having a convenient “Save as FATCA” option.

If you don’t already have a compliant solution that offers data integrity, security, human-readable reporting and complete and accurate submission generation, our new reporting tool might fit the bill.

We have just launched FRU, our Financial Reporting Utility, built with an intuitive, modern user-interface on established Microsoft technologies (.Net, SSRS, SSIS).

FRU currently caters for US FATCA submissions to the Guernsey Tax Authority, and has been built in such a way that UK FATCA, CRS, Russian FATCA and other financial reporting standards can be added as and when necessary.

Data can either be input using our Excel template format, or we can build an interface to your existing systems if preferable. We are also able to offer a file conversion service for people with low volumes of submission data.

If you are having a last minute panic about the 30 June give us a call on +44 (0) 1481 252222 or email info@donkeylogic.com.

Take a look at our recent blog post to see a more detailed outline of FATCA requirements.