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Tax Reconciliation

Making tax reconciliation less taxing

The IRS obliges Qualified Intermediaries to supply end-of-year reconciliation reports for tax purposes on US-sourced income. This challenging undertaking is compounded where organizations (and entities within) utilize a variety of disconnected resources to manually extract and collate the data that needs to be assessed.

IHS Markit’s Tax Reconciliation Tool consolidates the reconciliation process into a single system, replacing manual processes with an automated platform that feeds from a variety of sources. The solution streamlines the end-to-end process, generating multiple efficiencies and dramatically improving accuracy. The customized reports generated by the platform provide clear details around the results, offering a comprehensive audit trail for every endeavor.

Built in partnership with clients, our team of experts have optimized the Tax Reconciliation Tool to tackle real-world challenges. Whether you are a Tax Operations Manager aiming to increase efficiency in your tax reporting and due diligence processes or a Responsible Officer looking for more transparency and quality assurance in your firm’s submissions to the IRS – our solution allows you to spend less time worrying about accuracy and more time adding strategic value to your organization.

The Tax Reconciliation Tool simplifies tax compliance operations by replacing fractured processes into a single platform offering several key operational benefits:

Automate your tax reconciliation processes
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William Sheridan

Mr. Sheridan has an extensive background in information reporting, documentation and withholding. He serves as one of the tax subject matter experts regarding the Foreign Account Tax Compliance Act (FATCA), the OECD's Common Reporting Standard (CRS), Qualified Intermediary (QI) compliance and Section 871(m). He works with several financial institutions, including large multi-national banks, insurance companies and funds. Mr Sheridan has a broad range of experience assisting clients in the implementation of process and procedures for operational tax compliance. Prior to joining IHS Markit, Mr. Sheridan spent over 12 years with HSBC where he was seconded in the United Kingdom and acted as the Group's subject matter expert with respect to FATCA. He was also responsible for the Group's QI program; and had oversight of internal testing, audit preparation and risk management. Mr. Sheridan has experience in implementing and developing global operational tax risk processes and procedures; and has developed information reporting, documentation and withholding training programs for business lines. Mr. Sheridan has also worked with U.S. withholding compliance issues and led successful Voluntary Compliance Program submissions. He has over 20 years' experience in the financial service industry and brings a practical understanding on how to implement strategic institutional change in order to comply with operational tax matters.

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Christopher Liguori

Mr. Liguori has over twenty years of industry experience. As executive director, he is responsible for providing FATCA and CRS services and assistance to customers in the financial services industry, including hedge funds and investment partnerships. Prior to joining IHS Markit, he was the managing director of State Street's FATCA and CRS Service and a tax director at both Chilton Investment Company and PricewaterhouseCoopers LLP. He served as an adjunct instructor at New York University, teaching Partnership Taxation. Mr. Liguori holds a Bachelor of Science degree in finance and management, and a Master of Science degree in accounting from The University of Rhode Island, United States. He also holds a Juris Doctor from the Columbus School of Law at The Catholic University of America.

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Yvonne Kunihira-Davidson

Ms. Kunihira-Davidson advises several global financial institutions, online brokers and multi-national corporations on how to manage and monitor their compliance obligations with respect to the US FATCA & QI regimes, as well as the OECD CRS and MDR regimes and the EU's DAC6 regime. Prior to joining Markit, Ms. Kunihira-Davidson was with Burt, Staples & Maner, LLP and PwC in London. While at PwC, Ms. Kunihira-Davidson served as the global coordinator of QI audit and advisory services from 2003 to 2010 and represented PwC on the IRS sponsored QI industry practitioner working group from 2001-2010. Currently, Ms. Kunihira-Davidson is an active member of the OECD's FATCA/CRS Business Advisory Group and the tax taskforce of the Digital Chamber of Commerce She is a regular speaker at various industry events on QI, FATCA, and CRS in both Europe and the U.S. In addition to her client facing roles, Ms Kunihira-Davidson is a founding member of our EMpower multicultural network and is co-head of the IHS Markit CEO D&I Advisory Board.

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Michael Muncaster

Mr. Muncaster's areas of focus include FATCA, CRS, QI reviews and remediation, mergers and acquisitions, structuring, advising on the taxation of financial arrangements including foreign exchange transactions and capital instruments, as well as the audit of taxation and tax reporting.Prior to joining IHS Markit, Mr. Muncaster was with PwC Singapore, Australia and UK. Mr. Muncaster has worked extensively with financial institutions in Australia, Singapore and Hong Kong on the implementation of FATCA and CRS programs and has extensive experience in conducting QI reviews.

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Simon Edwards

Mr. Edwards is a Director at IHS Markit where he serves as a tax SME responsible for providing FATCA, QI, CRS and MDR/DAC 6 services and assistance for EMEA clients in the financial services industry. Mr. Edwards has extensive experience in working closely with clients from both a client relationship and tax specialist capacity to help them meet their compliance obligations. Prior to joining Markit, Mr. Edwards spent six years at Northern Trust as a senior tax compliance consultant, advising clients and senior stakeholders on international taxation issues. He was also responsible for their enterprise-wide CRS and DAC6 programs and was the author of numerous policy and procedure documents. Immediately prior to that he spent three years at Deutsche Bank. While at Northern Trust, Mr. Edwards was a member of the UK Finance Association (formerly known as the British Bankers Association), where he made significant contributions to the evolution of AEOI regulations and guidance in the UK and beyond through his interactions with UK and European regulators.

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