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CTI Tax Solutions: Validation

Minimize withholding tax exposure by due diligence and US tax form validation in accordance with IRS requirements

CTI Tax Solutions offer a suite of due diligence validation tools for the solicitation, renewal and validation of Forms W-8 and W-9, know your customer and self-certifications for financial services firms and multi-national corporations.

Key benefits:

  • Comprehensive coverage – Get support for IRS § 1441, § 6050W and §1471 (FATCA regulations), as applicable
  • Easy integration – Incorporate the document collection process into your existing online system or account opening process
  • Cost reduction – Cut expenses across the full spectrum of the compliance process and effectively collect documentary evidence and manage changes in circumstance
  • Increase accuracy – Leverage the capability of our systems to cross-reference user data with imported IHS Markit data to recognize any errors and place the account in a queue
  • Reduce risk – Simplify validation processes and avoid potential errors, which could result in costly penalties for non-compliance
  • Change management– Enables withholding agents to employ the most recent tax rules and regulations in validation processes
  • Audit risk mitigation – Minimize audit exposure

Customers

  • Banks
  • Broker dealers
  • Custodians
  • Financial Institutions
  • Fund administrators
  • Hedge funds
  • Insurance companies
  • Multi-national corporations
  • Online banking and brokerage firms
  • Private equity firms
  • Transfer agents

CTI Tax Solutions Validation tools

Digital W-8®

Digital W-8® automates the creation, renewal, and validation of electronic Forms W-8, W-9, and 8233 for vendor payments using the same validation engine featured in our popular MD3® and E-W8 applications. Upon processing tax forms, this tool provides critical tax characteristics for each vendor including income type, withholding rate, validation result, expiration date, and the necessary data elements for 1099 and 1042-S reporting.

MD3®

MD3® is a web based platform that helps withholding agents validate US tax Forms W-8, W-9, and 8233 as required by US withholding and reporting regulations. MD3® simplifies the process of validating tax and documentation in accordance with IRS regulations, to help withholding agents improve efficiency and reduce cost. The complex validation process for Forms W-8, W-9 and 8233 is distilled into a series of simple “yes” or “no” questions. The withholding agent answers these questions based on information from the applicable tax form as well as the agent’s books and records. An audit trail is maintained of the validation history, including questions asked and answered. Validation results and form expiration dates are archived, so you can retrieve them to support re-solicitations, tax and management reports, as well as IRS audits. MD3® is regularly updated to align with changes in IRS regulations.

Common Reporting Standard (CRS)

Meet your CRS due diligence and reporting obligations. Like FATCA, the CRS will have a broad reach and will create additional obligations for Financial Institutions (FIs) that have businesses in jurisdictions that have signed up for the CRS. We are expanding our existing due diligence and reporting solutions to enable FIs to address the practical challenges they face in dealing with both FATCA and CRS.

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