Marking the one-year deadline for foreign financial institutions (FFIs) to identify their preexisting entity account base for purposes of the Foreign Account Tax Compliance Act (FATCA), KPMG LLP, the U.S. audit, tax and advisory firm, and Dun & Bradstreet (NYSE: DNB) announced details around a data-based tool to help global financial institutions meet those requirements.
The D&B FATCA Classifier™ delivered through KPMG LINK simplifies the classification of business entities into categories as required by FATCA and is available now. The deadline for FFIs to complete the remediation exercise for preexisting entity accounts is June 30, 2016. The D&B FATCA Classifier™ delivered through KPMG LINK provides FATCA tax classifications for a financial institution’s offshore entity customer base via an automated process, which can help reduce the risk of misclassification or the need to ask a customer to self-classify.
Additional features of the tool include regular monitoring, identifying changes that can impact an assigned FATCA status, delivering results through an online portal, and customized reporting. The alliance draws on KPMG’s tax knowledge and extensive FATCA-related project experience and Dun & Bradstreet’s leading data sources for commercial information and business insight.
Not permissible for KPMG audit clients and their affiliates.
About the Foreign Account Tax Compliance Act (FATCA)
FATCA was enacted into law in 2010 to address the U.S. government’s perception of widespread tax evasion by U.S. taxpayers that hold investments offshore. The U.S. Treasury Department andIRS released final regulations in 2013. Stay updated on FATCA issues and insights by visiting the KPMG FATCA Essentials website.
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s member firms have 162,000 professionals, including more than 9,000 partners, in 155 countries.
Source: Dun & Bradstreet Press Release