Case Study: Qualified Intermediary enhances tax compliance with TAINA and Partners

Qualified Intermediary Enhances Due Diligence, Polices, Procedures & Reporting Processes with TAINA Platform and their End to End Partners

Striking a balance between robust compliance and customer experience during client onboarding can be challenging for Qualified Intermediaries (QIs). A Prime Broker, becoming a Qualified Intermediary, faced significant challenges with their manual tax form review process, leading to inefficiencies, frequent errors, high reject rates, and a cumbersome customer experience.

Discover how a Qualified Intermediary enhances due diligence, polices, procedures and reporting processes with TAINA Platform and their reporting and consulting partners.

Key Challenges:

• Stringent due diligence requirements necessitating meticulous verification of client data, income sources, and tax documentation.
• Operational inefficiencies due to manual processes, leading to high costs and error rates.
• Data management burden with maintaining a vast tax database for accurate reporting across tax regimes.
• Heavy reporting obligations, including extensive reporting on Forms 1042-S and 1099, managing amendments, and extensions.
• Complex IRS regulations under Chapter III (NRA) and Chapter IV (FATCA).
• High penalties for errors in withholding or reporting.

Key features of the solution include:

• Online/Mobile Customer Investor Portal: Enables end customers and investors to submit W-8 Forms and supporting documentation from any device, featuring a streamlined, real-time validated online journey.
• Back-End Tax Operations Validation Portal: Automates manual tax form validation with an intuitive, flexible, and centralized workflow, reducing review time and ensuring reliable first-level checks.
• Tax Withholding Calculations & Intermediary Tools: Automates tax withholding calculations, eliminating the need for manual rate calculations and providing a graphical multi-tier intermediary tree structure for viewing withholding rates.
• Ongoing Monitoring of Change in Circumstances: Provides an alert-based interface for proactive identification and resolution of changes in circumstances and form expiry scenarios.

At TAINA, we are committed to helping Qualified Intermediary streamline their tax compliance processes.

To learn more about how TAINA's automated tax form validation can benefit your organization, fill in the form to download the full case study or get in touch with us today.