Common FATCA and CRS Reporting Errors
As we approach the end of 2021, we start transitioning into year-end reporting. Many of us have experienced and continue to experience FATCA and CRS form rejections and errors in our electronic files transmitted for FATCA and CRS reporting.
TAINA has taken some time to put together some of the most common FATCA and CRS reporting errors, causes, and potential solutions for addressing some of the reasons for rejected files.
FATCA and CRS Reporting only happens in a limited space but the act of FATCA and CRS reporting is happening over a longer period of time in the past 10 years. Tax reporting season for most was between January and March unless you filed for an extension.
Now it begins in December and ends in September leaving only 2 months for rolling out changes. This has placed a significant constraint on ensuring all changes and modifications are properly deployed and tested. Fact is simple things missed can bounce a file from being accepted.
I hope you enjoy this article and would welcome any suggestions for future topics that you want to hear about.
At TAINA we continue to monitor the reporting landscape. To find out more information on the FATCA and CRS regulation reporting errors download the whitepaper below or, get in touch with us today.