Tax Solutions
Tax Due Diligence and Documentation for Global Compliance
Due Diligence & Documentation
Managing tax documentation across multiple jurisdictions and evolving regulatory regimes has become increasingly complex, resource-intensive, and error-prone. Manual review of W-8, W-9, CRS, and CARF documentation slow onboarding and increases audit risk.
S&P Global's Due Diligence and Documentation suite securely and efficiently collects, validates, and manages IRS Forms W-8 and W-9, self-certifications under the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and the Crypto Asset Reporting Framework (CARF), alongside local certificates of residence and other Relief at Source documentation.
The solution verifies taxpayer information (including name, address, and TIN/SSN), checks for compliance, flags errors, and automates reporting to reduce risk and administrative workload for financial institutions, investment firms, and global businesses.
Solutions
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Electronic W-8 (E-W8)
E-W8 allows account holders to directly create and submit their tax forms online using an easy-to-understand interview-style questionnaire, which gathers the required information to complete Forms W-8 and W-9. E-W8 is fully integrated with the books and records of the receiving financial institution, allowing tax form data to be pre-populated for the account holder. After submission, the tax form is validated in real time and available for download by the account holder and transmitted to the requesting financial institution.
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Mandatory Document Due Diligence (MD3)
MD3 is a tax form validation solution used by withholding agents to standardize the validation of US tax Forms W-8, W-9, 8233, and FATCA Self-Certifications for both financial services payments and vendor payments. It archives validation results and manages expiration dates, creating a wholistic tax onboarding audit trail. The complex validation process for these forms is consolidated into a streamlined data driven workflow ensuring accurate due diligence based on the information on the form and the financial institutions books and records. Ongoing monitoring for change in circumstance and GIIN validity ensures ongoing compliance.
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Intermediary Processing System (IPS)
Intermediary Processing Software (IPS) is an end-to-end solution for documenting and managing payments to the underlying owners of Nonqualified Intermediaries (NQIs), flow-through entities, and non-withholding Qualified Intermediaries (QIs). IPS manages the sub-accounting functionality for multiple income and tax rate pools in separate accounts of QIs, underlying beneficial owners of NQIs, and beneficial owners for multiple levels of nested NQIs. It supplies payment systems with a blended rate per income type for each direct intermediary account and will track allocated payment, name and address information for each of the underlying beneficial owners for 1042-S and 1099 reporting purposes.
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TIN Matching
Direct connection with the IRS' Tax Identification Number (TIN) matching protocol to establish that the US TIN and payee name are a match according to IRS records ensures protection from B-Notices following 1099 reporting.
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Digital W-8 (DW-8) & Vendor Tax Portal (VTP)
The Vendor Tax Portal in our D-W8 solution allows organizations to automate the tax determinations required for due diligence, withholding, and reporting obligations when making payments to US and foreign vendors.
The Vendor Tax Portal allows an organization to focus on its core business, easing the burden on accounts payable and tax departments. The web-based platform translates vendor domicile, products, and services information into a tax form requirement for the vendor; rather than requiring Accounts Payable staff to manually determine and capture vendor tax information. The vendor completes the requisite tax form through the online interview, and the tool provides the withholding tax requirement and reporting specifications for Forms 1042-S or 1099. The tool maintains an automated audit trail and allows for the submission of electronic or paper tax forms.
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Common Reporting Standard Due Diligence (CRS DD)
Validates Self-Certifications and reconciles information on the form against the Financial Institution's (FI) KYC data. CRS DD has the ability to make API connections to FI’s books and records automates validation process, ensuring valid documentation is collected, and the account holder's reportable status is calculated correctly.
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Electronic Common Reporting Standard (eCRS)
Online interview for account holders to populate IRS Self Certifications. Suitable for both Individual and Corporate account holders. Real-time validation and Straight Through Processing are both available. Can be used in conjunction with E-W8 to develop combined W-form and CRS Self-Certification.
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Local Relief At Source
S&P Global's Tax Solutions supports additional local jurisdictions with local document validation and relief at source. Jurisdictions include Canada, Ireland, France, and more.
Key Features
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