Tax Solutions
Payments & Data
Streamlining tax data management, reporting, and compliance for withholding agents and information reporting filers.
Transactional Data Management
S&P Global has a host of solutions that can help withholding agents and/or information reporting filers manage and process financial data with respect to their tax withholding and information reporting requirements. Uploading payment data, account balances, trade information, and IRS deposit amounts can streamline the 1099, 1042-S, 1042, 945, FATCA, CRS, and CARF reporting capabilities. Additionally, S&P Global Tax Solutions offers capabilities around Tax Reclaim processing, 871(m) compliance, and QI reconciliation which can drastically improve operational efficiency across tax teams.
Solutions
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Swiss Reclaim Screening
The Swiss tax authority requires certain regulated funds to provide a breakdown of all underlying investor tax residency data to enable cross-border withholding tax treaty relief on dividend distributions via the corporate action event. Many regulated funds impacted by the withholding have already processed & filed tax reclaims with the Swiss Federal Tax Authority, but the cash has not been paid out given the additional data requests around the underlying investor tax residencies. The S&P Global Swiss Reclaim solution can support these funds with this reclaim procedure by verifying the underlying tax residences of beneficial owners on behalf of the funds. The process is supported by S&P Global’s Managed Services Team, and includes a robust dashboard to allow stakeholders to monitor the progress of meeting the required thresholds.
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Tax Reclaim Processing
S&P Global’s Tax Reclaims solution enables any financial service provider - including financial intermediaries, brokers, custodians, investment managers, hedge funds, corporations, and pension funds - to extend tax reclaim services to their clients without assuming the operational burden. A team of leading tax experts and local tax specialists manage the process of reclaiming funds on behalf of the beneficial owners from start to finish while providing a single dashboard to monitor the lifecycle and status of the reclaim.
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871(m)
The Section 871(m) compliance solution determines whether payments under swaps or equity-linked instruments must be treated as US Dividend Equivalent Amount (DEA) payments be determining whether a contract falls within scope of the Section 871(m) regulations. Where applicable, the solution calculates the applicable amount of tax withholding the payment may be subject to, and leveraging an integration with S&P Global’s Corporate Actions solution, calculates the dividend equivalent amount for each dividend event. In addition, our solution determines Qualified and Non-Qualified status of indices and utilizes the applicable compositions of the Index and the Corporate Action events in order to calculate the appropriate Dividend Equivalent Amount (DEA).
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Reconciliation
The Tax Reconciliation Solution supports withholding agents, Foreign Financial Institutions, and Qualified Intermediaries with their responsible officer reconciliation obligations. The solution can reconcile outgoing payments with payment data received from upstream withholding agents, compares IRS deposits against payment information to ensure timely remittance, and support the 1042 process by generating the form based on underlying 1042-S and deposit information. The solution streamlines or eliminates resource intensive manual processes, freeing up teams for value-added tasks and operations.
Key Features
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