FiTAX QI

As a Qualified Intermediary you are generally required by the QI agreement to apply reporting and withholding procedures.

You are also responsible for properly filling out the appropriate tax forms for payees. Since 2001, FiTAX QI helps you to prepare and send complete QI Reports to the IRS.

It also helps you to fulfill the legal reporting duties to the IRS, and perform the reconciliation with the custodian needed by banks having primary or secondary QI status regarding US source income paid by American citizens (1099 form) as well as non-resident aliens (1042/1042-S form). This reporting has to be done following the rules provided by the IRS for forms and electronic files, according to specific criteria such as payment type, tax rate and client type.

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Concept

FiTAX QI helps banks to fulfill the legal reporting duties required by the IRS having primary or secondary QI status regarding incomes from US stocks held by US citizens and/or US residents (1099 form) as well as by nonresident aliens (1042/1042-S form).

Standardized software solutions since 2001

FiTAX is a standard tax-reporting solution built by BearingPoint and evolving since 2001. It covers the QI, EUSD, US FATCA, UK FATCA and CRS/AEOI reporting requirements.

Extensive experience in reporting regulations

One of the main challenges faced by financial institutions is to stay up to date with the ever-changing reporting requirements imposed by the tax authorities, which frequently request evolutions in electronic files and reports. Monitoring and implementing changes both punctually and reliably is increasingly difficult for financial institutions. BearingPoint handles this process and makes sure that FiTAX is regularly updated to always provide its clients with a promptly renewed solution.

This approach has proven to be a cost-effective solution by lightening the burden of reporting for financial institutions, thus allowing them to focus on their core activities.

Close collaboration with a Big 4 firm

Since 2001, BearingPoint has been working closely with a Big 4 firm. It provides assistance with all reporting topics and advice on how to interpret tax laws in order to implement the necessary reports/features.

This initiative is part of how BearingPoint strives to provide real value-adding, high-quality reporting software.

 

Business Applications

FiTAX QI Module (IRC Chapter 3):

FiTAX QI helps to fulfill the legal reporting duties required by the IRS for banks having primary or secondary QI status regarding incomes from US stocks held by US citizens and/or US residents (1099 form) as well as by nonresident aliens (1042-S form).

Scalability for global deployment

FiTAX is scalable to serve global financial institutions as well as local entities. An increasing number of financial institutions are applying a hub-based implementation of FiTAX. It means that most entities report centrally, while others do so locally in each entity. FiTAX supports both approaches.

Benefits

  • Consistent: Standardized and automated reporting solution
  • Streamlined: Single and standardized tax-reporting tool, connected with a user-friendly and powerful user-interface
  • Always up-to-date: Continuously updated for tax law changes
  • Reliable: More than 75 financial groups, producing reports of about 2500 FIs, are currently using FiTAX in more than 85 countries over the world
  • Adaptable: Suitable to any business – from small/medium Financial Institutions to large financial groups and service providers working with hundreds of legal entities
  • Flexible implementation: Hub-based implementations can be combined with localized deployments

A user-friendly, powerful and multilingual interface

All FiTAX modules share the same user interface named Helios and offer advanced key features:

  • Advanced roles and security administration
  • Integrated workflows management and 4-eyes validation
  • Advanced frames, grids and views
  • Figure analysis/business intelligence (BI) and management reporting (KPIs)
  • Archiving, backup, audits and logs managements

Each FiTAX module provides many powerful features, such as:

  • Scalability, multi-entity & multi-business areas
  • Thousand of data-quality controls and integrity checks
  • Fully customizable and multilingual client reports
  • Data encryption, Correction and Consolidation functions
  • Manual and/or automated ETL processes, including Referential/Mapping features

Thanks to its strong scalability, FiTAX can be implemented at small/medium financial institutions, as well as in large financial groups. The key elements about the implementation:

  • Fast and straightforward deployment
  • Reduced implementation and maintenance costs
  • Centralized (hub) and/or decentralized architectures
  • Existing standard data interfaces with some core systems
  • Assistance of BearingPoint’s experts

Consulting Services

We provide expert consulting services on fiscal reporting. Financial institutions can benefit from:

  • Efficient implementation processes
  • Coordinated planning thanks to continuous release management
  • Know-how transfer from our experts to your employees

We provide consulting services independently of technology suppliers and products. In order to support our clients with the best technology solutions in the marketplace, we have built an alliance program that allows us to work with some of the leading technology companies.

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